We'll help you fund your new build or renovation
At Money Tree Financial Solutions, we specialise in helping clients across Australia access Construction Loan options from banks and lenders. Whether you're planning a major home renovation, buying off the plan, or embarking on a new build, our expert team is here to support you every step of the way. Understanding the intricacies of construction loans can be challenging, but with our streamlined application process and personalised service, you can feel confident in making informed decisions that align with your goals.
Construction loans are unique financial products designed to support various stages of the project, from initial planning to completion. Unlike traditional home loans, construction loans operate on a progressive drawdown basis. This means funds are released in instalments, allowing you to pay sub-contractors like plumbers and electricians as needed. With progressive drawdowns, you only charge interest on the amount drawn down, which can significantly reduce costs during the building phase. Additionally, interest-only repayment options provide further flexibility, ensuring your finances remain manageable throughout the construction journey.
When applying for a loan, it’s important to consider factors such as loan amount and interest rate. Our team at Money Tree Financial Solutions helps clients understand these elements and how they impact your overall budget. We guide you through the process of obtaining council plans and permits, ensuring compliance with council regulations and restrictions. By assisting with development applications, we help secure suitable land within your ideal location and price range, whether you're planning to demolish an existing property or start from scratch.
A crucial aspect of construction loans is the Progressive Payment Schedule. This schedule outlines when payments are made at various stages of the project. An ‘as if complete’ valuation is often required to assess the property’s worth upon completion. This valuation helps determine the funds needed for each phase, ensuring sufficient resources to meet construction milestones. We also advise on Out of Contract Items not included in initial agreements, preventing unforeseen additional payments that could disrupt your budget.
Choosing the right registered builder and understanding contracts are essential steps in the construction loan process. We assist by reviewing agreements to ensure clarity on responsibilities and timelines. For instance, most lenders require that you commence building within a set period from the Disclosure Date. Therefore, making a plan is vital to avoid delays and potential penalties. This includes accounting for Progressive Drawing Fee charges that may arise during the drawdown process.
At Money Tree Financial Solutions, we understand that every project is unique. Whether you're embarking on a new build or seeking a home improvement loan for renovations, our goal is to tailor solutions that fit your specific needs. Our experienced team works closely with you to manage expectations and financial commitments effectively.
In summary, accessing Construction Loan options from banks and lenders across Australia doesn't have to be overwhelming. With a focus on interest rates, loan amounts, and a streamlined application process, Money Tree Financial Solutions is dedicated to guiding you through each stage of your construction journey. Our commitment to personalised service ensures you have the support needed to achieve your dream home or renovation project. Contact us today to learn more about how we can assist with your construction finance needs.
