Renovate or Build Your Home

Have you ever thought you needed more space but loved where you lived? You do have the option of a construction loan for extensive renovations or to completely build/re-build your dream home. 

First things first - speak to us to work out what you can borrow to renovate or build your home. You ideally need to do this prior to speaking to any builders, architects, council etc. as it's important to know your budget. 

We can even organise a construction loan pre-approval where the bank assesses & approves your loan, prior to receiving any construction documentation. 

There's a few things you'll then need in order to have your construction loan formally approved:

1. A licensed builder handling the project (must have all insurances up to date - including contract of works & public liability)

2. An industry standard building contract, including a progress payment schedule. 

3. Building plans (must be council approved prior to the bank commencing payments

How does it work?

The bank will generally organise an 'as if complete' valuation of your property - this means they look at the current land value & then take into account what you want to build (using the contract & plans), then they come up with an 'end value' of your home. This end value is what is used to calculate your maximum loan amount for construction. 

Our expert team have years of experience both personally building & developing properties, as well as countless construction loans for our clients. We will be able to walk you through step by step what you need to do, from start to finish.