Building a new home or completing major renovations provide the benefit of being able to design and have all the features that you want in a home.

Diana and Catherine have assisted many clients build their dream homes or turn their existing home into their dream home with construction loans tailored to their specific needs. Construction loans are designed for people who are building a new home, buying a house and land package or using a licensed builder for a major renovation.

Construction loans are structured to provide progressive payments directly to your builder. Progressive payments are paid after being authorized by you, and should be made after each stage of the building has been inspected and verified. Progressive payments allow for the loan to be gradually drawn down. The benefit of this is that during the construction phase you will only be required to make interest only repayments on the amount drawn against the loan, and therefore interest payments are minimized.

Most builders will require a letter of pre-approval from your preferred lender before proceeding with plans and a building contract. Once pre-approval is provided, the lender will request the following information to issue a letter of unconditional approval:

Fixed price building contract

Copy of council approved plans and specifications

Evidence of savings to complete the construction

For more information contact us for an appointment

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