A construction loan is a loan used for homes that are being newly built or homes that need to be renovated. It should help you with construction cost.
Construction loans are all about setting up a schedule of progress payments. This usually comes in five payments so as to pay the builders.
The payments are organized to be made after stage of building the home has been inspected and verified by the lender/bank.
Construction Loans Application
The lender who provides you the loan for your plans will need a number of documents in order to process the construction loan.
Estimate costs needed for construction are Council-approved plan and specifications. This may include any conditions of approval.
Home Loan Financial Plan
When the home is completed, construction loans will revert to the agreed choice of home loan as part of your chosen financial plan.
The lender may require the borrower to repay only the interest repayments. These can come from the loan draw-down to date during the construction period.
How To Get Construction Loans
Excellence Finance staff have extensive knowledge when it comes to requiring construction loans to build your first home or even your second home. As a company offering financial services Australia, you can expect them to assist you and guide you through the process.
Excellence Finance can also assist you when it comes to obtaining a home loan for investment purposes. They can help you with a home loan for refinancing your current home loan or purchasing another property.
No application for construction loans is too hard for our staff. We can meet you at a place and time that is convenient for you.
If you would like to speak to one of our Home Loan Consultants regarding construction loans, please contact us to enquire about our Australian financial services, and your finance needs. Simply phone our office at (02) 9609 4655.