Construction Loans

Building your dream home or embarking on major home renovations in Perth, WA, can be an exciting yet complex journey. At Solve It Finance, we specialise in helping you access Construction Loan options from banks and lenders across Australia. Whether you're planning a new build or buying off the plan, understanding the financial aspects is crucial. We aim to simplify the process, ensuring you find a loan that suits your needs, location, and price range while adhering to council regulations.

When applying for a loan, it's essential to consider various elements, such as the interest rate and loan amount. With our streamlined application process, you can focus on what truly matters: making a plan and choosing the ideal location and suitable land for your project. Our experts guide you through the Progressive Payment Schedule, ensuring you only charge interest on the amount drawn down. This means you'll have access to interest-only repayment options, allowing you to manage your finances efficiently as your project progresses through its various stages.

Construction Loans are unique in that they provide progressive drawdown facilities. This means funds are released in instalments as construction milestones are met. This stage-by-stage approach allows you to pay sub-contractors like plumbers and electricians as needed. Progress payments are aligned with the ‘as if complete’ valuation and are coordinated with council plans and permits. Our team assists with understanding Out of Contract Items not included in your initial calculations, helping to avoid unforeseen additional payments.

The Progressive Drawing Fee is another aspect of Construction Loans that borrowers should be aware of. This fee is applied each time funds are drawn down. At Solve It Finance, we ensure transparency in these costs so you can budget effectively throughout your building journey. Moreover, it's vital to commence building within a set period from the Disclosure Date, as this impacts your loan terms and development application timelines.

One common challenge is dealing with council restrictions and regulations, especially when planning to demolish an existing property or undertaking new builds. Our team is experienced in navigating these complexities, providing guidance on obtaining necessary permits and aligning your project with local requirements. We also advise on council plans to ensure your project proceeds smoothly.

For those interested in home improvement loans or embarking on major renovations, understanding the differences between Construction Loans and other financing options is crucial. While both involve progressive drawdowns and interest-only payments during construction, the scope and terms can vary significantly. Our team helps clarify these differences, ensuring you choose the most suitable option for your needs.

Solve It Finance is committed to supporting clients through each phase of their construction project. From initial planning to final completion, our expertise ensures you remain informed and prepared for each step. We recognise that every project is unique, so we tailor our advice to match your specific circumstances and goals.

To make your construction ambitions a reality, contact Solve It Finance today. Our team is ready to assist you in accessing Construction Loan options from banks and lenders across Australia. Let us help you achieve your dream home or renovation project with confidence and ease.