Construction Loans

We'll help you fund your new build or renovation

Building your dream home or embarking on a major home renovation in Perth or anywhere across Australia can be an exciting journey. However, financing such projects often requires specialised knowledge and careful planning. At Homeli Finance, we specialise in construction loans, providing you with the tools and guidance needed to access construction loan options from banks and lenders across Australia. We simplify the complexities so you can focus on turning your vision into reality.

A construction loan is unique in its structure, designed to fund your build at various stages of the project. Unlike traditional home loans, construction loans feature a progressive drawdown system. This means that funds are released in instalments as your project progresses, ensuring that you pay sub-contractors like plumbers and electricians efficiently. Importantly, you only charge interest on the amount drawn down, providing a more manageable financial commitment as your new build or renovation unfolds. Additionally, we offer interest-only repayment options during the construction phase to ease financial pressure.

The application process for a construction loan can seem complex, but our streamlined application process makes applying for a loan straightforward. We guide you through each step, from making a plan for your ideal location and price range to understanding council plans and permits. Our expertise ensures that you are well-prepared to navigate council restrictions and regulations, securing suitable land and handling development applications smoothly. We also assist in managing Out of Contract Items not included in your initial costings.

One of the key features of construction loans is the Progressive Payment Schedule, which coincides with construction milestones. This schedule is crucial for managing costs and ensuring that payments align with the ‘as if complete’ valuation of your project. Each stage requires careful coordination with your registered builder and adherence to council regulations. Whether you're demolishing an existing property for a new build or buying off the plan, our services ensure you are well-informed about each milestone, including any additional payments that may arise.

Understanding the finer details of construction loans can be vital for a successful project. For instance, most lenders require you to commence building within a set period from the Disclosure Date. This requirement demands precise planning and adherence to timelines. Our team at Homeli Finance stands ready to provide clarity on all conditions and fees associated with your loan, such as the Progressive Drawing Fee, which covers the administrative costs of releasing funds at different stages.

In essence, construction loans offer a flexible solution tailored to the unique demands of building or renovating properties. By focusing on progressive drawdowns and interest-only repayment options, they provide financial relief during the building phase. At Homeli Finance, we are committed to helping you access construction loan options from banks and lenders across Australia, ensuring that every step from planning to completion is handled with expertise.

For those in Perth and beyond looking to embark on a new build or significant home improvement project, consider how a construction loan could meet your needs. Our experienced team is ready to assist you every step of the way. Contact us today to learn more about applying for a loan and set your dream project in motion with confidence.