Residential Construction Lending
Our knowledgeable mortgage advisers are able to help you through the processes of selecting the most beneficial structure that will meet your or your builder’s specific requirements. Wright Financial is not directly aligned with just one particular lender or bank, we have access to most of the major lenders, giving our clients the most competitive rates, structures, and benefits.
Wright Financial new build loan includes:
- Expert advice on which structure is best suited for your specific needs.
- Deciphering the jargon so our clients understand what is required and what to expect.
- Investigating all lenders rates and benefits to ensure our clients are getting the best deals.
- Ongoing communication and personalised advice every 6 or 12 months.
Our mortage advisers will help you through the entire process of building your new home, ensuring you understand what is required, and what to expect.
Construction loans initially operate as an interest-only facility with a variable interest rate during the construction period, before reverting to the standard home loan that we have negotiated on your behalf with your lender. The loan funds are paid out on milestones reached as the build progresses. You only pay interest on the money drawn down. You don’t need to start repaying the total loan itself until the build is completed.
A construction loan requires three to four registered valuations by approved panel valuers. These will need to be paid for, at various stages of the build by you. Once your code of compliance has been issued, a final valuation is done with the final draw-down or retention amount released, you can then look at fixing your home loan, which we can structure for you.
A construction loan is an interest only loan on the funds that are drawn down. When the home is completed the interest only loan is converted to a standard principal and interest loan unless other arrangements have been made.
For a limited time, submit your contact details and book an appointment with one of our advisers and receive a $50 voucher on your first visit.