Construction Loans

At Shoreside Finance, we're Mortgage Brokers helping clients Australia-wide fund their new build or renovation with a Construction Loan

5.0

from 34 reviews

Construction Loans Shoreside Finance

We'll help you fund your new build or renovation with a Construction Loan

At Shoreside Finance, we understand the unique challenges faced by self-employed individuals and professionals when it comes to securing the right financial support for construction projects. Construction loans are a vital tool for those looking to bring their building dreams to life, whether it's a new build, major home renovations, or even buying off the plan. Our team is dedicated to helping you access construction loan options from banks and lenders across Australia, ensuring you have the financial backing you need to transform your property vision into reality.

When considering a construction loan, it's important to understand the intricacies of the process. A key feature of construction loans is the progressive drawdown structure, which allows you to receive funds in instalments as your project progresses. This means you only pay interest on the amount drawn down, making it a cost-effective solution during the construction period. Our streamlined application process is designed to make applying for a loan straightforward and efficient. We aim to simplify your journey from start to finish.

For professionals like plumbers, electricians, and registered builders, managing cash flow is crucial. Construction loans enable you to pay sub-contractors promptly and ensure that council plans and permits are in place without delay. The Progressive Payment Schedule aligns with various stages of the project, allowing for smooth financial planning. Furthermore, an 'as if complete' valuation helps determine your loan amount based on the project's final value, providing a clear picture of your financial commitment.

Interest-only repayment options offer flexibility during the build, allowing you to manage finances more effectively. It's essential to consider factors such as council restrictions and regulations when choosing suitable land or planning a development application. Whether you're demolishing an existing property or embarking on a new build, having a comprehensive plan in place is vital. This includes considering Out of Contract Items not included in the initial agreement, which could lead to additional payments.

Construction milestones are another critical aspect of these loans. Ensuring you commence building within a set period from the Disclosure Date is crucial to avoid penalties. Keeping track of progress payments and any associated Progressive Drawing Fees will help maintain your budget within your ideal price range. By selecting the ideal location and understanding council regulations, you can optimise your investment's potential.

As you embark on your construction journey, remember that each stage of development is an opportunity to refine your vision. With Shoreside Finance by your side, accessing construction loan options from banks and lenders across Australia becomes a seamless experience. Our knowledgeable team is here to guide you through each phase, helping you make informed decisions every step of the way.

Our commitment is to help you achieve your property goals with confidence and ease. Contact Shoreside Finance today to learn more about how we can support your construction ambitions and turn your plans into bricks and mortar reality. Let us assist you in making informed choices that align with your vision and financial capabilities.

Ready to chat to one of our team?

Getting a Construction Loan

Initial Consult

Have a chat with one of our qualified brokers who will understand your situation and talk you through the next steps. 

Fact Find

We'll work with you to understand a bit more about your situation (including your financials, assets etc.) to make sure you qualify for a Construction Loan. 

Approval

We'll work to find an appropriate lender for your loan, taking into account your situation and loan type. We'll then handle the paperwork to get your Construction Loan approved.

Construction Loans Shoreside Finance

Our Latest Reviews

Shannon Phillis

Can not recommend Hayden enough! He was extremely thorough, had great advice and knew what he was doing. We are extremely grateful that we were recommended him to get our mortgage through

Nicole Dakin

Hayden was incredibly helpful and supportive in my journey of buying my first home. I was really grateful that he took the time to explain things to me, and have face-to-face meetings. Would highly recommend him as a mortgage broker. Thank you!

Lauren Taylor

We had a great experience with Hayden! We had quite a long process before we found a house, but he was still willing to help us out each time and was extremely patient and easy to work alongside. Highly recommend!

Drew Bennington

I couldn’t recommend Hayden & the team at Shoreside highly enough! Hayden is incredibly knowledgeable, professional and was supportive throughout the whole process. He took the time to explain everything clearly, making sure that we were making informed decisions in our best interests and made what could be a pretty stressful experience feel seamless. The attention to detail, expertise and dedication were second to none, along with being friendly, reliable and super approachable, I couldn’t have asked for a better experience. I would absolutely be using them again in the future.

Amanda Bossie

Hayden was such a pleasure to work with and I can't recommend him enough. He was knowledgeable, professional and always prompt in his communication. He took the time to answer all of our many questions, explained everything clearly and was incredibly helpful throughout the process. We would definitely work with him again should the need arise in the future!

Jacob Lambert

We highly recommend Hayden and the team at Shoreside Finance. Hayden was very helpful throughout every stage of the process, from finding the right property, speaking with agents and always offering his advice and time answering any questions we had. As first home buyers, Hayden was the greatest help we could've asked for. Would definitely use Shoreside Finance again!

We work with Australia's biggest lenders

Frequently Asked Questions

What is a finance broker and how does Shoreside Finance help self-employed professionals?

A finance broker acts as an intermediary between borrowers and lenders, helping you find suitable mortgage solutions without the need to approach multiple banks directly. At Shoreside Finance, we specialise in working with self-employed individuals and professionals who often face unique challenges when seeking home loans. We understand the complexities of non-traditional income structures and have established relationships with lenders who recognise the value of self-employed borrowers. Our expertise lies in presenting your financial position in the most favourable light possible, ensuring lenders understand your true earning capacity and financial stability.

Which professions typically qualify for mortgage insurance waiver policies?

Various professional occupations may qualify for lender mortgage insurance waivers, including medical practitioners, dentists, veterinarians, pharmacists, optometrists, chartered accountants, solicitors, barristers, engineers, and architects. However, eligibility criteria vary between lenders, and some may have specific requirements regarding qualifications, experience, or income levels. Self-employed professionals in these fields may also qualify, though additional documentation is typically required to demonstrate income stability and business viability. At Shoreside Finance, we maintain current knowledge of each lender's specific criteria and can advise which options are available based on your professional background and circumstances.

What costs should I budget for when applying for a home loan through a broker?

When applying for a home loan, you should budget for various costs including property valuation fees, legal fees, stamp duty, and potential application fees depending on the lender chosen. As a finance broker, Shoreside Finance typically receives commission from lenders rather than charging fees directly to clients, though it's important to discuss fee structures during your initial consultation. You may also want to budget for professional services such as building inspections, accountant fees for preparing financial statements, and mortgage insurance if applicable. We provide transparent disclosure of all costs involved in your loan process upfront, ensuring you understand exactly what you'll need to pay and when. This allows you to budget accurately and avoid any unexpected expenses during your property purchase journey.

How long does the mortgage application process take for self-employed borrowers?

The timeline for self-employed mortgage applications can vary depending on the complexity of your financial situation and the lender's current processing times. Generally, self-employed applications take longer than standard employment applications due to the additional documentation required and more detailed assessment process. From initial application to settlement, the process typically takes between 6 to 10 weeks, though this can extend if additional information is requested. At Shoreside Finance, we work proactively to prepare your application thoroughly from the outset, liaising with lenders throughout the process to identify and address any potential issues early. This approach helps minimise delays and keeps your application moving forward efficiently.

How do lenders assess the serviceability of self-employed borrowers?

Lenders assess self-employed borrowers' serviceability by examining your net business income after deducting business expenses, tax obligations, and other commitments. They typically use your average net income over two years, though some may weight recent performance more heavily. Lenders also consider factors such as business consistency, industry stability, your experience in the field, and overall financial management. Some expenses that reduce your taxable income (like depreciation) may be added back to improve your serviceability assessment. At Shoreside Finance, we understand how different lenders calculate serviceability for self-employed borrowers and can structure your application to present your repayment capacity in the most favourable light while ensuring all information remains accurate and verifiable.

Can I get a home loan if my business is relatively new?

Securing a home loan with a new business can be challenging, but it's not impossible with the right approach and lender selection. Most traditional lenders prefer to see at least two years of business operation and tax returns, but some specialty lenders may consider applications from businesses operating for 12 months or even less in certain circumstances. Factors that can strengthen your application include strong personal credit history, substantial deposit, relevant industry experience, and solid business projections. Professional qualifications and previous employment history in your field of business can also support your application. We specialise in identifying lenders who are more flexible with newer businesses and can present your application in the most compelling way possible.

Do I need to use an accountant for my mortgage application?

While not always mandatory, having an accountant prepare your financial statements significantly strengthens your mortgage application as a self-employed borrower. Many lenders prefer or require accountant-prepared documents because they provide greater confidence in the accuracy and completeness of your financial information. An accountant can also help structure your business finances in ways that may improve your borrowing capacity and ensure your tax returns accurately reflect your true earning capacity. If you don't currently use an accountant, we can recommend professionals who understand mortgage lending requirements and can prepare your financial statements appropriately. The investment in professional accounting services often pays for itself through improved loan terms or faster approval times.

What are lender mortgage insurance waiver policies and how do they benefit me?

Lender mortgage insurance waiver policies allow eligible borrowers to avoid paying lender's mortgage insurance even when borrowing more than 80% of a property's value. Typically, borrowers need a 20% deposit to avoid this additional cost, but certain professionals and self-employed individuals may qualify for waivers based on their occupation or financial profile. These policies can save you thousands of dollars in insurance premiums whilst allowing you to enter the property market sooner with a smaller deposit. At Shoreside Finance, we identify which lenders offer these waivers for your specific circumstances and guide you through the application process to maximise your chances of approval.

What happens if my income fluctuates significantly from year to year?

Income fluctuation is common among self-employed individuals and professionals, and experienced lenders understand this reality. Most lenders will assess your average income over two years, though some may look at longer periods or focus more heavily on recent performance if it shows positive trends. The key is demonstrating that fluctuations are manageable within your overall financial capacity and don't indicate declining business performance. We help present your income story clearly, highlighting seasonal patterns, business growth, or one-off events that may have impacted specific periods. Additionally, we can identify lenders who are more understanding of variable income patterns and structure your application to emphasise your overall financial stability and repayment capacity.

What documentation do I need as a self-employed borrower?

Self-employed borrowers typically need to provide more comprehensive documentation than traditional employees to demonstrate their income and financial stability. This usually includes two years of tax returns, business activity statements, profit and loss statements, and accountant-prepared financial statements. You may also need to provide bank statements showing business and personal accounts, evidence of business registration, and details of any business assets or liabilities. Some lenders may require additional documentation such as contracts for ongoing work or professional indemnity insurance. We'll provide you with a complete checklist tailored to your specific situation and the lender's requirements to ensure your application proceeds smoothly.