Construction Loans

At Wood & Weiss Finance, we understand that building your dream home or embarking on major home renovations can be an exciting journey. However, it also requires the right financial support to bring your vision to life. Our expertise in Construction Loans allows clients in Victoria, to access a range of options from banks and lenders across Australia. Whether you're planning a new build, buying off the plan, or looking to demolish an existing property, we can help you find the ideal financial solution tailored to your needs.

Construction Loans differ from traditional home loans, offering specific features designed to support each phase of your building project. One of the key benefits is the progressive drawdown system, where funds are released in instalments as construction milestones are reached. This means you only pay interest on the amount that has been drawn down, which can significantly reduce costs during the construction period. Additionally, our Construction Loans offer interest-only repayment options during the build, allowing you to manage your finances effectively until completion.

When applying for a Construction Loan, it is crucial to have a clear plan in place. This includes obtaining council plans and permits, selecting a registered builder, and ensuring suitable land is identified within your price range. At Wood & Weiss Finance, we guide you through the streamlined application process, helping you make informed decisions every step of the way. We also advise on important aspects such as council regulations and restrictions to ensure compliance throughout your project.

As construction progresses, managing payments to plumbers, electricians, and other sub-contractors becomes paramount. Our Progressive Payment Schedule ensures funds are released at various stages of the project, providing peace of mind that all parties are paid on time. This includes addressing any Out of Contract Items not included initially. An ‘as if complete’ valuation is also conducted to assess the property's value at completion, giving both you and the lender a clear picture of your investment's potential.

For those considering major home renovations or home improvement loans, Construction Loans can also be a viable option. They provide the flexibility needed to accommodate additional payments and unforeseen expenses that may arise during the project. Furthermore, borrowers are often required to commence building within a set period from the Disclosure Date, ensuring that projects remain on track. The Progressive Drawing Fee, associated with each drawdown, is another aspect to consider when planning your budget.

At Wood & Weiss Finance, we are committed to helping our clients achieve their property goals. Whether you're developing a new home or enhancing your current one, we provide comprehensive support to ensure your Construction Loan meets your expectations. By choosing us, you gain access to competitive interest rates and loan amounts tailored to your unique circumstances.

If you're ready to explore Construction Loan options and turn your property plans into reality, contact us today. Our team at Wood & Weiss Finance is here to assist you every step of the way, ensuring a smooth and successful building journey.