We'll help you fund your new build or renovation

Building or renovating a home is an exciting venture, especially in WA, where the coastal charm meets urban convenience. At Total Choice Home Loans, we're here to support your journey by helping you access Construction Loan options from banks and lenders across Australia. Whether you're planning a new build, major home renovations, or buying off the plan, understanding the nuances of a Construction Loan is essential for turning your dream home into a reality. Our expertise ensures that you can focus on creating your ideal living space while navigating the financial aspects with ease.

When considering a Construction Loan, the first step is to make a plan that aligns with your ideal location and price range. This involves selecting suitable land, considering council plans, and acknowledging any council restrictions or regulations. If you're looking to demolish an existing property or start a new build, it's crucial to have development applications and permits in order. A key feature of Construction Loans is the streamlined application process, allowing you to apply for a loan with confidence. Our team at Total Choice Home Loans will ensure that everything from interest rates to loan amounts is tailored to your needs.

One of the most beneficial aspects of Construction Loans is the progressive drawdown structure. This means that funds are released in instalments at various stages of the project, known as construction milestones. You will only be charged interest on the amount drawn down, offering flexibility and cost-effectiveness. As each stage is completed by the licensed builder, the lender will pay the builder progress payments, per the contract schedule you signed up for in a fixed price lump sum contract with the builder. This way the builder has to complete each stage before they are paid. Total Choice can assist with managing the progress payments and ensuring clear communication between client, builder and the lender.

The Progressive Payment Schedule and ‘as if complete’ valuation ensure that all costs align with the scope of work. Additionally, interest-only repayment options are available during construction, easing financial pressure.

Managing your construction project involves attention to detail, especially concerning Out of Contract Items not included in initial agreements. These might require additional payments, and understanding these potential costs upfront is vital. It's also important to commence building within a set period from the Disclosure Date to avoid delays and additional fees like the Progressive Drawing Fee. Our experts can guide you through these requirements, ensuring you are well-prepared for each phase. This includes coordinating with council plans and adhering to regulations to ensure your project proceeds smoothly.

As you embark on your construction journey, consider the potential of a home improvement loan to cover unexpected expenses or enhance your project further. With Total Choice Home Loans by your side, you have access to a range of options designed to meet your unique needs. Our commitment is to provide comprehensive support, from initial planning through to completion.

At Total Choice Home Loans, our goal is to simplify your experience by providing expert guidance on Construction Loans. We invite you to explore how we can help you fulfil your vision. Reach out to us today to discuss your plans and discover the financial solutions that best suit your construction goals. Let us take care of the details so you can focus on building a home that perfectly matches your dreams.