Find The Construction Home Loan
At Your Advisor Group on the Gold Coast, we handle all the legwork to find you the right home construction loan, saving you time, stress and hassle in the process. If you're thinking of building your own home from scratch, it's a smart move to research your finance options before you enter into a building contract. We provide loan solutions for:
- Buying land
- Building new homes
- Purchasing off-the-plan
- House & land packages
Our
finance brokers have an in-depth understanding of the different construction loan types and features and have access to over 60 banks and lenders. We’ll provide you with a range of suitable options and ensure you have the information required to make an informed decision.
The Construction Home Loan Process
Securing a loan to build a home is a little different than buying an established house because often the land and building purchase will need to settle separately. When it comes to securing and managing a construction loan, it’s broken down into three main stages:
The Application Stage
Your lender will likely manage your initial loan as two separate but simultaneous applications - one for the land purchase and the second for the completed house and land cost. The second application will eliminate the first loan and leave you with just one loan.
The Construction Stage
Most lenders will also require you to build on your land within two years of settlement - this does not mean you need to finish the home within the two year time frame, just that you need to start building within two years of settling on your land. The construction of your home will generally be conducted in stages, with payments required at the end of each stage.
The Repayment Stage
The bank or lender only charges you on the amount of money you have drawn down, therefore your minimum repayment will vary depending on which stage your home has reached. While most construction loans have a variable interest rate, there are some available that operate as fixed rate loans. If you do use a fixed rate construction loan, you may end up with one rate on your land loan and a second rate on your construction loan.
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Your Advisor Group Pty Ltd ACN 631535236 is authorised under LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192
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Terms and conditions
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
1There may be occasions where you may be charged a fee by your broker.
2Your broker is able to assess each lender's approval times and identify those that can provide approval quickly, however this is subject to change and can vary significantly based on how complex is your loan application and how quickly you’re able to provide the information we need.
3Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.
