Construction Loans

We'll help you fund your new build or renovation

At People First Finance, we understand that embarking on a construction journey can be both exciting and complex. Whether you're planning major home renovations, buying off the plan, or a new build, choosing the right financial solution is crucial. Our expertise in Construction Loans allows clients in Prospect, South Australia, and across the country to access Construction Loan options from banks and lenders across Australia tailored to their unique needs. We specialise in helping you make a plan that aligns with your ideal location, price range, and project scope, ensuring your construction aspirations become a reality.

Construction Loans operate differently from traditional home loans, offering unique features that cater to the evolving needs of your construction project. One of the primary benefits is the progressive drawdown feature, which allows you to access funds in instalments as each stage of your project advances. This means you only charge interest on the amount drawn down, offering a financial edge by easing cash flow concerns. Furthermore, our streamlined application process ensures you can begin your project swiftly without unnecessary delays.

When applying for a Construction Loan, several important factors come into play. An 'as if complete' valuation of your property provides a future market value estimate once all construction is finished. This valuation helps determine the loan amount you can access. It's also essential to have your council plans and permits in order, as they affect your project's scope and timeline. Understanding council restrictions and regulations is key to securing suitable land and obtaining the necessary development application approvals. Additionally, preparing for Out of Contract Items not included in your initial budget ensures no unexpected financial hurdles.

Throughout your construction journey, you will encounter various stages of the project that require attention to detail and financial planning. Construction milestones often coincide with progress payments to sub-contractors such as plumbers and electricians, based on a Progressive Payment Schedule. Interest-only repayment options are available during the construction phase, providing flexibility until your project is complete. It's important to remember that construction must commence within a set period from the Disclosure Date to ensure compliance with loan terms. Being aware of these timelines helps keep the project on track and within budget.

Beyond new builds, Construction Loans can also support major home renovations or demolishing an existing property to make way for something new. Our expertise extends to advising on additional payments that may arise from unforeseen changes or enhancements during construction. Understanding the Progressive Drawing Fee and how it affects your financial planning is part of our comprehensive service. By being prepared for each financial step and making informed decisions, you can focus more on designing your dream space.

In conclusion, People First Finance is here to guide you through the intricacies of Construction Loans. By helping you access Construction Loan options from banks and lenders across Australia, we empower you to embark on your building journey with confidence. Whether you're working with a registered builder or managing council regulations, our team is committed to supporting you at every stage. If you're ready to take the next step in your construction project, contact us today to explore how our tailored solutions can meet your needs.