Construction Loans

Building or renovating a home is a significant step, and understanding Construction Loans is crucial for making informed decisions. At Icon Money, we specialise in helping clients access Construction Loan options from banks and lenders across Australia. Whether you are planning major home renovations, buying off the plan, or starting a new build, having the right financial partner can make all the difference. Our team in Norwest, Sydney, NSW, is dedicated to simplifying the process so you can focus on creating your ideal home.

When considering a Construction Loan, one of the primary aspects to understand is the interest rate and how it affects your borrowing. Unlike traditional loans, Construction Loans are typically structured around a progressive drawdown system, meaning that you only charge interest on the amount drawn down at each stage of the project. This can significantly reduce costs, as you make interest-only repayment options throughout the build. This feature is particularly beneficial when dealing with various stages of construction, from laying the foundation to final touches like plumbing and electrical work by registered builders, plumbers, and electricians.

Applying for a loan can seem complex, but Icon Money offers a streamlined application process designed to be as straightforward as possible. We assist you in understanding the necessary council plans and permits, which are essential for meeting council restrictions and regulations. Our expertise ensures you have everything in order before you commence building within a set period from the Disclosure Date. With our help, you can confidently manage progress payments and make a plan that suits your project timeline and budget.

Another important factor is the Progressive Payment Schedule, which outlines instalments at specific construction milestones. This schedule helps to ensure that payments to sub-contractors are made efficiently and on time. Additionally, an ‘as if complete’ valuation is conducted at various stages of the project to assess the property's worth once finished. This valuation is crucial for determining loan amount adjustments and any additional payments required for Out of Contract Items not included in initial agreements.

In addition to new builds, Construction Loans are ideal for those looking to demolish an existing property or undertake major home renovations. A home improvement loan can cover costs for these projects while allowing you to pay in stages. If you are buying off the plan, the Progressive Drawing Fee might apply, which covers administrative costs associated with each drawdown. Regardless of your project type, Icon Money will guide you through selecting suitable land and navigating development applications.

Understanding your price range and choosing an ideal location are fundamental steps in any construction project. Before making decisions, consider council restrictions and how they might affect your build. Whether you aim to construct a dream home or enhance your current living space, having a knowledgeable partner like Icon Money can smooth out potential hurdles.

As you explore Construction Loan options with Icon Money, remember that our goal is to support you at every stage of your project. From securing permits to handling progressive drawdowns, we tailor our services to fit your needs. Contact us today to discuss how we can assist in bringing your dream home to life with financial solutions that suit your vision. Let us help you turn plans into reality across Norwest, Sydney, NSW, and beyond.