Building Loans for every Australian
If you are considering building your new home on existing land or renovating or extending your current home, you’ll need construction finance.
A construction loan works differently to normal mortgage financing, and can be used for a number of different house building objectives.
While the amount of finance required will be agreed upfront, it is only released in line with a pre-determined timetable. Effectively, the lender will release tranches of financing as each stage of the build is completed. For the investor this has the benefit that interest payments are only made on the portion of loan released – you only pay interest on the amount you owe. (Take a look at how construction loans work.)
Construction financing is necessary for a number of situations, and can be used to either finance your dream home or an investment property, extension, or renovation projects including:
Lenders attach different clauses and features to their construction loan policies. Some will offer policies to borrowers with otherwise insufficient documents, others may offer 95% loans, for example. However, before rushing to sign on the dotted line, it is imperative that you understand all the clauses attached to the policy.
Some lenders may insist on valuations being conducted at every stage of the build before the next tranche of money is released. This could mean financing not being extended, but will definitely mean payments being delayed by a few days. If the builder has penalty clauses in its contract with you, you may find yourself having to pay additional charges you weren’t banking on.
Other lenders may restrict what outside quotes are allowed to be financed. For example, driveways, landscaping, and floor covering, to name but a few. Select the wrong lender and you could find yourself forced to use the builder for items that you could source elsewhere far cheaper.
With extensive experience, a finger on the pulse of the market, and access to the lenders that specialise in this market, you can be certain that Building Loans Australia will find the best construction home loans for your needs, especially from within the following niche categories:
When you need a construction loan structured to your specific situation and needs, we’ll help you find the right lender and the right policy. Contact Building Loans Australia today and access the best construction home loans available on the market.
“Just wanted to stop for a minute and express that how grateful we are for all the help and professionalism you have demonstrated thus far.
You have shown an utmost customer service in addition to your knowledge and experience. You have made this experience a pleasure for us and I am very happy to refer your services to others and also provide a formal reference.
Once again, many thanks.”
“Special thanks to Craig Vaughan, who all though the process was very forthcoming and always available to my queries.
Job well done!”
“Extremely helpful and prompt in service. Dealing with Ian and his team was easy and we will not hesitate recommending his services, and using his services in the future.”
Find the most suitable finance solution
to make your dream home a reality
