Construction Loans

Looking to renovate or build the grand home you’ve been dreaming of?  Whatever your goals are, we can help find the best construction loan to get your project moving.

Home Loan Services

Your expert construction lending team

Cropped shot of A bank representative is giving advice on loan to buy a home for customer.

Aimed at investors and homebuyers who are looking to build their dream home, building a brand new home can be one of life’s most rewarding experiences.

Building your brand new home is by no means an easy or quick task, which is why you want to ensure from the very beginning you are receiving the right advice that will keep you on track throughout the process.

From government rebates to developer incentives, there is a lot to take in and if you don’t get your numbers right early on, it can cost you in the long run.

GA Finance will ensure you are fully aware of the process from the beginning and look to counter any future concerns you have. For us, it’s not just about the numbers, but it’s a way to keep you informed and excited as we pass each stage of the process.

How it works

If you’re thinking about getting into the property market, it’s important to make sure that your finances and expectations are in order. This is what you can expect when you take the first step to buying your first home.

When constructing your new home, you will want to make sure that the amount of money that is available to borrow won't stretch you too far and leave little room for unforeseen costs. We have some useful calculators on the website but if you'd like more tailored information, call us at GA Finance and we'll be happy to help.
Step #1
Assessing your borrowing capacity
When constructing your new home, you will want to make sure that the amount of money that is available to borrow won't stretch you too far and leave little room for unforeseen costs. We have some useful calculators on the website but if you'd like more tailored information, call us at GA Finance and we'll be happy to help.
Once we have assessed your borrowing capacity, we can then help you file for pre-approval for a loan. The 'pre-approval' process is not a commitment to lend, but it will let you know how much you can borrow based upon certain criteria. This means that your application will be processed quickly when it comes time to make your final decision.
Step #2
Pre-approval
Once we have assessed your borrowing capacity, we can then help you file for pre-approval for a loan. The 'pre-approval' process is not a commitment to lend, but it will let you know how much you can borrow based upon certain criteria. This means that your application will be processed quickly when it comes time to make your final decision.
After offers are made and accepted, we will ensure that the building commences as soon as possible. The longer it takes to finish a construction project, the more it's going to cost due to holding costs.
Step #3
Offers are made and accepted
After offers are made and accepted, we will ensure that the building commences as soon as possible. The longer it takes to finish a construction project, the more it's going to cost due to holding costs.
When applying for a home loan it is essential to be prepared. This means having the following ready: the type of property or land that you want to purchase; a contract with the builder/s outlining the payment schedule; a copy of the building contract between you and your builder or developer; the development plan if applicable. We will help you consolidate all the documents and file an application.
Step #4
Preparing the application
When applying for a home loan it is essential to be prepared. This means having the following ready: the type of property or land that you want to purchase; a contract with the builder/s outlining the payment schedule; a copy of the building contract between you and your builder or developer; the development plan if applicable. We will help you consolidate all the documents and file an application.
Once construction has finished, you will receive documentation confirming completion. This information would include insurances for temporary structures for example, plus warranties. We will then apply again to get an updated valuation completed on your property so that your loan can be finalised.
Step #5
Completion
Once construction has finished, you will receive documentation confirming completion. This information would include insurances for temporary structures for example, plus warranties. We will then apply again to get an updated valuation completed on your property so that your loan can be finalised.
Step #1 Assessing your borrowing capacity
When constructing your new home, you will want to make sure that the amount of money that is available to borrow won't stretch you too far and leave little room for unforeseen costs. We have some useful calculators on the website but if you'd like more tailored information, call us at GA Finance and we'll be happy to help.
Step #2 Pre-approval
Once we have assessed your borrowing capacity, we can then help you file for pre-approval for a loan. The 'pre-approval' process is not a commitment to lend, but it will let you know how much you can borrow based upon certain criteria. This means that your application will be processed quickly when it comes time to make your final decision.
Step #3 Offers are made and accepted
After offers are made and accepted, we will ensure that the building commences as soon as possible. The longer it takes to finish a construction project, the more it's going to cost due to holding costs.
Step #4 Preparing the application
When applying for a home loan it is essential to be prepared. This means having the following ready: the type of property or land that you want to purchase; a contract with the builder/s outlining the payment schedule; a copy of the building contract between you and your builder or developer; the development plan if applicable. We will help you consolidate all the documents and file an application.
Step #5 Completion
Once construction has finished, you will receive documentation confirming completion. This information would include insurances for temporary structures for example, plus warranties. We will then apply again to get an updated valuation completed on your property so that your loan can be finalised.

Why choose GA Finance for your construction loan

We're with you every step of the way

We know securing a construction loan and building your dream home is not easy but we're committed to helping you every step of the way. We listen to you and understand what you need in order to make informed decisions. Our team is always here to answer any questions you have.

Years of experience

We know what home constructors need and like to see in terms of finance deals. With us, it's all about you and your goals. We offer a range of flexible loan options that can be developed to suit you better based on your specific needs. It's all part of providing you with peace of mind.

Transparent and consistent service

Our service is consistent and transparent and has no surprises along the way. We will always provide you with the best recommendations to help you make the right choice for your situation. We'll always go through each product in detail with you and explain what is involved before you commit.

FINANCE IS CONFUSING - ASK AWAY!

Frequently asked questions

Pre-approval, or conditional approval, is when you approach a lender when looking to buy a home and ask them to pre-approve you to borrow a certain amount.

 

For example, the lender might provide with an offer for a loan of $500,000, meaning you can borrow up to that amount. This can give you a good indication of whether you’ll be successful in applying for a loan or not, while also narrowing your search for houses in that price range.

 

It is important to know that a pre-approval is not a guaranteed loan approval! It is however a strong indicator that you are likely to be fully approved for a loan. A guaranteed loan approval requires further detail to be submitted, such as full credit check and supporting evidence.

It can depend on the value of the property, the repayments you can afford and the lender you choose to go with. 

Generally, if you’re buying your own house you will need to deposit at least 20% of the value of the property to avoid paying for Lender’s Mortgage Insurance or LMI, however a 10% deposit will usually still allow you to secure a loan.

Stamp duty is an upfront cost you’ll have to pay when buying a property (in most cases). Stamp duty is a tax imposed by all state and territory governments in Australia and covers the cost of transferring the title of the property to your name.

As a general rule, the more expensive the property, the more expensive stamp duty will be. Stamp duty concessions for first home buyers can make buying a home much cheaper, but these concessions only apply in certain situations.

If you would like more information, we would be happy to answer any questions you have.

There are many different loan products available and each lender will offer slightly different repayments and interest rates, so you will get a better understanding once you start the lending process. 

If you would like to get an estimate, have a look at our online calculators to get an idea of what your loan repayments will likely be.

You shouldn’t have to be a
finance expert to get the best result.

We make the over-complicated seem easy, so you can walk away being the expert of your own finances.

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