Construction loans
At Top Mortgages, we specialise in construction loans for those building new homes or undertaking major renovations.
Construction loans are a specialised type of financing designed to support individuals building a new home or undertaking major renovations in Australia. Construction loans in Australia are structured to align with the building process, offering unique features tailored to the needs of homebuilders.
How Construction Loans Work in Australia
Unlike traditional mortgages, construction loans use a system of progressive drawdowns. This means the loan amount is released in stages as the construction progresses, typically following a 5-6 stage payment schedule. During the building phase, borrowers usually only pay interest on the amount drawn down, not the full loan amount. This helps manage cash flow during the construction period when other expenses may be high.
How we can help you?
Our experienced brokers have access to multiple lenders and can compare various construction loan products to find the best fit for your needs and financial situation. Construction loans require additional documentation compared to standard mortgages. We can guide you through the process, ensuring you have all necessary documents, council plans, building contracts, and insurance proofs. We will help you navigate the construction loan process more efficiently, potentially saving time and money.
We have been providing mortgage broking services to our clients in Perth for more than two decades. Throughout this time, we have assisted individuals in purchasing their first homes, expanding their families, launching new businesses, and even alleviating some of their stress.
Here’s what our clients have shared about their experiences with us…
