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By taking out a renovation or construction loan, you can help finance your project with progressive draw downs and interest-only repayments during construction, leading to lower expenditure, better cash flow, and greater overall savings.
Talk to us to find out how a construction loan can benefit your property.
Renovating or constructing a home can be stressful, both financially and mentally. Unless you’re a qualified builder, you’ll probably need to outsource most of the work to experienced contractors, which is often very expensive.
A construction loan can help you get the funds you need to complete your renovation or construction – once work is complete, your property should have a significantly higher value, which means you can use the equity as collateral(either for refinancing a loan or buying an investment property).
As long as your project is being delivered by a qualified builder, you can borrow up to 85% of your project’s gross realisable value (GRV), making it easy to add value to an undeveloped block or aging building.
You might also be eligible for progressive drawdowns and interest-only repayments during construction. Building contractors are typically paid in progress payments, so lenders are often willing to let you draw down your loan in different stages during construction, minimising the amount of interest you’ll need to pay.
With the right construction or renovation loan, building your wealth through property is simple.
Contact our team to explore your borrowing options.
Getting a construction loan as an owner-builder means you can finance your project even if you’re not a licensed builder.
Owner-builders are typically viewed as higher-risk borrowers, but that doesn’t make you ineligible for a loan.
We’ll work with you to help you borrow up to 75% of your project’s gross realisable value (GRV), even if you’re working on a small development or partially completed dwelling.
Talk to us to explore the construction loan options available for owner-builders.
R&B LENDING always act in the best interests of our clients. Our sole purpose is to help you grow your wealth through property, and we do it to the best of our ability.