Construction Loans
Building a new home or investment property? Make sure you're working with the best in market...
Construction loans are used by those building new homes or undergoing structural renovations. Construction loans differ from home or commercial loans in that a portion of your loan funds are released at each stage of the construction journey (this is called a progress payment), as opposed to being received in one lump sum.
Knowing your limits before beginning the construction process is crucial. This is so you can adequately plan your construction in full, because you cannot access equity from your loan until your house is complete.
Additionally, building contracts for constructions are often 'Fixed Price', however in recent times more builders are only issuing 'Cost Plus' contracts, which are not accepted by all banks.
The Evoke Difference
- Advice from award-winning mortgage brokers with over 50+ years lending experience.
- Access 60+ home lenders and the best interest rates in the market at no cost to you, giving you peace of mind.
- Guidance and advice throughout the constuction process from borrowing capacity, building contract requirements, borrowing processes and council requirements
- Fully digital application and approval process where you can track your loan application in real time.
- 6-monthly interest rate reviews and annual strategy sessions to provide peace of mind and keep you on track.
- Access to your own motgage broker for the life of your loan.
- 100% 5 Star Google Reviews
We can help you determine how much you can borrow and which banks are right for you so that you can begin planning for the future.
For more about construction loans, request a call below.
Disclaimer: Subject to the lender's terms & conditions and credit approval criteria. Please ensure you seek your own personal legal and taxation advice for your situation.