Are you planning to build your dream house, rebuild your old home, or make enhancements to your existing property? Then a construction loan is a great option to finance your project. With a construction loan, you have the flexibility to draw progressive payments throughout the process of construction while you pay interest only on money that has been used. Construction loans we offer you are designed around your construction plans. However, you are required to start the building process within six months of the loan being granted.
As a mortgage broker, we help you navigate a range of funding streams for your construction project and help you choose highly competitive finance options. When you partner with us, we understand your construction goals and recommend the right loan to get your project off the ground. From streamlined packages to fully-featured loans, our team of loan specialists will find you a low-rate construction loan that is perfect for you.
What Are the Features Of
Progressive Payments
The construction loan amount is progressively drawn down at each stage of the construction once the pre-determined milestone is achieved.
Interest Only Repayments
You are required to make interest-only repayments on your construction loan during the construction period. You will be charged interest only on the funds that you draw.
Up To 90% LVR
We can assist you in getting a Loan to Value ratio of up to 90%. LMI is needed if your Loan to Value ratio exceeds 80%.
What Are the Benefits of
Lower Interest Exposure
In construction loans, the loan balance is released in stages, and you would be charged interest on the amount of funds drawn down.
No Collateral Requirement
Most lenders conduct periodic project inspections before releasing the next progress payment to the builder. For you, it means incomplete or unsatisfactory work will be identified and fixed before the builder is paid for the work.
Help Manage Cash Flow
Building or renovating can drain your finances and make it hard to manage your cash flow. We have tie-ups with many lenders who offer interest-only construction loans during the construction period. The loan reverts to a standard principal and interest loan upon completion; this lowers your repayments during the construction period and helps free up cash flow.
How Can You Apply for
- A copy of the building contract with a registered and approved builder.
- Documentation of the land registration.
- A building plan approved by the local council.
- A copy of the company licence and insurance policy of your builder.
- Quotes for additional building work.
- Council approvals.
- Soil tests and engineering reports.
- Quantity surveyor report.
- Other information, as needed.
How Can You Apply for
- A copy of the building contract with a registered and approved builder.
- Documentation of the land registration.
- A building plan approved by the local council.
- A copy of the company licence and insurance policy of your builder.
- Quotes for additional building work.
- Council approvals.
- Soil tests and engineering reports.
- Quantity surveyor report.
- Other information, as needed.
Best Construction
Interest rates on construction loans can vary and depend on factors such as the lender’s policies, duration of the loan, and borrower’s credit history. Facilitating a good home construction loan option can be challenging if you do not have the right guidance. We at Key Lending With U 4ever are connected to all the leading banks in Australia. Our team of loan specialists will ensure you get only the best deal while making the loan process transparent, easy and swift. We provide you with up to a 90% Loan To Value Ratio with weekly, fortnightly or monthly repayment options. We work with you on all aspects of your construction loan, including external property valuations, the release of progressive payments and loan repayments.
Low Construction Rates
We help you get the market's lowest interest rates on construction loans.
Friendly Support Team
We have an experienced and knowledgeable team to help you at every step of your loan journey. We assist you across the process, from applying for a loan to building your home and settling your loan account.
Easy Application and Quick Approval
We are here to make your loan journey simple and easy. We have a simplified application process and help you get quick approvals on your loan if you provide all documentation. Our team can also help you get pre-approval for your construction loan.
