Construction Loans
Turn your building plans into a reality with a construction loan
Rated 5 from 45 Reviews
Residential
Calculators
Turn your building plans into a reality with a construction loan
Rated 5 from 45 Reviews
Getting a construction loan is a crucial step for those looking to build their dream home or undertake a significant renovation project. Construction Loans are specifically designed to provide funds in stages as the construction progresses, rather than as a lump sum upfront. Getting a construction loan can be complex, as in addition to understanding your financial situation, banks will generally need to understand the details of the build before providing approval. We can help you understand the process and make sure you have all the documentation required before submitting an application - saving you valuable time in getting your build underway.
Construction Loans operate differently to other types of loans with the funds being provided to pay builders and suppliers as the construction progresses. This means that you'll only pay interest on the funds you've accessed rather than the whole loan. Understanding how a Construction Loan operates and how it enables you to build or renovate is critical and we have the expertise to make sure you understand the process and get the right loan for you.
We're a proud member of the and can help with Construction Loans right across Australia. If you're looking to build or renovate, we have the expertise and experience to guide you through the process and make the right choice.
BH
Brittany Healey
Could not recommend Chris enough! He assisted me with purchasing my first home and made the process simple and easy to understand. I was pleasantly surprised at how at ease I felt throughout and always felt confident and supported. Really happy with the outcome!!
sp
sarah petrie
What a dream to work with! We cannot thank Chris and Melinda enough for all of their support throughout the whole process of buying our home! It felt like we did nothing! Thank you SO much Chris!
NH
Nathan Hick
I had an amazing experience working with Chris! From start to finish, the process was fast, straightforward, and hassle-free. He took the time to explain everything clearly, guided me through each step, and ensured that all my questions were answered promptly. The loan was sorted out quickly, and I couldn’t be more satisfied with the service provided. Highly recommend Chris for anyone looking for a seamless, efficient experience with their loan process!
A fixed-rate mortgage has a set interest rate that remains constant for a specified period, providing stability in monthly repayments. A variable-rate mortgage has an interest rate that can fluctuate based on market conditions, potentially affecting your monthly payments.
LMI is a type of insurance that protects the lender in case the borrower defaults on their loan. It is usually required when the borrower's deposit is less than 20% of the property's value.
The deposit required depends on the lender and the type of loan you're applying for. In Australia, a common rule of thumb is a 20% deposit, but some lenders may accept lower deposits with the inclusion of Lenders Mortgage Insurance (LMI).
Many mortgage brokers in Australia do not charge fees to borrowers. They are compensated by the lenders they work with. However, it's important to clarify this with the broker upfront and understand any potential fees before proceeding.
Commonly required documents include proof of income (payslips, tax returns), proof of identity (passport, driver's license), employment information, details of existing debts, and statements of savings and assets.
Mortgage brokers are usually paid through commissions from the lenders. When a borrower successfully secures a loan through a broker, the lender pays the broker a commission for their services. This commission doesn't typically impact the cost of the loan for the borrower.
The mortgage application process can vary depending on the complexity of your financial situation, the lender's processes, and market conditions. On average, it can take a few weeks to a couple of months from application to settlement.
The amount you can borrow depends on various factors such as your income, expenses, credit history, and the lender's assessment criteria. A mortgage broker can help you determine your borrowing capacity based on your individual circumstances.
Mortgage brokers have access to a wide range of lenders and loan products, offering you a broader choice than what a single bank can provide. They can save you time by comparing multiple options and potentially help you find better terms or rates.
A mortgage broker is a professional who acts as an intermediary between borrowers and lenders to help people secure home loans. They assess your financial situation, research available mortgage options, and assist in finding the most suitable loan for your needs.
Yellow Mortgage House ABN: 68 665 459 718, Yellow Mortgage House is a credit representative (CRN: 546082) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence Number 548540).
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Site by Broker Studio