Construction and Developement

Building a residential home can be a tedious task, especially when acquiring off-plan land. The process involves numerous components, including strong communication between your building and finance team to ensure a smooth progression. Moreover, navigating the available concessions and grants in the current market can be daunting. Banks typically provide a "construction facility" that transitions to a permanent home loan upon completion of the construction phase. Properly setting up both facilities is crucial in reducing overall costs.

Home renovation projects can be segmented into two categories: minor/cosmetic upgrades or larger scale extensions/structural renovations. It is crucial to determine which category your project falls under before seeking a renovation loan from a lender. Depending on the equity available in your property and the scale of your renovation some lenders will offer a "cash out" loan facility to cover renovation expenses, while others may process your application as a construction loan, increasing the time it takes to get the funds you require.  

Development projects typically involve constructing two or more dwellings. The nature of your development, including its scale and zoning, will determine whether your application falls under the category of a "residential application" or a "commercial application." It is essential to identify this early on since the requirements for each type of application differ significantly. Furthermore, it is crucial to comprehend the lending parameters and associated costs to assess the feasibility of your project before incurring any expenses.