We provide credit assistance to help you understand how construction loans work, what to expect at each stage, and how different lenders approach building and renovation scenarios.
Our role is to explain lender requirements clearly, compare lending structures, and guide you through the application and drawdown process from start to completion.
How construction and renovation lending works
Construction and renovation loans are usually structured differently to standard home loans.
- Funds are generally released in stages as construction progresses
- Interest is typically charged only on the amount drawn down at each stage
- Lenders may require fixed-price building contracts and progress inspections
- Timeframes to commence and complete works are often specified
These requirements can vary between lenders depending on the type of build or renovation and your overall circumstances.
How we support you
We help clients building or renovating by:
- Explaining how lenders assess construction and renovation applications
- Reviewing building contracts and costings from a lending perspective
- Comparing loan structures and drawdown processes
- Coordinating approvals, progress payments and settlement
- Supporting you if timelines or costs change during the build
Where land is being purchased separately, we also help explain how land and construction components are treated within the lending structure.
Working alongside your advice team
Where building or renovating forms part of a holistic financial plan, lending considerations are implemented alongside your plan. Decisions around financial and tax advice will be considered within your Ironbark Advice - Financial Advice team as part of your great advice framework.