Finance

At United Homes Australia, we understand your finance requirements and provide the most suitable finance options from an extensive network of lenders as per the eligibility. We have a team of experts who can handle all kinds of issues, from simple to intricate. Whatever be the type of build you are considering; we will find the right third party loan partner for you. We pride ourselves on making this process as easy and simple for our clients as possible.

If you’re constructing a new home, you might want to avail a construction home loan. This loan usually has a progressive drawdown, which means that you receive installments of the loan amount at various stages of construction, instead of receiving it all at once in the beginning. The individual who has availed of the loan has to generally only pay interest on the amount that is drawn down, as opposed to on the whole loan amount. Various lenders offer construction loans that are interest-only for few years in the beginning of loan term. Standard home loan term is 30 years. The interest is typically calculated based only on the funds used so far from the total amount of loan approved.

Other than a construction loan, which is just one potential source of funding for your project, there are the Federal Government Grants which can be availed. There are the government grants which vary from state to state, including the First Home Builder Grants and also the recently launched HomeBuilder scheme, which will give eligible homebuyers and existing owners grants to help them construct or substantially renovate their home. But, strict eligibility criteria apply for getting these grants. To know more about the grants, feel free to get in touch with us or with the relevant government department.

Payment process for construction loans

After the loan is approved and the construction commences, the lenders mostly make payments throughout the various stages of construction. Progress payments will typically be paid directly to the builder at the completion of each stage.

(a) Base Stage

(b) Frame Stage

(c) Lockup Stage

(d) Fixing Stage

(e) Completion Stage