Construction Loans

At Influence Finance Group, we're Mortgage Brokers helping clients Australia-wide fund their new build or renovation with a Construction Loan

5.0

from 14 reviews

[Placeholder Text]

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

Building a home or undertaking major renovations can be an exciting venture, yet it comes with its complexities. Construction loans provide a tailored financial solution for those looking to embark on such projects. At Influence Finance Group, we specialise in helping clients across Melbourne and nationwide access Construction Loan options from banks and lenders across Australia. Whether you're planning a new build in your ideal location or considering home improvement loans for major renovations, our goal is to simplify the process and help you achieve your dream home.

Construction loans differ from traditional home loans in several key ways. One of the primary features is the progressive drawdown system. This means that funds are released in instalments at various stages of the project, allowing you to pay sub-contractors like plumbers and electricians as work is completed. With this system, you only charge interest on the amount drawn down, making it a cost-effective option. Moreover, interest-only repayment options are available during the construction phase, providing you with financial flexibility.

Another important aspect to consider when applying for a loan is the Progressive Payment Schedule. This schedule outlines the progress payments required as construction milestones are achieved. Before commencing building, you must ensure council plans and permits are in place and that the development application has been approved. An ‘as if complete’ valuation will be conducted to assess the property's final value, influencing the loan amount you can secure. Additionally, it’s critical to account for Out of Contract Items not included in the initial budget that may require additional payments.

Our streamlined application process is designed to make applying for a loan straightforward and stress-free. We assist in ensuring that all necessary documentation, such as council regulations and permits, is in order before you commence building. Clients often wonder about buying off the plan or demolishing an existing property—our expertise can guide you through these choices, considering factors like suitable land and price range.

Working with registered builders is essential to meet construction milestones within a set period from the Disclosure Date. This ensures a smooth transition between the various stages of the project. The Progressive Drawing Fee applies with each drawdown, but our team will help you make a plan that effectively manages these costs. By choosing Influence Finance Group, you benefit from our extensive network and knowledge, ensuring you secure favourable interest rates that align with your financial goals.

As construction progresses, it is crucial to maintain communication with your builder and lender to address any unexpected changes or additional payments. Ensuring everything is on track helps prevent delays and cost overruns. Whether you're paying sub-contractors or navigating council restrictions, our team is here to support you every step of the way.

In summary, accessing a Construction Loan through Influence Finance Group provides a structured way to finance your building projects. From understanding interest rates and loan amounts to managing construction milestones, our expert guidance simplifies the process. If you're ready to turn your property dreams into reality, contact us today to explore how we can assist you in making your vision come to life.

Ready to chat to one of our team?

Getting a Construction Loan

Initial Consult

Have a chat with one of our qualified Brokers who will understand your situation and talk you through the next steps. 

Fact Find

We'll work with you to understand a bit more about your situation (including your financials, assets etc.) to make sure you will qualify for a Construction Loan. 

Approval

We'll work to find an appropriate lender for your loan, taking into account your situation and loan type.  We'll then handle the paperwork to get your Construction Loan approved.

[Placeholder Text]

Our Latest Reviews

Kapilan Sarma

I have known Paul for a number of years now and he has assisted be with various services from re-financing loans to new home loans for house purchases. All my experiences with him have been positive. His ability to respond in a timely manner to lender issues, providing financial advice and constantly keeping me in the loop during all steps is very comforting. I would highly recommend him to others who require similar services. Thanks Paul for all your help over the years.

Gayle Millington

Paul and the company have been so very helpful on many occasions. He takes a personal interest with all his clients He know his stuff and is up to date with all the latest products and policies… would and have told everyone about him…

Joel Parker

I wanted to take a moment to commend Paul for his remarkable service in assisting us to secure a complex home loan. Navigating through the intricacies of home financing can be daunting, yet with Paul, it felt like a well-planned journey. ...

Amanda Kemp

Paul has been absolutely amazing! Going over and above to get the best deal for myself and my family. I would recommend him to anyone who is looking for a Mortgage Broker who will keep your best interests at heart and get you the best outcome.

Briar Ferguson

Paul was referred to me as I was struggling to find a finance professional who could cater for my finance requirements. I found him to be extremely professional, diligent with the ability to think outside the box. ...

Monica Brabant

Paul is absolutely amazing. He's helped me twice now with refinancing, he really listens and understands my goals and goes above and beyond to get the best outcome for me. I wouldn't hesitate to work with Paul again, and highly recommend him to anyone else

We work with Australia's biggest lenders

Frequently Asked Questions

Should I go directly to a bank or use a broker?

Banks will only offer their own products, which may not be the best fit for your situation. A broker compares a wide range of loan options from different banks and lenders to help you find the right solution. Brokers are also legally required to act in your best interest, while banks are not held to the same standard.

Is there a cost to use a mortgage broker?

In most cases, you won’t need to pay a fee for our service. Mortgage brokers are typically paid a commission by the lender you proceed with. If you're unsure or would like to learn more, feel free to reach out with any questions.

Is pre-approval necessary for an investment loan?

Yes, getting pre approval is an important step when purchasing an investment property. It means the lender has reviewed your financial situation and confirmed the maximum amount they are willing to lend. This helps you understand your budget and makes you more confident when you are ready to make an offer.

What happens to my home loan if I move to a new property?

If you are buying a new home, you usually have two options for your loan. You can refinance with your current lender or a new one, or you can pay off your existing loan and apply for a new one for your next property. A broker can help you understand what you can afford and which option might suit you better.

How can I choose the right investment loan?

The best investment loan will support your financial goals, whether you are focused on increasing cash flow or building long term value. One of the first things to consider is whether you want a fixed or variable interest rate. Each lender offers different loan features, so working with a broker can help you find the right loan with the right structure for your needs.

What are the fees involved in buying a property?

There are several extra costs that come with purchasing a property, and they are not always explained clearly. These can include stamp duty, loan application fees, building and pest inspections, and other charges. Speaking with a broker can help you understand all the costs upfront and avoid unexpected surprises.

Request a Callback