Construction Loans
At Rizon Finance, we're Mortgage & Finance Brokers helping clients Australia-wide fund their new build or renovation with a Construction Loan
Rated 5 from 3 Reviews
At Rizon Finance, we're Mortgage & Finance Brokers helping clients Australia-wide fund their new build or renovation with a Construction Loan
Rated 5 from 3 Reviews
Embarking on the journey to create your dream home or to undertake significant renovation works can prove to be a complex endeavour, particularly when it comes to understanding and securing the right construction loan for your project. Rizon Finance stands ready as your dedicated ally, guiding you through this intricate landscape with professionalism and precision. Our thorough knowledge of the construction loan market throughout Australia positions us uniquely to offer you bespoke loan solutions that are perfectly aligned with both your project requirements and financial standing.
Construction loans are distinctively structured for individuals intent on building new homes or undertaking substantial renovations. These loans differ from traditional lending options in that funds are dispensed in stages or drawdowns, correlating directly with each phase of your construction process. This progressive payment system means that interest is only charged on the portion of the loan you have utilized at any given time, rather than the entire loan sum upfront. This strategic financing method aids in better cash flow management during the build and often includes the possibility of interest-only repayments, alleviating some of the financial pressures typically associated with construction projects.
Choosing Rizon Finance as your partner for navigating construction loan procurement brings numerous advantages. Our robust network of banks and lending institutions across Australia guarantees that you’ll have access to competitive interest rates and loan allocations that meet your specific project needs. Whether you’re clearing an existing property to pave the way for your new residence, engaging in ambitious home improvements, or purchasing off the plan, our dedicated team is fully equipped to support you.
Our streamlined application process is carefully designed to demystify and simplify the construction loan application journey. From compiling essential documentation such as council permissions and plans, to meticulously planning out your Progressive Payment Schedule, our approach is clear and straightforward. Our expertise ensures that all intricate financial details, whether you’re a tradesperson directly involved in the build or you’re coordinating with registered builders and subcontractors, are comprehensively managed.
A pivotal service we provide is the 'as if complete' valuation. This critical assessment projects the finished value of your construction, ensuring that loan increments or additional funding is precisely aligned with your build’s progression. This guarantees the correct financial safeguards are in place for your investment.
Rizon Finance distinguishes itself not merely through our financial acumen but also our unwavering commitment to supporting our clients at every construction phase. From initial consultations that help fine-tune your plans and budget considerations, to specific details such as managing Progressive Drawing Fees and adhering to building commencement timelines, we are here to ensure your project stays firmly on track towards achieving your financial and building aspirations.
In conclusion, if you seek a partner adept at navigating the complexities of construction loans, Rizon Finance is your premier choice. Our blend of comprehensive loan options, competitive financing rates, and personalised, expertly-guided application process positions us as the optimum partner for your forthcoming building venture.
AT
Alana Trait
Finances have always been a struggle of mine but Daniel made the whole process easy and we were able to work out the best option for my financial situation :)
TS
Tanya Shepard
Daniel is a total professional while providing that personal touch, he gives good communication which helped me work through the process of achieving a great financial solution. I have already passed on his details to friends and family looking for similar services, I have no hesitation in recommending his services.
CT
Clive Talbot
The Australian Government offers a number of schemes to assist first home buyers, such as:
• A $10,000 First Home Owner Grant when building a new home valued under $750k
• Stamp duty exemptions for properties valued less than $600k
• Concessional stamp duty rates on properties valued at $600-750k
• Access to shared equity and 5% deposits through the Victorian Homebuyers Fund (VHF)
• Federal schemes, including the Home Guarantee Scheme, Help to Buy, and First Home Super Saver Scheme (FHSSS)
Rizon Finance specialise in this area as we understand it can be a challenge as not all lenders would consider these circumstances. We have access to niche lenders that accommodate this type of lending.
There are a variety of home loan products available, each with its own features and benefits. Some common types include:
• Fixed-rate loans: Offer certainty in your repayments over a fixed term.
• Variable-rate loans: Interest rates can fluctuate with market conditions.
• Interest-only loans: You only repay the interest on the loan for a set period, then begin repaying the principal amount.
We can explain the different loan options and help you choose the one that best suits your needs.
We certainly can. We help you navigate what assistance may be available to you as we understand getting your foot on the ladder as a first home buyer can be a difficult and daunting process.
We understand there are many reasons why people may experience forms of financial difficulty/credit problems and work with each scenario to understand them. Rizon Finance can speak to each lender to fight your case to secure lending.
The comparison rate is a more accurate reflection of the true cost of a loan than the advertised interest rate. It includes the interest rate as well as most fees and charges associated with the loan. Comparing the comparison rates of different loans will help you find the most cost-effective option.
Rizon Finance can understand your business and source great deals for Self-employed applicants.
There are many benefits to using Rizon Finance. Here are a few:
• Access to a wider range of lenders: Rizon Finance work with a large and reputable panel of lenders, so we can find you a loan that best suits your needs and financial situation, even if you don't qualify for a loan from your own bank.
• Personalised service: Rizon Finance take the time to understand your individual circumstances and goals, and then recommend the best loan options for you.
• Expertise in navigating the loan application process: Rizon Finance assist with all the paperwork and liaise with lenders on your behalf, saving you time and stress.
• Compliance: Rizon Finance operate in a highly regulated environment and provide recommendations. Therefore, we have a duty to all our clients to provide appropriate products in the best interests of our clients
The amount you can borrow will depend on a number of factors, including your income, expenses, savings, credit score, and the property value. We can help you determine your borrowing capacity and ensure you borrow responsibly.
The documents you will need to provide will vary depending on your individual circumstances and lender, but some common documents include:
• Proof of income (payslips, tax returns)
• Photo ID
• Bank statements
• Evidence of savings deposit
• Details of the property you are purchasing (contract of sale)
• Details of assets
• Statements for liabilities
Rizon Finance will provide you with a complete list of required documents once we begin working with you.
The loan application process typically takes 4-6 weeks, but this can vary depending on the complexity of your application and the lender's processing times. We will keep you updated throughout the process.
Don't despair! We can help you understand why your application was declined and work with you to improve your chances of approval in the future. This may involve improving your credit score, saving a larger deposit, or finding a guarantor.
Rizon Finance do not charge you any fees. We get paid a commission by the lenders. All commissions are disclosed and discussed upfront before you proceed with an application.
In addition to your mortgage repayments, there can be a number of ongoing costs associated with a home loan, such as establishment fees, account fees, and lenders mortgage insurance (if applicable). Rizon Finance will help you understand these costs and factor them into your budget.
Tomlinson, Daniel ABN: 90 232 048 159. Credit Representative #561000 is authorised under Australian Credit License #384324.
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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