We'll help you fund your new build or renovation
Building your dream home or undertaking major renovations can be an exciting journey, yet it often involves complex financial decisions. At BetterLend, Luke specialises in helping clients across Sydney and throughout Australia access Construction Loan options from banks and lenders. Whether you're planning a new build in an ideal location or embarking on home improvements, understanding the intricacies of construction loans is essential. Our goal is to provide you with a streamlined application process, ensuring you can focus on your project while we handle the financial details.
When applying for a loan, it's crucial to understand the specifics of construction financing. Construction Loans differ from standard home loans; they are typically structured around progressive drawdowns, meaning you only pay interest on the amount drawn down at various stages of the project. This is ideal for projects that involve paying sub-contractors like plumbers and electricians, as funds are released in instalments aligned with your Progressive Payment Schedule. Interest-only repayment options further ease your financial commitment during the construction phase, allowing you to manage your budget effectively.
Another important aspect of Construction Loans is the 'as if complete' valuation, which evaluates the property's worth upon completion rather than its current state. This valuation is essential when buying off the plan or undertaking major home renovations. Additionally, it's important to make a plan that considers council plans and permits, as well as potential council restrictions and regulations that may impact your project. Understanding these elements, along with your development application, ensures a smooth process when selecting a suitable land or deciding to demolish an existing property.
Choosing the right Construction Loan also involves considering various factors like interest rates and loan amounts. At BetterLend, Luke works with a range of lenders to find the best options that fit your price range and project needs. Our services ensure that you can commence building within a set period from the Disclosure Date, with clarity on Out of Contract Items not included in your agreement. We also assist with understanding the Progressive Drawing Fee and any additional payments that may arise as construction milestones are reached.
Construction Loans offer flexibility with progressive payments, allowing you to pay only for work completed during various stages of the project. This approach helps manage costs effectively and ensures that you are not overextending financially. Furthermore, Luke can guide you through the complexities of council plans and permits while coordinating with your registered builder to meet all necessary requirements. With BetterLend's expertise, you can confidently navigate the intricate world of construction financing.
BetterLend is dedicated to providing comprehensive support for clients seeking Construction Loans across Australia. By understanding your unique situation and financial goals, we help simplify the process, ensuring you have access to suitable loan options tailored to your needs. Whether you're improving an existing home or starting a new build from scratch, Luke is here to assist you every step of the way. Reach out to us today to explore how we can support your next big project with tailored construction financing solutions.