Question 1

What is construction Loan?

Accepted Answer

A construction loan is designed specifically to fund the building of a property. Payments are made in stages as the construction progresses. To apply for this loan, borrowers typically need to provide a deposit along with detailed construction plans. The loan is secured by the property under construction.

Question 2

House and Land Packages

Accepted Answer

Typically, purchasing a house and land involves two separate products, although they can be combined into a single package. The land acquisition is akin to a standard mortgage, while financing for the home is typically structured as a construction loan.

Question 3

Stages of construction loans

Accepted Answer

Before the exciting process of building your dream home kicks off, your builder will put together a document detailing the total project cost and breaking down the payment stages.

As each stage is completed, your builder will send you an invoice. Sometimes, the lender might send someone over to the property to ensure everything is going according to plan. 
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Stages of construction: 
1. Slab - laying the foundations 
2. Frame - Building the frame, installing the roof, windows, and laying some brickwork.
3. Lockup - Installing exterior walls, doors, and windows.
4. Fit-out -Installing electrical wiring, plumbing fixtures, gutters, and plasterboard.
5. Completion - Finishing touches are added, including the final installation of electrical and plumbing fixtures, as well as cleaning up the site.

Question 4

Construction Loans with Unity Mortgages

Accepted Answer

We at Unity Mortgages are equipped to assist you in financing various endeavours, including acquiring land, constructing new homes, purchasing off-the-plan properties, and investing in house & land packages.

When it comes to financing, you've got a range of options. If you're building a new home, a construction loan could be a suitable choice. For renovations of different scales, you might consider refinancing your existing home loan or opting for a personal loan.

We will guide you through these choices, ensuring you find the loan that best fits your needs.

Construction & Renovation Loans

Construction & Renovation

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