Renovations & New Builds
I want to renovate or build a new home
If you’re thinking of renovating or building, it’s important to have expert guidance available when it comes to the financing.
Just like your builder and your architect, Your Village Mortgage Brokers can be part of your team to help deliver your dreams.
We can walk you through the complexities of home loans for construction (construction loans), the terms you’ll need to know, the documentation you’ll need and the additional steps in the loan process.
There are extra risks for the lender during your build and they want to be sure their loan is sufficient to cover the construction and any over-runs. So, in addition to a lender’s normal loan servicing requirements, you will also need to supply:
- Copies of all plans and permits
- A project budget &
- Building contracts
Guiding You Every Step of the Way
We can help you understand and meet all the lender’s requirements. Unlike a standard home loan, construction loans are usually paid in stages as your build progresses. These are referred to as “draw downs” and paid in separate “progress payments”. The draw downs need to align with your building contract or payment schedules.
Most lenders for construction loans allow interest only payments during the build, which can leave you with some flexibility for unforeseen expenses.
Typical stages for a full build construction project are:
- Preparation. Plans, permits, connection fees, insurance etc.
- Base. Concrete slab, footings, pad and base brickwork.
- Frame. House frame complete and approved.
- Lock-up. Windows and doors, roofing, exterior and insulation all done.
- Fit Out. e.g. kitchen cupboards, appliances, bathroom and toilet all in, plumbing and electrics done, plastering and painting done.
- Completion. Fences up. Site tidied. Builders receive final payment.
We're still with you
At the end of construction, when the builders have been paid, you’ll be moving into your dream home!
But our work isn’t done yet.
Your Village Mortgage Brokers will continue to monitor your progress and your loan to ensure your rate remains competitive.
We’ll let you know if we think we can get you a better deal.
Key things for you to consider
Budgeting wisely
We'll help you determine a realistic budget that considers not only the property price but also ongoing expenses like maintenance, utilities, and council rates as well as your current lifestyle. It’s important you can manage your mortgage repayments without them causing you stress when you move in.
Loan options
Navigating through the myriad of home loan options can be confusing. We'll break down the differences between fixed and variable rates, repayment terms, and eligibility criteria to find the best fit for you. This process means we not only get you into the right loan, but also maximise the chance of a successful outcome (approval from the lender) as we focus on mortgage solutions, not mortgage products.
Government Support
There are various grants and schemes available for first home buyers in Victoria. We'll guide you through the application process and ensure you're maximizing the benefits.
Location insights
Choosing the right location is crucial. We'll provide insights into different neighborhoods, their growth potential, and proximity to amenities.
The Your Village Mortgage Broker Difference
Buying your first home is a significant financial commitment, and there are many potential pitfalls along the way.
Our experienced team will be by your side to help you avoid common mortgage mistakes and take advantage of every possible opportunity.
From understanding the intricacies of home loan options and the pros and cons of each for you, to ensuring you can afford your loan and assisting you in evaluating properties, we ensure that you’re equipped with the tools and insights to make the right choices.
Make your mortgage work for you.
What's your next property move?
I want to buy my first home
Buying your first home is an exciting but stressful milestone. We can guide you through the process and help you avoid the mortgage missteps that will cost you time, money and stress.
I’m thinking about refinancing
Don't get complacent with your mortgage. Refinancing to get a better deal might improve your cashflow today, and your borrowing capacity and equity in the future.
I’m self employed
We're small business owners too. So we understand that sometimes your situation doesn't fit the standard lending requirements. We can work with you to find the right lending solution to suit your unique situation and goals.
I’m investing in property
Looking for your first investment property or planning on building a portfolio for retirement? Our experienced Mortgage Mentors can help.
I want to renovate or build a new home
Whether you want to access equity in your property to renovate, are considering a house and land package or you are looking at a new build, construction finance can be tricky if you don't have the right guidance from the get-go.
I want to buy a holiday home
Whether its purely for fun and relaxation or you want to leverage the boom in demand for holiday rentals and short term accommodation, we can guide you with a solution that balances the lifestyle and investment opportunities.
Maximising your lending opportunites
Here's what you can expect
Whether you are just starting out in property or are a seasoned investor, navigating the home loan lending process can be confusing and time consuming. We use our knowledge and experience to provide a streamlined approach and give you the advantage. We offer straighforward, flexible home loan solutions that don't just fulfil your current goals, but look to the future as well.
Getting to know you
We need to understand your current financial situation so we can determine the most competitive and appropriate lending solution and strategy to help achieve your lifestye and property goals.
The Nitty Gritty
With your Mortgage Strategy in place, our team will coordinate with you to gather all the relevant documents and information we need to help you get a speedy and positive outcome from the lender.
Pre-approval
Getting pre-approval on your home loan means you can start looking for property or making plans. With the confidence of knowing that the lender has agreed in principle to lend you the money.
Unconditional approval
This is the green light that the lender has fully approved your loan with no conditions. It's not quite time to pop the champagne though, until settlement occurs.
Settlement
Phew, we made it. The final inspection has been conducted, the title has been transferred into your names, and you have the keys to your new home in your hot little hands. Happy days!
Mortgage Mentoring
When the dust settles, we are still here to guide you along your property journey. From smart strategies to help you pay down your loan quicker or to build equity for future goals and projects. We've only just begun.
What our clients are saying
I found Rob from Your Village Mortgage Brokers very easy to deal with. He has an excellent grasp of the home loan options available and his explanations were clear and he was very reassuring. I’d highly recommend Rob to anyone thinking of speaking to a mortgage broker.
Damien G
