If you are reading this information we assume that you are considering building a home, renovating or purchasing land. Whether you are planning to renovate, purchase land or enter into a contract to build a house and land package, Accomplish finance have access to lenders who offer a range of products from basic home loans to professional packages with competitive rates. Our lenders generally offer a pre-approval within 24 -48 hours, pending certain conditions, such as a satisfactory valuation on your property. We work in unison with the lender to ensure your application is processed as quickly as possible. To help you understand which construction category you may need to apply for, we have provided simply explanation notes; Construction Loan falls into three categories The first category is to ‘Purchase Land & to Construct a house on that Land’. In this instance a person (the borrower) has acquired an acceptable quote for the construction of their new home from their intended builder, together with the contract to purchase the land. It is preferred that the building contract includes work that is intended to be completed, has a fixed price and a time frame to complete the construction
Purchase Land Only
The second category is to ‘Purchase Land Only’. In this instance the person (borrower) has entered into a contract to purchase the land, but has not selected the type of home that is to be constructed.
The third category is ‘Construction Only’. In this instance the person (borrower) either owns the land or has existing finance for the land and requires finance to construct the home, or requires funding for renovations to an existing established home.
To ensure that your application is processed within a reasonable time frame it is important that you acquire an acceptable quote for the construction of your new home/renovation from your chosen builder. It is preferred that the building contract includes work that is intended to be completed, has a fixed price and a time frame to complete the construction. You need to submit with your application, fully signed and dated copy of your building contract, plans and specifications.
If the person (borrower) has a land loan with an existing lender and there is available equity, you may have the option to consolidate your debt into one loan. By completing a full enquiry application, Accomplish Finance will assess your situation to see if you could benefit by consolidating your debt.
Our service is complimentary there is ‘NO FEE’ payable to us from you! As we are paid by the lender with whom we arrange your finance. Other fees and charges may apply by the lender.