Construction Loans

Fit Finance Construction Loans

Construction Loans

It’s everyone’s goal to own their dream home, and when you build it rather than purchasing a previously built home, you can guarantee that it has all those small features that you personally want. Building a home is not cheap however, especially when you factor in the land price you have already paid. Home construction loans are your best friend when dealing with these costs, helping you handle the financial strain of home building.

Construction loans work a little bit differently to a regular loan, as they are primarily contracted as interest only during the construction and will switch to principle and interest repayments upon completion of the build. The money from home construction loans is usually advanced directly to your builder upon completion of each stage of the build following the builder’s contract.

To ensure that the work is completed in accordance with approved plans, your construction loan broker may insist on having a valuer or building stage inspector check the work before advancing.

Excellent
Based on 126 reviews
Simon Kaye
Simon Kaye
3 November 2023
Mark and his team were absolutely brilliant in helping me secure my first unit. He’s polite, honest, kind and patient. If you need a mortgage broker you’re in great hands. Give him a call 🙂
Aaron Burnett
Aaron Burnett
10 October 2023
My wife & I can not thank Tim from Fit Finance enough in all his efforts in helping us buy our first family home. He reached out to us with what seemed, challenging circumstances, but done absolutley everything to get us across the line. His communication during the whole process was amazing & took the time to explain anything that we didn’t quite understand. His knowledge and expertise were second to none, we cant recommend Tim & his team enough.
Andrew and Kayley Missenden
Andrew and Kayley Missenden
9 October 2023
Tim was very knowledgeable with which lenders had the best products to suite our needs and his communication is excellent we highly recommend Fit finance.
Bethany Taylor
Bethany Taylor
7 October 2023
Tim has made the experience of purchasing our first home that much easier. With having numerous questions and without understanding the process at all my partner and I needed all the help we could get. Would definitely recommend Tim from Fit Finance if you are looking for some help with finance.
Zach B
Zach B
5 October 2023
Tim was fantastic with helping me understand my options and doing research to see what was best in my situation. I came across him online and was very glad I did. I’d highly recommend him to anybody looking for a great broker who is prompt and very easy to get along with. Thanks again Tim for all of your help!
Anthony Brown
Anthony Brown
3 October 2023
Tim Evans at Fit Finance is a pleasure to work with and has the experience and knowledge to get great results for clients. As a Financial Adviser, I trust Tim with my client’s lending needs!
Jordan W
Jordan W
30 September 2023
Chris helped me arrange to refinance an existing mortgage, I found him to be really pleasant to work with, always prompt to respond and incredibly knowledgeable on the process and available products that might suit my needs.
Mega Thing
Mega Thing
23 September 2023
⭐⭐⭐⭐⭐ We recently had the pleasure of working with Mark at Fit Finance and we must say, the experience was nothing short of exceptional. From our very first conversation, Mark was not only attentive but also thorough in ensuring all our queries were addressed. What stood out most for us was their online form setup – it’s user-friendly, intuitive, and made the entire process seamless. In today’s digital age, such efficiency is commendable and makes a world of difference for clients like us. We also appreciated the different stages of the application process, with notification and followed up by a phone call. To anyone considering financial services, we ‘mega’ recommend Fit Finance. And if you’re lucky enough to work with Mark, rest assured, you’re in great hands. His commitment to customers is evident and we are pleased and very thankful with the outcome. Thank you Mark, Fit Finance, for making my financial journey smooth and hassle-free! It’s simply a mega thing! 😉 Nadine & Martin
Pink Python
Pink Python
10 September 2023
I can’t recommend FIT finance highly enough. Other brokers kept bringing up issues and problems. Not Mark at FIT finance, nothing was a problem, everything was easy. First off Mark got us a construction loan structure that other brokers said was impossible. He made the sign up and application so simple. Then we moved onto construction, Mark processed every claim quickly (usually immediately, at night and on weekends). Now we’re finished with the construction process we’ll be working with Mark to make sure we have the best product. FIT finance are awesome, don’t bother with anyone else.
Anna Sheahan
Anna Sheahan
5 September 2023
Fit finance are great! They listened, didn’t judge and came up with an awesome financial solution tailored to me. Definitely recommend!

Fit Finance, You’re Local Finance Partners

At Fit Finance, we work alongside you to ensure that your construction loans are set up to work with the building contract you have in place, whether it follows the standard building stages, or a different stage plan as dictated by you. The standard building stages are:

Preparation & Deposit

Includes plans, permits, connection fees, insurance etc.

Base

Includes concrete slab, footings, pad, and base brickwork.

Frame

The house frame is complete and approved.

Lock-up

The windows and doors, roofing, exterior and insulation are all done.

Fixing

Kitchen cupboards, appliances, bathroom, and toilet are installed. Plumbing and electrics are done. Your home is finally plastered and painted.

Completion

Fences up. Site tidied. The builders receive their final payment.

Contact a construction loan broker at Fit Finance to discuss how our financing solutions can benefit you. Fill out the form below or call us on (07) 3040 6988.

Things to Consider

At Fit Finance we believe in transparency of information, and our broker team want you to have as much knowledge as possible before you apply for one of our home construction loans. As such, we have put together the below information and definitions to help you understand the processes and requirements of construction loans.

Standard Building Contracts

A standard building contract usually details progress claim amounts in line with the following percentages for each stage:

Building Stage Typical % of contract
Base
10%
Frame
15%
Lock up
35%
Fixing
20%
Completion
15%

A financier will usually request the following additional information:

  • Fixed price building contract (preferred but not essential)
  • Approved plans
  • Specifications

Definitions

Building Plans

Usually completed by an architect, draftsman or the builder. A detailed set of drawings outlining what is to be built.

Fixed Price Contract / Construction Tenders

A contract that specifies what work the builder will undertake for a fixed amount. There are no rise and fall clauses associated with changes in labour or material costs.

Progress Payment Schedule

A schedule that outlines the percentage or amounts that the builder is to be paid upon reaching various milestones. Home Building contracts generally include the following milestones: Base / pad, Frame, Roof, Lock up, and Final. Monthly progress draws for the construction of a residential property are unusual.

Specifications

A detailed listing of the items to which the builder has agreed to include in the minimum fit out of the property e.g. door handles, power points, drive way access and landscaping.

To discuss the various options, please call us on (07) 3040 6988 or request a call back by enquiring below.

Quick Home Construction Loans

Speak to a construction loan broker today by applying online. We’re here to make life easier through fast and painless loan processes.

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Utilising years of experience and a panel of over 40 trusted lenders, the broker team at fit finance are ready to be your companions on your finance journey and handle all the hard work so you can remain focused on the build at hand. Reach out today to find out why we are the right fit for your finance needs.