Construction Loans

Are you in the midst of building or renovating your dream home? JL Mortgage Services is here to assist you in obtaining a construction home loan that accommodates the cashflow challenges of major projects. 

The construction loan we offer allows you to draw down your loan in instalments, referred to as ‘progressive drawdowns’ or ‘progress payments.’ You only pay interest on the amount you use, which minimises the financial burden. During the building period, we also offer interest-only repayment options to ease the load.

Once you’ve selected a registered builder, you’ll need to provide council plans and permits, insurance provisions, and a copy of your fixed-price contract, including a Progressive Payment Schedule. Before you start this process, lenders will require an ‘as if complete’ valuation to ensure that the loan amount is realistic, and that you have enough to complete the project. To protect the workers and building work, you’ll need builder’s all-risk insurance, domestic/home warranty insurance, and public liability insurance.

JL Mortgage Services can help you navigate every step of this challenging journey. Get in touch today!