Construction Loans

Build your dream home with our construction loans

Building a new home or renovating an existing property can be an exciting but daunting process. At Finance Empire, we offer construction loans designed to help you bring your vision to life. Our experienced team can guide you through the process and help you find the financing solution that fits your needs.
Construction Loans
Home Keys Min

Building a New Home

Obtaining the right construction loan for you to build a new home requires some expertise from your Mortgage Broker. At Finance Empire Australia, we have extensive expertise in construction loans in New South Wales. We understand the intricacies involved in financing the construction of a new home or significant renovations.
A Residential Construction Loan is specifically designed to assist individuals in building their dream homes or undertaking substantial renovations on existing properties. Unlike traditional home loans, which are dispersed in a lump sum, construction loans are disbursed in stages to align with the progress of construction.

At Finance Empire Australia we recognise that each construction project and each borrower’s financial situation is unique. Therefore, we offer a range of Residential Construction Loan options that can be tailored to meet the specific requirements of the project and the borrower’s financial circumstances.

Loan Stages

Construction loans are broken down into stages which correspond to certain stages in the construction process.

Competitive Rates icon

Deposit Stage

Initial funds to secure the construction project.

Flexible Payment Options icon

Slab Stage

Funding for the concrete slab, and initial construction work like plumbing etc.

Competitive Rates icon

Frame Stage

Funds for erecting the structural framework of the property.

Competitive Rates icon

Lock Up Stage

Funding for enclosing the property, including walls, roof, and windows.

Flexible Payment Options icon

Fit Off Stage

Funds for interior fixtures and fittings.

Competitive Rates icon

Completion Stage

Final funds to complete the construction project.

Building a New Home

Throughout the construction period, the lender disburses funds to the builder in stages to cover the costs of materials and labour as construction progresses. This staged disbursement ensures that funds are used efficiently, and construction progresses according to plan, minimising the risk of overruns or delays.

During the construction phase, borrowers typically make interest-only payments on the amount drawn down from the loan. This helps borrowers to manage cash flow during the construction period, as borrowers are not required to make principal repayments until the property is completed.

Once construction is complete and the property has been inspected and approved, the loan may be converted to principal and interest repayments. Alternatively, depending on the borrower’s preferences and financial situation, the loan may be retained as interest-only for a period of time.

Navigating the complexities of construction loans requires expertise and a thorough understanding of the construction process and financing options available. As your Home Loan Partner in Maitland, we can guide you through the entire process, from selecting the right loan product to ensuring a smooth transition to principal and interest repayments upon completion. 

 

Happy Family Hugging

Disclaimer

Please keep in mind that the information provided here is a general overview, and it’s always recommended to consult with a mortgage professional for specific details and advice regarding home loans in Australia.

Construction Loan Benefits

Construction loans offer a range of benefits to individuals and families, including;

Customised Financing icon

Customised Financing

We’ll work with you to find the financing solution that fits your needs, whether you’re building a new home from scratch or renovating an existing property.

Flexible Payment Options icon

Flexible Repayment Options

We offer a range of repayment options to fit your budget and financial goals, including interest-only repayments during the construction phase.

Competitive Rates icon

Competitive Rates

Our construction loans offer competitive rates and terms, allowing you to save money on interest charges and reduce the overall cost of your project.

What’s the process

Our construction loan process is designed to be straightforward and stress-free.

Step 1 Consultation

Pre-Approval

We’ll help you get pre-approved for a construction loan, which will give you a clear understanding of your budget and help you make informed decisions about your project.

Step 2 Application

Construction Phase

During the construction phase, we’ll work with your builder or contractor to ensure the project stays on track and within budget.

Step 3 Approval

Mortgage Closing/Settlement

Once construction is complete, we’ll help you transition to a traditional mortgage or a construction to a traditional loan product..

Services we offer at Finance Empire

Explore our range of mortgage services to find the right solution for you.

Refinancing
Refinancing
Debt Consolidation
Debt
Consolidation
Construction Loans
Construction
Loans
Bridging Loans
Bridging
Loans
Reverse Mortgages
Reverse
Mortgages
Personal Loans
Personal
Loans
If you’re interested in learning more about our construction loan services or
have any questions about how they work, contact us today to schedule a consultation.

Frequently Asked Questions

Q: What are construction loans, and how can they help in building or renovating a home?

A: Construction loans offered by Finance Empire are designed to help individuals build their dream homes or renovate existing properties. These loans provide the necessary financing and guidance to bring your vision to life.

Q: What types of repayment options are available with construction loans?

A: Finance Empire offers a range of repayment options, including interest-only repayments during the construction phase, allowing flexibility to fit your budget.

Q: What is the process for obtaining a construction loan from Finance Empire?

A: Our construction loan process is designed to be straightforward and stress-free. It begins with a consultation to get pre-approved, followed by assistance during the construction phase followed by annual reviews of your loan upon project completion to ensure you remain at a competitive rate in the market..

Q: What happens during the construction phase of a construction loan?

A: During this phase, Finance Empire works with you and the lender to ensure invoices are paid in a reasonable amount of time. We liaise with the lender on your behalf to take the stress away from you.

Q: What are the benefits of choosing a construction loan?

A: Construction loans offer several advantages, including customised financing to match your project’s needs, flexible repayment options, and competitive rates to save on interest charges. Most construction loans are gradually drawn down which means easier to manage repayments during construction period.

Q: Can I get financing for both new home construction and property renovation?

A: Yes, our construction loans cater to both scenarios, whether you’re building a new home from scratch or renovating an existing property.

Q: How competitive are the rates for your construction loans?

A: With access to 35+ lenders we can find construction loans that feature competitive rates and terms, helping you save money on interest charges and reduce the overall project cost.

Q: How can a pre-approval for a construction loan benefit me?

A: Pre-approval for a construction loan provides a clear understanding of your budget, allowing you to make informed decisions about your project and ensuring a smoother process.Some builders may require this prior to signing of building contracts.

Q: What happens after construction is complete?

A: After construction, we will conduct regular annual reviews of your loan to ensure you remain at a competitive rate in the market. We can look into refinancing options if your current lender is no longer offering a low rate.

Call Now Button