If you are planning to apply for a construction loan in Australia, Intellichoice would be the perfect mortgage broking service to help you. We have the right construction loans for people who have a strong desire to build a home or to those who are planning to do a renovation that needs major funding. Intellichoice works with lenders that provide good understanding of the process and service to borrowers. We can also help our clients get connected to the best builder companies here in Australia.
If this is what you need, call our loan experts now (1300 55 10 45) and tell us how you want us to assist you with your construction loan. If you think Intellichoice can help you on this, consult with our mortgage brokers to identify the important documents required for your application.
Here at Intellichoice, we can simplify the application processes for some types of borrowers by reducing the amount of documentation needed when obtaining these loans. If you think this sounds appealing make sure to discuss with our mortgage specialist. All you need to do is to provide your income statement and your project stages. Also, you need to secure the building contract, specifications and the schedule of finishes, builder’s insurance, the draft or the stamped council approved plans, builder’s risk insurance, and the relevant state or territory construction certificate i.e. the building permit. So, if you have decided to apply for a construction loan here in Australia, call Intellichoice and talk to one of our loan specialists.
In terms of payment procedures, be informed that construction loans or building loans are not the same as the standard home loan. It is drawn down based on the stages of the construction. It means that a borrower typically pays interest rates only through the amount being drawn down. Personnel from the lenders will check every stage of the construction before the funds will be release and interest rates will be calculated based on this. The amount being paid to the builder is based on this breakdown. For the specific details on the breakdown of the construction and for further questions or concerns, you can check this article or simply talk to our mortgage brokers.
The criteria for our construction loan service are the following:
1. The builders Australian Business Number (ABN)
2. Builder license or licensed builder
3. Evidence of income depending on your earning status i.e. self-employed or PAYG.
4. Source of your deposit dependent on loan to value ratio (LVR)
Intellichoice has an array of construction home loan options from traditional construction home loans with higher LVR for those with less deposit, to low doc construction loans for those self-employed who have not completed all their tax reporting. Having brokers who have over 16 years’ experience in this field can make all the difference in getting your loan and therefore your home built quicker. Not all lenders have the appetite for construction loans and these are considered by the brokers at Intellichoice.