Construction Loans

At Harrow & Co., we specialise in helping you access Construction Loan options from banks and lenders across Australia. Whether you're planning major home renovations or a new build, we offer tailored solutions to support your construction journey. Our team understands the unique needs of clients in Sydney, NSW, and nation-wide, providing guidance through every step of the process. With our expertise, we'll help you make a plan that aligns with your ideal location and price range, ensuring a smooth and efficient experience.

When applying for a loan, understanding your options can make all the difference. Construction Loans are different from traditional home loans as they offer a streamlined application process designed to fund various stages of the project. One of the key features is the progressive drawdown. This means funds are released in instalments, known as progress payments, as construction milestones are reached. You only charge interest on the amount drawn down, making it a cost-effective choice during the build. Additionally, interest-only repayment options are available during the construction period, allowing you to manage finances effectively.

Another aspect to consider is working with a registered builder and coordinating with professionals like plumbers and electricians. Funds from the Construction Loan can be used to pay sub-contractors and cover costs as outlined in the council plans and permits. It's crucial to keep track of the Progressive Payment Schedule and ensure all development applications are in line with council regulations. The ‘as if complete’ valuation is another important factor, as it estimates the property's value once the project is finished, affecting your loan amount and potential additional payments.

For those buying off the plan or considering a major renovation, it's essential to understand terms like Progressive Drawing Fee and Out of Contract Items not included in the loan. These can impact your overall budget and timeline. The loan typically requires you to commence building within a set period from the Disclosure Date, so selecting suitable land without council restrictions is vital. Demolishing an existing property or making improvements also involves reviewing council plans to ensure compliance.

In summary, accessing Construction Loan options from banks and lenders across Australia can simplify building your dream home or undertaking significant renovations. By focusing on key elements like progressive drawdown, interest-only repayments, and managing construction milestones, Harrow & Co. can assist you in achieving your goals within your desired timeframe and budget. Contact us today to discuss how we can support your construction journey and bring your vision to life.