Construction Loans
Whether you’re renovating, building, or completing a development project, we’ll make sure your financial foundations are solid.
How we help
List of Services
List of Services
Whether you’re renovating, knocking down an existing structure and rebuilding, subdividing your property, or completing a multiple-development project, there are specific financial products that are designed for your needs. However, each has its own set of parameters, so what might look suitable at first glance can sometimes look less so when thoroughly assessed.
That’s where it really pays to have EverLend’s expertise on your side. We’ll be able to eliminate any options that are either unsuitable or less attractive and narrow down the field to just a handful that are fit for your purpose. Then, we’ll clearly explain the differences between the options on that shortlist as we help you decide on the right fit.
Of course, you’ll also have the advantage of our full service to complete the paperwork, deal with any questions, manage the application process, and ensure you get a timely approval.
Construction loan FAQs
How does a construction loan work?
Instead of paying the full amount up front, the lender releases funds in stages as the build progresses, such as slab, frame, lock-up, fixing and completion. During construction you usually pay interest only on the amount drawn so far.
What documents do I need for a construction loan?
Lenders typically ask for a signed fixed-price building contract, approved plans and permits, the builder's insurance details and a list of any extra costs, along with your usual income and identity documents.
Can I use a construction loan for a knockdown rebuild?
Yes. Many lenders offer construction finance for knockdown rebuilds and will value the property on an as-if-complete basis. We check how each lender treats your plans before you sign with a builder.
What happens if the build costs more than expected?
Lenders usually expect you to cover variations or cost overruns from your own funds before further progress payments are released, so it pays to budget a buffer.
Helpful guides
We help clients across St Kilda and Melbourne's inner south and south east. See all locations.
Ready to learn more?
Whatever you need, get in touch and we’ll get the ball rolling. The sooner you reach out, the sooner you’re on your way to securing the right loan!
