Yes, it is possible to finance the construction of a new house through a CommBank mortgage. CommBank offers a construction loan that can be used to finance the building of a new home. This loan can be tailored to your specific needs and circumstances and can provide funding at different stages of the construction process.
To apply for a construction loan with CommBank, you’ll need to provide information about the proposed construction project, such as the building plans, the estimated construction costs, and the construction timeline. You’ll also need to provide financial information, such as your income, assets, and debts, to demonstrate your ability to repay the loan.
Once your construction loan is approved, the funds will be released in stages as the construction progresses. During the construction process, you’ll only pay interest on the amount of funds that have been drawn down, rather than on the entire loan amount.
It’s important to note that building a new home can be a complex and lengthy process, so it’s essential to work with a reputable builder and to have a solid understanding of the costs involved before applying for a construction loan.