Construction and Renovation Loans are specialized financial products designed to help
you build a new property or renovate an existing one. These loans work differently from
traditional home loans, with funds released in stages based on the progress of construction
or renovation.
Planning and Budgeting
Develop detailed plans for your construction or renovation project.
Obtain cost estimates from builders or contractors.
Loan Application
Apply for a construction or renovation loan with your chosen lender.
Provide necessary documents, such as building contracts, plans, and council
approvals.
Approval and Valuation
The lender evaluates your financial position and the project’s potential value.
Approval is granted based on the projected costs and property value after completion.
Progress Payments
Unlike standard loans, funds are released in stages, such as:
- Deposit to start the project.
- Slab or base stage.
- Frame stage.
- Lock-up stage.
- Completion stage.
Interest-Only During Construction
Most construction loans require interest-only payments during the build phase
to ease financial pressure.
Approval and Valuation
Once the project is complete, the loan typically converts to a standard home loan with regular repayments.
How Indeed Finance Can Help
At Indeed Finance, we simplify the complexities of construction and renovation loans, ensuring a seamless experience:
Personalized Loan Options
We match you with lenders offering competitive construction and renovation loan products tailored to your project’s needs.
Expert Guidance
Our team helps you understand every step, from preparing your application to managing progress payments.
Support with Documentation
We assist in compiling all required paperwork, including building contracts, quotes, and approvals.
Streamlined Application Process
We coordinate with lenders, builders, and other stakeholders to ensure smooth disbursement of funds at each stage.
Access to Competitive Rates
By leveraging our network of lenders, we secure loans with favorable terms, saving you money over the project’s duration.
Post-Completion Support
After the loan converts to a standard home loan, we can assist with refinancing or adjustments to suit your changing financial goals.
Stress-Free Experience
We handle the complexities so you can focus on your dream project.
Whether you’re building a new home or transforming your current property, Indeed Finance is your trusted partner. Contact us today to start your construction or renovation journey with confidence!