Construction Loans

We'll help you fund your new build or renovation with a Construction Loan

Building your dream home or undertaking major home renovations in Australia requires careful planning and the right financial support. At Evolution Financial Services & Advisory, we specialise in helping Australian residents and foreign expats access Construction Loan options from banks and lenders across Australia. Our expertise ensures that you can navigate the complexities of construction financing with ease, making your property goals a reality.

When it comes to applying for a loan, the process can seem daunting. Our streamlined application process is designed to simplify everything from start to finish. We assist you in determining the suitable loan amount, based on an 'as if complete' valuation, which considers the future value of your property once the project is finished. This approach ensures that you only borrow what you need, avoiding unnecessary debt.

One of the key features of a construction loan is the progressive drawdown method. Unlike traditional loans, where you receive the full amount upfront, a construction loan disburses funds in instalments at various stages of the project. This means you only charge interest on the amount drawn down, reducing your overall interest costs. We also offer interest-only repayment options during the construction phase, allowing you to manage your cash flow more effectively.

Construction loans require detailed planning and coordination with multiple parties, including plumbers, electricians, and your registered builder. Payments are made to these sub-contractors as each stage of the project is completed, according to a Progressive Payment Schedule. This schedule aligns with the construction milestones outlined in your council plans and permits. It's crucial to ensure that your builder adheres to council regulations and that you have all necessary permits before commencing work.

For those considering buying off the plan or embarking on a new build, understanding council restrictions and obtaining a suitable land development application are essential steps. Our team can guide you through these requirements, ensuring that your project complies with all local regulations. Additionally, we help you plan for Out of Contract Items not included in your main contract, so there are no surprises later on.

In some cases, you may need to demolish an existing property before building your new home. This adds another layer of complexity, but with our support, you can manage this transition smoothly. We'll assist you in making a plan that considers ideal location, price range, and other crucial factors.

Understanding additional payments such as the Progressive Drawing Fee is vital for budgeting purposes. These fees are charged at various stages when funds are drawn down and must be factored into your overall financial plan. We ensure transparency so you know exactly what to expect at each stage of your project.

Finally, it's important to commence building within a set period from the Disclosure Date of your loan agreement. Delays can result in financial penalties or the need to reapply for permits and approvals. Our team monitors your project timeline closely to keep everything on track.

Evolution Financial Services & Advisory is dedicated to helping you achieve your property goals with confidence. Whether you're looking at major home renovations or embarking on a new build, our comprehensive services cover every aspect of construction financing.

Ready to take the next step? Contact Evolution Financial Services & Advisory today to discuss your construction loan needs and start building your future with expert guidance and support.