Construction Loans
Turn your building plans into a reality with a construction loan
Rated 5 from 66 Reviews
Turn your building plans into a reality with a construction loan
Rated 5 from 66 Reviews
Foster Russo & Co. is proud to offer expert guidance for clients interested in construction loans. Whether you are planning major home renovations, demolishing an existing property for a new build, or buying off the plan, understanding construction loans can help you make informed decisions. We assist clients in Greater Sydney, the Blue Mountains, Southern Highlands, and across NSW to access construction loan options from banks and lenders across Australia. Our goal is to simplify the process and help you achieve your dream home in your preferred location within your budget.
When applying for a loan, it is essential to consider the various stages of the project and how funds will be distributed. A construction loan usually involves progressive drawdown, where funds are released as progress payments at different stages. This allows you to only charge interest on the amount drawn down, helping to manage costs efficiently. Additionally, interest-only repayment options are available, providing flexibility during the construction phase. A Progressive Payment Schedule is often used to plan these payments, ensuring that tradespeople like plumbers and electricians are paid on time. This schedule is vital for managing cash flow and keeping the project on track.
Choosing the right loan amount is crucial as it impacts your capacity to cover costs such as council plans, permits, and development applications. An 'as if complete' valuation helps determine the expected value of your property once the build is finished. This valuation is important for setting a realistic loan amount and ensuring you can cover Out of Contract Items not included in the initial agreement. Council restrictions and regulations must be considered when selecting suitable land or making a plan for your project. Our streamlined application process is designed to help you navigate these complexities with ease.
Another essential aspect of construction loans is managing construction milestones. These milestones mark various stages of the project and are necessary for securing additional payments from lenders. It is crucial to commence building within a set period from the Disclosure Date to avoid delays. A Progressive Drawing Fee may apply, which covers administrative costs associated with releasing funds at each stage. This structured approach helps ensure that your project progresses smoothly and stays within budget.
Foster Russo & Co. understands that building or renovating a home involves significant planning and coordination. Our expertise in construction loans allows us to support you through every step of the process, from selecting an ideal location within your price range to managing council regulations and engaging a registered builder. We work closely with you to ensure all aspects are covered, providing peace of mind and confidence as you embark on this exciting journey.
For those considering home improvement loans or embarking on a new build, Foster Russo & Co. is here to assist you every step of the way. Our comprehensive understanding of construction loans ensures that you have access to the best options available across Australia. Contact us today to start planning your dream home with confidence and ease. Let our expertise guide you in achieving your goals within your desired timeframe and budget.
JB
John Barrand
As I was approaching my eightieth birthday, I wanted to downsize from my two-bedroom apartment that was up three flights of stairs into a one-bedroom apartment that was serviced with an elevator. To make this move I needed to sell my existing apartment to buy my new place, the downside being that to achieve this outcome it seemed that I would need to move twice, once to a rental on a short lease while I sold and then found what I was looking for. I heard an advert on the radio that seemed to allow me to actually look for, and buy, a new property and that gave me time to then sell my old place. The product was called Bridgit. Knowing little about finance and my eligibility for such a loan arrangement I contacted an old friend who had been my broker for several years. Much to my surprise Robyn, in her brokerage, Foster Russo & Co, was able to not only to tell me all about Bridgit, but her brokerage firm was also an agent for Bridgit. Following Robyn’s advice, I applied for a loan that would allow me to buy a new property, cover all the incidentals such as stamp duty and legals and have to make no payments for six months after receiving the loan, giving me ample time to prepare my old property for sale without being rushed. The team from Foster Russo & Co were incredible making the completion of the necessary paperwork a dream, rapidly getting approval and within two weeks I had found a new property, and moved in a few weeks later. I cannot speak highly enough about Robyn and her highly competent team at Foster Russo & Co and without any hesitation I would sincerely recommend that before any commitment is made about finance you should contact Robyn and her team to ensure that you are getting the best finance package possible.
AR
Amanda Rauth
I can’t recommend Cath and her team highly enough. Refinancing my home into my own name after a separation was an emotional and stressful process, but they were compassionate, patient, informative, and incredibly understanding from start to finish. They took the time to explain everything clearly, answered every question, and supported me through each step with genuine care and professionalism. Nothing ever felt rushed or overwhelming, and I always felt reassured that I was in safe hands. I am so grateful for their guidance and kindness during such a challenging time in my life. Thank you, Cath and team, for going above and beyond, it truly meant more than you know.
rb
richard berta
Very helpful and friendly and ensured minimal pain in an otherwise painful process. Nothing was too hard for them. Highly recommend!!
Mortgage Brokers are there to help you find the right loan whether it be from the major banks, smaller lenders or other sources. We have a broad range of products (more than any single lender can offer) which means we can do all the legwork to find the right loan for you.
We can help with Home and Investment Loans, Construction Loans, Car Loans, Personal Loans and much more. If you're looking to borrow to buy something, we can probably help.
Of course! We believe that we can find the best interest rate for you to refinance to, whether it's a Home Loan or Investment Loan.
All of our Mortgage Brokers are accredited and members of the Mortgage and Finance Association of Australia. They are extremely professional and provide exceptional service across a range of lending options.
We love helping First Home Buyers! We're experts at the entire process and can help you get the right Home Loan. We're also across the various schemes to help First Home Buyers such as the First Home Owners Grant and the various stamp duty exemptions available.
We take look at a wide range of products available from Banks, Credit Unions & other lenders across the country. This means we can search thousands of products and make sure we're always recommending the best Home Loans for our clients.
Foster Russo & Co ABN: 83 666 544 743, Foster Russo & Co Pty Limited ABN: 83 666 544 743 is authorised under Australian Credit License #384324. Robyn Louise Russo Credit Representative Number #367499, Julie Dean Credit Representative Number #367515 and Catherine Joy O’Connor Credit Representative Number #513073.
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
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