Construction Loans | Mortgage Broker Eltham, Greensborough & Doncaster

The right construction loan - a solid foundation

A construction loan is designed to mirror the building process and unlike a regular home loan, the principal loan amount is released in stages, known as progress payments. As a borrower, you only pay interest on the amount you have drawn down, instead of the full amount which can be helpful in minimising the cost of the construction loan while you're still paying rent elsewhere.

As Mortgage Brokers in Eltham, our job is to review your needs, research the market to find some suitable options and manage the loan throughout your build. Our support frees you up to make all the decisions that need to be made about your dream home.

Our construction loan service includes:

A personalised plan for financing your build: There are plenty of construction loan options on the market, each with different features, structures and rates. It's our job to review your needs and work out a strategy that will get you into your first home in an affordable way.
A dedicated Mortgage Broker team to do the work: You probably have enough on your plate managing your building project and all the design decisions that come with it. Let our dedicated Mortgage Broker team in Eltham deal with the finance! We do the research from over 35 lenders and act as a buffer between you and the bank.
Ongoing support throughout the build: Life moves quickly and a lot can change over the course of your building project. Our Mortgage Broker Eltham team are on hand to manage the construction loan and answer any questions you have along the way.

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Are house and land packages a good idea?

Over the last decade, house and land packages have seen a surge in popularity and for good reason. What once was an incredibly complicated process has become a lot easier, opening the possibility of a new home to many first home buyers and families alike. However, many of these developers have their own lender on board to offer customers, and they don't usually come with competitive rates.

Our Mortgage Broker Eltham team will work with both you and your builder to come up with the most effective option so that you have the finance you need to see your dream home come to life. Whether you're buying land first, or a complete house and land package - we can help.

Read our blog > Are house and land packages a good deal?

Let's see your dream come true

It's important to consider your construction finance carefully because it will impact both the build and your future finances. Our Mortgage Broker Eltham team make it easy by laying out your loan options, costs and strategies so you can make a confident choice.

Find out more about our team

Construction Loan FAQs

How do construction loans work?

A construction loan is paid out in stages, where the borrower progressively draws down on the funds as they need them. This means the borrower only has to pay interest on the amount they have already used. Construction loans can typically have a shorter term, higher interest rates and carry stricter eligibility requirements. It's important to chat with us - your local Mortgage Broker Eltham team - so you know you have the right construction loan in place before you break ground.

What do I need to apply for a construction loan?

When applying for a construction loan, you will need a few key documents like a signed building contract, payment schedule and detailed schedule of works, as well as council-approved construction plans. That's on top of the documentation you have to provide to prove your income, debts and eligibility. It might sound like a lot, but our Mortgage Broker Eltham team have got you covered! We'll let you know what you need to provide and then manage it from there.

What if I just want to buy land before building?

In many cases, you can buy land in an area you love before going out and finding a builder to construct your dream home. Depending on your timeline, you might need a vacant land loan instead of a construction loan to purchase the land. In that case, you would simply borrow the entire amount at once and are free to then secure a construction loan when it comes time to build. At Mortgage Choice in Eltham, we have over 35 lenders on our panel, giving us plenty of different loan types, options and structures to meet your need - whatever your goals are.

Contact our Construction Loans team in Eltham

Access personalised home loan advice with the team at Mortgage Choice in Eltham. As your local Mortgage Brokers, we service the areas of Eltham, Greensborough, Doncaster, Templestowe, Diamond Creek, but also support clients Australia-wide by phone or video. Book a chat with our team or pop by our office at 739A Main Road Eltham VIC 3095. We would love to see you!

Call Mortgage Choice in Eltham on 03 9432 5484 or request a call back below.

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