Contract Builder Construction Loans
Often clients wish to construct or renovate their own dwellings. These types of loans provide access to funds to complete the construction of the dwelling, either on vacant land or existing residence, and may be a part of a house and land package.
The contract is usually in conjunction with a registered builder.
- Land purchase First
- House and land packages
- Contract Builders
Owner Builder Loans
Often clients wish to construct or renovate their own dwellings. These types of loans provide access to funds to complete the construction of the dwelling, either on vacant land or existing residence. Where the client is suitably skilled or qualified in the construction industry the lender may agree to lend funds on an owner builder basis.
The qualifications and restrictions are usually quite rigid and restrictive and the client may be required to put in up to 40% of the costs towards the construction, effectively carrying construction costs. The lender will expect the borrower to utilise their own funds in the intial stages, thus ensuring that they are able to retain sufficient loan monies to complete the project.
- Building Quotes
- Council Approved Plans and Specifications
- Building experience/Contacts in the industry
- Cash reserves to meet initial costs, including planning, deposit monies and borrower contributions
