Construction Loan Experts
Building a home specific to you and your family’s needs definitely sounds exciting, however, when it comes to bearing the cost and expenses associated with constructing a property from scratch then, things becomes a whole lot fiddly. Indeed home construction loan is the easiest way to make this dream come true however; securing a construction loan isn’t as easy as it sounds. Also there are some potential risks involved such as:
- The construction process not being completed in budget or as per the schedule
- Post construction the property’s worth isn’t at par the building cost
We can ensure that:
- You don’t pay higher home loan interest rates during the construction
- You don’t end up with inadequate construction finance
- You don’t have to do the backbreaking leg work and go through the complex process
This is what we can do:
- We find out low deposit building loans to best fit your needs
- Get your construction loan approved at the best possible home loan rates
- Guide you through the whole process, having in-depth knowledge of lending policies and building loan structure
How Building Loans Work
When it comes to construction loans then the amount isn’t given in lump sum instead, it is given in portions as the construction works progress, which is known as progress payments or draw-downs.
With every stage of construction the next portion of the loan can be drawn down. Before, the progress payments, there has to be made a deposit or down payment to cover the initial cost of the material required to start constructions.
Post the deposit, there are 5 stages in which the progressive payments are received:
- First Stage: Slab down or Base
- Second Stage: Frame
- Third Stage: Lock-up
- Fourth Stage: Fixing or Fit-out (roof)
- Fifth Stage: Completion (lock up)
The build process can be grouped into 4 steps:
- Building contact
- Building plan
- Council approval
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