A Home Loan Construction Loan is a facility to provide you with the funds required to pay your contracted builder to build your new home as set out in the fixed price building contract. Not all lenders offer construction loans, as specialised lender teams are required to handle a loan construction payment process. Once your loan facility is approved by the lender’s credit department or team, your loan file is handed to the construction team, specialised in the loan construction process to assist and safeguard you with the required documentation for a loan construction or even a renovation process.
Construction loans can be used to;
+ Finance the construction on existing purchased land,
+ Finance the purchase of land and to construct your new home,
+ Finance renovation to an existing dwelling or to a new residential dwelling,
+ Finance the demolition of an existing residential dwelling to construct a New Residential dwelling
+ Finance the construction of a prefabricated or kit home which will be fixed permanently onto land, all services need to be connected.
When it comes to construction, building, renovating or building a Granny flat or Second dwelling, you need a lender with the right construction loan products which can grow as your home gets built or renovated, allowing you to draw funds at each stage of the construction or renovation process.
Additionally, with construction or renovating loans, some lenders are extremely good at these construction processes or extremely awful due to poor systems or lack of staff to assist clients during the construction process, since lenders control the payments to the builder. With the vast variety of lenders available to us, Neomoney knows which lenders handle the construction process well and which lenders handle the construction process poorly.
Neomoney has a wide range of lenders with specialised construction loan processing teams that offer exclusive construction loan processing services, meaning you can confidently know payments to your builders at each stage will be handled promptly and efficiently, allowing you to concentrate on other more important elements in your construction stages.