LET US GUIDE YOU THROUGH YOUR CONSTRUCTION JOURNEY
While the idea of designing and building your dream home is very appealing, we’ve all heard about the stress that often goes alongside it, and occasionally, the horror stories. It’s true that building your own home can be more complex than buying an existing property.
Construction loans are different to a standard home loan. They are designed specifically for people building from scratch or undertaking major renovations. With a construction loan, you generally receive instalments of the loan at various stages of the construction, as opposed to receiving it all at the start in one lump sum. Normally you only pay interest on the amount that is drawn down as opposed to the total loan amount.
The first step is to receive preapproval for the construction loan. Once approved, you will receive progress payments throughout the various stages of the build, to cover the cost of each stage. These can be paid to the builder, the mortgage broker or to yourself, depending on the lender. The 5 stages are typically:
- Base Stage (foundation of the property, slab or base)
- Home Frame (partial brickwork, roofing, trusses or windows)
- Lock Up (building enclosure, external walls, windows and doors)
- Interior Fit Out (internal fittings and fixtures, plasterboards, plumbing, electrical)
- Completion (finishing touches such as plumbing, electrical and overall cleaning)
While construction loans are more complex than traditional home loans, they don’t need to be more stressful. The Happy Finance Company will make sure you get the loan that best suits your build scenario, and will guide you through every step.
HERE'S HOW WE'LL HELP YOU GET THE RIGHT CONSTRUCTION LOAN FOR YOU
We know our sh*t
We have over 30 years of collective experience and are working in the thick of it every day. We know the application process inside out – the bank policies, the timeframes, possible delays, and the forms. All those FORMS. While there’s no getting around them, we’ll make them easier to understand and complete.
We find your right match
Loans are not a one-size-fits-all. Many people focus on the interest rate, and while this is important, it’s not the be-all-end-all. Your loan type will depend on things like your age, savings, equity, future business/work plans and family plans. Did you know, some banks offer a break from repayments when you take maternity leave? We have access to hundreds of loan products across over 30 different lenders. We’ll find the right one for you.
We find competitive options
While the interest rate isn’t always the be all and end all, we still strive to get you the best possible rate and loan package to fit your circumstances. Even a savings of 2-3% of a home loan over a five year loan period can reduce your payments significantly.
We do the hard stuff
Once we’ve worked out which lender and which product is right for you, we prepare the application for you. We are your single point of contact so that you don’t have to sit on hold with various banking departments and explain your story to numerous representatives. We do the forms and the liaison so you don’t have to.
We love teaching
Whether it’s your first home and you need help understanding the basics like interest rates and LMI, or your tenth property and you want to talk strategy, capital gains and LVRs, we’re here to help. Diagrams, scenarios, spreadsheets… whatever you need.
We work for YOU, not the banks
Our service doesn’t end once your loan settles. We’ll be in touch when interest rates drop, when your fixed interest period expires, and every few months to touch base. New cars, home renovations and other big life events may mean we can swap your loan conditions to more favourable options.
Our services to you are complimentary
We get paid by the bank when your loan settles, meaning the benefits of using a broker don’t come as an extra charge. And just to ease your mind…. The commissions paid by Australian lenders are all within a similar fee structure, so there is no benefit to us for choosing one lender over another. It’s ALL about you.
ANDREA PALELLA (O'SHEA)
DAVID FRENCH
MATHEW CROSSLEY
MATTHEW GOODYEAR
