We'll help you fund your new build or renovation with a Construction Loan
At Solara Financial, we understand that embarking on a construction project is both an exciting and significant financial commitment. Whether you're planning major home renovations or buying off the plan, having the right financial support is crucial. Our expertise in construction loans ensures you can access construction loan options from banks and lenders across Australia. This means you can focus on creating your dream property, whether it's in the ideal location of Sans Souci, NSW or anywhere else in the nation.
Construction loans are unique in their structure and purpose. One of their key characteristics is the progressive drawdown feature, which allows funds to be accessed in instalments as various stages of the project are completed. This means you only pay interest on the amount drawn down, which can result in significant savings compared to traditional loans. Furthermore, with interest-only repayment options available, your financial burden is eased during the construction phase.
Applying for a construction loan involves understanding the loan amount required and ensuring it aligns with council plans and permits. It is essential to consider aspects such as council restrictions and regulations, the development application process, and the price range of suitable land. Our streamlined application process is designed to simplify these complexities, ensuring you can make a plan with confidence.
For those looking at major home renovations or building new, engaging a registered builder is crucial. They not only help with the construction milestones but also ensure that progress payments align with the Progressive Payment Schedule. This schedule is vital when paying sub-contractors such as plumbers and electricians at various stages of the project. An 'as if complete' valuation is typically required to assess the value of your property once construction is finished, providing both you and your lender with peace of mind.
When considering additional payments, it is important to account for Out of Contract Items not included in the original budget. These might arise due to unexpected changes or enhancements as the construction progresses. Also, keep in mind that most lenders require building to commence within a set period from the Disclosure Date to ensure funds are used appropriately.
Solara Financial also assists with construction loans for those planning to demolish an existing property and start anew. In these cases, understanding council regulations and securing necessary permits is vital. The Progressive Drawing Fee is another aspect to consider during budgeting, which applies each time funds are drawn down throughout the construction.
In summary, accessing construction loan options from banks and lenders across Australia can significantly aid in managing your building project effectively. With progressive drawdown and interest-only repayment options, you can maintain financial flexibility throughout. Our team at Solara Financial is ready to guide you through the streamlined application process, ensuring everything from council plans to Progressive Payment Schedules are expertly managed. Contact us today to discuss how we can support your construction journey with a loan tailored to your needs and aspirations.