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Melbourne Construction Mortgage Broker

Financing Your Construction or Renovation

Building a new home to match your exact preferences or renovating your current home to better suit your lifestyle can be incredibly rewarding. Here’s how to choose the right loan for your construction or renovation project, with the help of a Loan Easy broker.

Choosing the Right Construction or Renovation Loan

Loan Easy brokers can assist you in financing a variety of projects, including buying land, building new homes, purchasing off-the-plan properties, and securing house and land packages. You have several financing options depending on your needs:

  • Construction Loan: Ideal for building new homes.
  • Home Loan Refinance or Personal Loan: Suitable for renovations, depending on the scale of the project.

What is a Construction Loan?

A construction loan is designed specifically for building properties. It is disbursed in stages as the construction progresses. Borrowers typically need to provide a deposit and detailed construction plans when applying. A construction home loan is secured against the property being built. One of the major benefits of such a loan is the flexibility it offers. By collaborating with the builder and lender, borrowers can make adjustment in their drawdown schedule. This can be done by considering any changes or delays in the construction process.

Differences Between Home Loans and Construction Loans

A home loan usually involves a single payment made upfront at the settlement of the property. In contrast, a construction loan is paid out in stages, known as progressive drawdowns, directly to your licensed builder. During the construction phase, repayments are often interest-only, converting to principal and interest repayments once the build is complete. This structure means you only pay interest on the funds that have been drawn down. Moreover, home loan for construction offers financial relief by reducing the upfront costs during the building process. This can be ideal for borrowers who want to keep the cash flow to take care of other expenses.

Financing a Home and Land Package

Financing a house and land package generally involves two separate products that can be bundled together. The land purchase is financed similarly to a standard mortgage, while the home construction is usually financed through a construction loan. By bundling home loan for land and construction borrowers will be able to save costs and streamline the approval processes. This is because many lenders in the market provide combined packages to borrowers.

How Construction Loan Payments Work?

Before construction starts, your builder will provide a detailed cost breakdown and payment schedule. As each stage of construction is completed, the builder issues an invoice. The lender may inspect the property to ensure the work aligns with the plans. Typical stages include:

  • Slab
  • Frame
  • Lockup
  • Fit-Out
  • Completion

Deposit Requirements for Construction Loans

The required deposit varies by lender but is generally around 20%. If you have a smaller deposit, you may need to pay lenders mortgage insurance (LMI). Some lenders provide with bespoke solutions to borrowers who have limited savings. This can be government grants or gifted funds in the deposit amount. You can have your financial plan optimized with your Easy Loan broker for simplified process. Apart from that, you can go for home loan and debt consolidation to lower your monthly payments.

Options for Renovation Loans

The right loan for your renovation project depends on its size. If you don't have the funds to cover the project outright, your Loan Easy broker can help you explore the following options:

  • Refinancing Your Home Loan: Utilize the equity in your property.
  • Construction Loan: Suitable for larger renovation projects.
  • Personal Loan: Find a competitive personal loan for smaller projects.
  • Other Funding Options: Consider cashing in investments, redrawing from your home loan, or using savings/offset accounts.

Your Loan Easy broker can guide you through these options to find the best solution for financing your construction or renovation project.

How can we help you?

I want to purchase a home
I want to refinance 
 
 
 
 
  EXCELLENT  
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 ashwini reddy profile picture 
 
 
 ashwini reddy 
 
 
 
 Google star 1Google star 2Google star 3Google star 4Google star 5Trustindex verifies that the original source of the review is Google. 
As a first home buyer along with my husband, I had a wonderful experience working with Mayur. He guided us throughout the entire process, gave us the right advice at every stage, and was always quick to respond whenever we needed help. Mayur made everything so smooth and stress-free for us. I truly appreciate his support and would highly recommend him to anyone looking for a trustworthy and professional loan broker.
  
 
  
 
 
 
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 Rishabh Hirawat profile picture 
 
 
 Rishabh Hirawat 
 
 
 
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We are first home buyers in Australia and we approached Mayur through our friend. He helped us throughout the process, provided the right guidance, and was highly responsive. Mayur made the entire journey smooth and stress-free, always going the extra mile to support us. We would highly recommend him to anyone looking for a reliable and professional loan broker.
  
 
  
 
 
 
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 Oosman Abdul Kader profile picture 
 
 
 Oosman Abdul Kader 
 
 
 
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Exceptional service by Mayur. Made the loan approval a walk in park for me.
  
 
  
 
 
 
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 Ash profile picture 
 
 
 Ash 
 
 
 
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Mayur was absolutely amazing with ensuring my loan refinance was done in a very orderly and easy manner! He would guide me step by step so I was never overwhelmed and would have prepared many things in advance to ensure a smooth transition of the process! Very grateful for his support and I will always highly recommend Mayur for his excellent Customer service and support! Keep up the great work and will always come to you for future projects! Thanks Aashu
  
 
  
 
 
 
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 sukhjinder singh profile picture 
 
 
 sukhjinder singh 
 
 
 
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I’ve refinanced a couple of times since getting my home loan from him over the past four years, and each time the process has been smooth and stress-free. Highly recommended
  
 
  
 
 
 
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 Vasu Vasu profile picture 
 
 
 Vasu Vasu 
 
 
 
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Best and easy . Thanks alot mayur
  
 
  
 
 
 
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 Jayesh Patel 
 
 
 
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We have had an excellent experience with Mayurbhai and his  team. They are extremely knowledgeable and helped us through the whole process of investment property loan . Highly recommend this team, you will not be disappointed with the service you receive. Thank you once again
  
 
  
 
 
 
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 Parag patel profile picture 
 
 
 Parag patel 
 
 
 
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I applied for a loan for my investment property (house and land), and the experience with Loan Easy was excellent. The staff were very friendly and helpful, and their responses were quick and efficient. I received my pre-approval within just two days. I highly recommend Loan Easy for anyone looking for a smooth and hassle-free loan process.
  
 
  
 
 
 
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 Nilesh Shukla profile picture 
 
 
 Nilesh Shukla 
 
 
 
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The experience has been good with Mayur. I am in the processs of refinancing a loan with them.
  
 
  
 
 
 
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 Mayilvahanan G profile picture 
 
 
 Mayilvahanan G 
 
 
 
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Excellent service by Mayur for refinancing our loan. Very clear communication and kept us updated constantly. Highly recommend.
Sydney construction mortgage broker
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Frequently asked questions

A land and construction home loan finances both the purchase of land and the building of a new home, allowing you to manage both expenses under one loan.

Funds are usually released in stages called progress payments, which correspond to milestones like laying the foundation, framing, and completing the roof.

Yes, they can cover significant renovations that involve structural work or extensive improvements, but you’ll need a clear plan and cost estimates approved by the lender.

Rates depend on factors such as your credit profile, loan amount, and the lender’s terms, so it’s important to compare different offers to find the best deal.

A specialist mortgage broker guides you through the loan application, helps find competitive rates, and ensures all documentation meets lender requirements for smoother approval.