If you are building a property for either to live in or for investment purposes you will likely need a construction loan for the duration of the construction phase. Once the construction is complete your loan converts to owner occupied home loan if you are to live in that property

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Our mortgage brokers can also help you secure a great rate construction loan help you along the entire construction phase. Simply call us or book online for a premium home loan broker service for free .

How the Construction Loan Works?

Supporting clients with residential property construction loan

During the construction phase of the property, based on the usage plan the lenders provide an interest-only construction-loan which usually has a higher interest rate than standard fixed or variable rate home loan. The lenders deem this period to be a risky period which reflects the higher interest rate. You start paying the interest-only repayments of the borrowed amount once the progress payments are made to the builder after completing each agreed-upon phases. The bank or lender makes necessary inspection to make sure the construction is being done according to the contract before releasing the progress payments. Once the construction is complete the loan becomes either an owner-occupied or investment home loan with principal and interest repayments. Generally, the construction period requires a year and during that time you need constant interaction with the lenders to make sure the progress payment is on time and without any hiccup. Call us or send us a message today to find out more about how we can help you.

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The usual limitations of the construction loan:

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1. The construction loan is only for the construction period and usually interest-only
2. The bank releases the progress payments based on the fixed price contract provided by your builder
3. The bank inspects the completed tasks are according to the contract before releasing the progress payments
4. The property construction inspections are done using 3rd party licensed valuers assigned by the bank   

5. The construction loan amount is usually limited to only up to 70% of the value of the land if equity being accessed

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How we help our clients?

Easy and Convenient

See the benefits of using our expert mortgage brokers for your home loan.

1. Right Loan

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We find the right home loan at a great rate from a wide range of home loan offers.

2. Free Expert Advice

You don't miss out on any available grants or concessions for your property financing.

3. Peace Of Mind

Knowing that a home loan expert is looking out for the best deal for you.

4. Convenience  

Our brokers will come to you & take care of the application until the home loan is settled.

5. Timely Funding 

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Get the home loan amount you want in a timely manner without any stress.    

6. Premium Service 

Most importantly you will get a five-star mortgage broking service and advice for free.   

The Documents Required For Construction Loan Approvals

Variable Rate Mortgage

The Right Loan for You

Refinance to a variable rate mortgage is very popular in Australia. Golden Key Mortgage & Finance finds its clients among the most competitive interest rate loans to refinance. We would be happy to discuss the details of the variable rate mortgage and customize it in order to suit your specific needs and financial situation. Are you wondering that if you have a good rate? Contact us to find out if you’re eligible, and whether this would be a good fit for your needs.

Fixed Rate Mortgage

A Brighter Future

It’s easy to get lost while navigating all the different types of loans available for home buying. The Fixed Rate home loan could be the right one for you, but it’s important that clients understand all implications before signing something they could later regret. Contact us now in order to discuss the benefits and disadvantages, and together we’ll decide whether this is the right mortgage for you.

Split Rate Mortgage

Prospective Property Owners

We have been helping clients around Sydney area with their real estate investments. The Split Rate Mortgage is popular for some, but may not be appropriate for everyone. Call us to learn more about the implications and to find out whether this would be a good mortgage for your financing needs. We will provide all the necessary information for you to make an educated decision so that you can relax knowing that, you made the best decision.

Interest only Mortgage

Savvy Property Investor

You repay only the interest on the borrowed amount usually for the first one to five years of the loan, although some lenders offer longer terms. Your monthly repayments are lower because you’re not paying off the principal. At the end of the interest-only period, you begin to pay off both interest and principal. These loans are especially popular with investors who plan to pay off the principal when the property is sold, having achieved capital growth.

Low Doc Mortgage loans

Loan for Self Employed

Low Doc home loans are designed for self-employed people who don’t have all the financial documents providing proof of income usually required to secure a home loan. The low-doc mortgage loan can be both variable and fixed rate home loan. Navigating a path through the mortgage maze can seem confusing – especially with so much document required by different lenders. Golden Key Mortgage brokers in Sydney will help you along the entire process.

Other Common Mortgage types

Seasoned Property Owners

There are so many other types of home loans available in the market catering to different kinds of home loan borrowers. The following loans are very specific and suits borrowers with certain circumstances such as Construction Loans, Introductory Rate Loans, Bridging Loans, Line of Credit / Equity Line, Reverse Mortgage etc. Call a Golden Key Home Loan Broker in Sydney today and take the guess part, out of your mortgage financing plan.

Contact us for more details about the types of loans we offer our clients.