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 can be an exciting yet complex journey. At True North Mortgage Solutions, we specialise in helping clients access Construction Loan options from banks and lenders across Australia. Whether you're planning a new build, buying off the plan, or looking to demolish an existing property, our team is here to simplify the process for you. We understand the intricacies involved—from council plans and permits to development applications—and are committed to guiding you every step of the way.

When considering a Construction Loan, it’s essential to understand the various stages of the project and how payments are structured. A Progressive Payment Schedule facilitates payments at different construction milestones, allowing you to pay sub-contractors like plumbers and electricians as work progresses. With progressive drawdown, you only charge interest on the amount drawn down, offering interest-only repayment options. This not only helps manage your cash flow but also ensures that additional payments are aligned with your project’s needs.

A critical aspect of Construction Loans is the valuation process. Banks typically conduct an ‘as if complete’ valuation to determine the loan amount based on the expected value of your completed project. This requires detailed council plans and permits to ensure all aspects of your new build meet local council regulations and restrictions. Understanding these requirements and having a clear plan can help you identify suitable land within your ideal location and price range.

Applying for a loan with True North Mortgage Solutions promises a streamlined application process. Our expertise ensures that your application is comprehensive and meets all lender requirements, significantly enhancing your chances of approval. Whether you're working with a registered builder or managing Out of Contract Items not included in your build, we help you prepare a realistic Progressive Payment Schedule that takes into account various stages of the project.

Another advantage of working with us is our knowledge of specific lender terms such as Progressive Drawing Fees and the requirement to commence building within a set period from the Disclosure Date. We guide you through these details, ensuring that you remain compliant while keeping your project on track. Moreover, our team is well-versed in dealing with council restrictions, helping you navigate through potential challenges with ease.

If you're considering additional payments for home improvements or exploring options like a home improvement loan, our specialists are here to provide tailored advice. We understand that each project is unique, whether it's due to council regulations or specific construction milestones you wish to achieve. Our role is to make sure you have all the information needed to make informed decisions about your loan and construction plans.

True North Mortgage Solutions is committed to helping clients across Australia access Construction Loan options that suit their needs. Our goal is to facilitate your journey towards building or renovating your ideal home by offering expert guidance and support throughout the process. If you're ready to take the next step, contact us today to discuss how we can assist in making your construction dreams a reality.