We help Public Servants looking for a Construction Loan
At Public Home Loans, we understand the unique needs of public servants when it comes to financing major home renovations, new builds, or buying off the plan. Navigating the world of construction loans can be daunting, but our team is dedicated to helping you access construction loan options from banks and lenders across Australia. Whether you're planning to demolish an existing property or undertake major home improvements, we ensure a streamlined application process tailored to your specific needs.
When applying for a construction loan, the process may seem complex, but with our support, you can confidently manage every step. One of the most significant benefits is the progressive drawdown feature, where funds are released in instalments at various stages of the project. This system allows you to only charge interest on the amount drawn down, making it a cost-effective way to manage your finances. Additionally, we offer interest-only repayment options during the construction phase, reducing your financial burden until your project is complete.
To facilitate a smooth construction journey, it is essential to understand the Progressive Payment Schedule. This schedule aligns with construction milestones, ensuring that progress payments are made promptly to contractors such as plumbers, electricians, and your registered builder. It's crucial to have council plans and permits approved and a development application submitted before commencing work. Each stage of construction is assessed through an ‘as if complete’ valuation, determining the loan amount that can be progressively released. Remember, any Out of Contract Items not included in your initial agreement may require additional payments.
Choosing the right land and understanding council restrictions and regulations are pivotal in planning your new build. At Public Home Loans, we help you make a plan that considers your ideal location and price range. Our expertise extends to ensuring you commence building within a set period from the Disclosure Date, adhering to all council requirements.
For those looking to improve their existing homes, a home improvement loan can cover various upgrades without the need to demolish. Whether you're adding extra rooms or modernising your kitchen, our team ensures that you secure the necessary funds while navigating council regulations seamlessly.
In addition to these services, we assist with paying sub-contractors and managing progress payments efficiently. By understanding the intricacies of construction loans, including the Progressive Drawing Fee and potential additional payments, you can avoid unforeseen financial hurdles.
Public Home Loans is committed to helping public servants access construction loan options from banks and lenders across Australia with ease. With our support, you can focus on bringing your dream home to life without getting bogged down by financial complexities. Contact us today to discuss your project and find out how we can assist you in securing the right construction loan for your needs.
