Construction Loans

We'll help you fund your new build or renovation

Derry & Co. understands that embarking on a construction project, whether it’s a new build, major home renovation, or buying off the plan, is a significant financial commitment. With our expertise in construction loans, we are here to guide you through the process of accessing Construction Loan options from banks and lenders across Australia. Our mission is to help clients in Perth, Western Australia, and beyond secure the most suitable loan for their needs, ensuring a seamless experience from start to finish.

When considering a construction loan, it’s crucial to understand how the loan amount is typically structured. Unlike traditional home loans, construction loans are released in progressive drawdowns. This means that funds are provided in instalments at various stages of the project, such as laying the foundation or completing the roofing. You only pay interest on the amount drawn down, making it a cost-effective solution. The interest rates can vary depending on your lender, but Derry & Co. is committed to securing competitive rates for our clients. We offer interest-only repayment options during the construction phase, which can ease financial pressure while your project is underway.

Applying for a loan with Derry & Co. is designed to be straightforward and efficient. Our streamlined application process ensures that you have less paperwork and more time to focus on your project. We assist with every step, from council plans and permits to dealing with council restrictions and regulations. You’ll also need to make sure your development application is approved before commencing the build. With our guidance, you can navigate these requirements with confidence.

The Progressive Payment Schedule is integral to managing your construction finances effectively. It outlines when payments will be made to your registered builder and other contractors like plumbers and electricians. These progress payments allow you to pay sub-contractors as required, ensuring work continues smoothly without interruption. The Progressive Drawing Fee is an important consideration, as it covers the administration of your drawdowns. We ensure transparency in all additional payments and costs associated with your loan.

Before you commence building, you’ll need a thorough plan outlining your ideal location, suitable land, and price range. If demolishing an existing property is part of your plan, it’s essential to account for this in your budget and timelines. An ‘as if complete’ valuation will be conducted to ensure that the project’s final value aligns with the expected loan amount. Construction milestones are critical for assessing progress and ensuring everything remains on track according to schedule.

For those considering home improvement loans or Out of Contract Items not included in the original plans, Derry & Co. provides guidance on how these can be incorporated into your broader financial strategy. We understand that every project is unique, which is why we tailor our services to meet individual client needs.

Derry & Co. prides itself on offering expert advice and personalised service to help you achieve your construction goals. Whether you’re planning a new build in Perth or looking at options nation-wide, our dedicated team is here to support you every step of the way. Contact us today to discuss how we can assist with accessing the right construction loan for your project and turn your dream into reality.