Construction Loans

We'll help you fund your new build or renovation

At Abundance Home Loans, we understand the dream of building your ideal home or undertaking major renovations can be both exciting and complex. Construction Loans are specifically designed to ease this process, providing the financial support needed to bring your vision to life. Whether you're buying off the plan or planning a new build on the Mornington Peninsula or anywhere in Australia, our team is here to help you access Construction Loan options from banks and lenders across Australia. We aim to simplify your journey, ensuring you can focus on creating a home that suits your lifestyle and budget.

When considering Construction Loans, one of the essential factors is understanding how the loan amount is managed. Unlike traditional loans, a Construction Loan offers a progressive drawdown feature. This means that the loan funds are released in stages, or instalments, as your project progresses. This approach enables you to pay sub-contractors like plumbers and electricians, manage council plans and permits, and adhere to the Progressive Payment Schedule. Importantly, interest is only charged on the amount drawn down, offering cost-saving benefits during the construction period. Additionally, interest-only repayment options are available, allowing more flexibility in managing your finances during development.

Another crucial aspect of Construction Loans is the process of applying for a loan. At Abundance Home Loans, we offer a streamlined application process designed to make it as straightforward as possible. We work closely with lenders to secure competitive interest rates and terms that match your specific needs. It's important to commence building within a set period from the Disclosure Date and have a clear plan in place. This includes selecting a registered builder, understanding council restrictions and regulations, and ensuring you have suitable land and development application approvals. Our expertise can guide you through these steps, helping you stay informed and prepared for each stage of your project.

Construction Loans also cover various stages of the project, including ‘as if complete’ valuation—this ensures that additional payments align with construction milestones. These loans are not only ideal for new builds but also for major home renovations or when you need a home improvement loan. They can also address scenarios where you need to demolish an existing property before rebuilding or when Out of Contract Items are not included in your initial agreement. Understanding Progressive Drawing Fees and having a structured Progressive Payment Schedule will keep your project financially on track.

Building or renovating a home in your ideal location within your price range is an achievable goal with the right financial solutions. At Abundance Home Loans, we are committed to helping you access Construction Loan options from banks and lenders across Australia. Our expertise ensures you receive the support needed to make informed decisions and successfully manage your home construction or renovation project. If you're ready to take the next step in making your dream home a reality, contact us today for personalised advice and support tailored to your needs.

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BC

Brittany Claire

Mandy has been very helpful and informative throughout the whole experience, from pre approval to settlement of my new home. She seeked out the best possible outcome for me with my burrowing capacity compared to other brokers. Regular communication and fast response time made the experience less stressful and organised. Highly recommended her for both her professionalism and kind personality. Thanks again for all your help Mandy.

AU

Anna Urbanowicz

Mandy was absolutely amazing in helping us buy our first home. She genuinely eased our stress, kept us informed at every step, and explained everything in a way that was easy to understand. She clearly knows her stuff, is incredibly organised, proactive, and across every detail, which made the whole process feel clear and manageable. (And undoubtedly helped us avoid a meltdown or two). She was always responsive and willing to answer any of our questions. What really stands out is that this wasn’t a one-off interaction. A couple of years ago Mandy supported me when I was considering buying an apartment on my own, and when my circumstances changed and I didn’t go ahead, she was still so supportive and positive. When we were ready again, there was no question who we’d go back to. We’ve since referred friends to Mandy and they all rave about her too. Highly recommend!

CL

Colby Lathwell

The best advice and expert service you could ever hope for to receive. Can’t recommend Mandy and her team enough.

Frequently Asked Questions

Can you help First Home Buyers?

We love helping First Home Buyers! We're experts at the entire process and can help you get the right Home Loan. We're also across the various schemes to help First Home Buyers such as the First Home Owners Grant and the various stamp duty exemptions available.

Can you help with refinancing an existing Mortgage?

Of course! We believe that we can find the best interest rate for you to refinance to, whether it's a Home Loan or Investment Loan.

Are your mortgage brokers licensed and accredited?

All of our Mortgage Brokers are accredited and members of the Mortgage and Finance Association of Australia. They are extremely professional and provide exceptional service across a range of lending options.

How do I get paid?

I receive a commission from the Bank or Lender for selling their products, so you don’t pay anything up front or at settlement of the loan. Sometimes, I may charge you a fee directly, instead of, or as well as, the lender’s commission.

This will depend on the complexity of your situation and how long it takes to obtain your home loan. I will let you know up front if a fee is payable or not.

Can you only help with Home Loans?

We can help with Home Loans, Investment Loans, Construction Loans, Car Loans, Personal Loans and much more. If you're looking to borrow to buy property something, we can probably help.

Why choose a Mortgage Broker?

With many lenders to choose from, you may decide to get help from a mortgage broker rather than going direct to your bank where you only have access to the banks home loan products, limiting your options.

Using a mortgage broker gives you more options based on your personal circumstances and acts as a go-between with the banks or other lenders to arrange your home loan. As a Mortgage broker I act in your best interests when suggesting a home loan for you.

In our first appointment, I will understand your needs and goals, work out all the figures and how much you can afford to borrow. Then find the best options to suit your situation.

If you don’t know much about home loans, I will explain the options, feature, benefits and the costs to give you peace of mind. I deal with all the paperwork and take away the hassle so you can get on with your day, knowing that I have everything under control.

What kind of interest rates can you offer?

We take look at a wide range of products available from Banks, Credit Unions & other lenders across the country. This means we can search thousands of products and make sure we're always recommending the best Home Loans for our clients.