Construction Loans
A construction loan is a perfect choice when building a home on a pre-purchased piece of land, buying a vacant land to build your home, or planning for major renovations for your existing property.
Whether you’re building your dream home grounds up or remodeling it for a new look, you might have to discuss construction loan possibilities with your mortgage broker instead of a traditional home loan – if you don’t have the equity you could tap into.
The mortgage process for renovating your old property or building a new house is typically more complex and expensive than a conventional home loan as lender demands more assurances before they finance your project. Construction loans are disbursed as progress payments (instead of a lump sum amount) at different stages of your construction.
To simplify and expedite your home construction loan, you’ll have to go through the classic process of showing your creditworthiness along with the ability to pay back the loan – including detailed plans for the project and cost estimates.
"We take the time and hassle out of shopping around for the right home loan, provide expert advice and take care of the entire process, from start to finish."
Kaushalya Gunasekera Mortgagepremiers CEO
So before you break ground, we work with you to make sure both you and your builder understand the bank or non-banks draw schedule, including when and how disbursements are made.We commit to :
Self-employed entrepreneurs
Clients who are new to Australia
Clients with bruised credit history
Clients thinking about refinancing
Quick responses on rush-deals
