If you need to build a house or do major renovations, consider applying for a construction loan. A construction loan is also a type of mortgage, but It has a different loan structure to home loans designed for people buying an existing home. Today I will go over the advantages and processes of a construction loan.
1. Advantages of a construction loan
Unlike home loans, you receive instalments of the loan amount at various stages of construction rather than receiving it all at once at the start. You only need to pay interest on the loan amount received, not the entire loan amount. You start making repayments on both the principal (loan amount) and interest when construction complete, which can greatly reduce the pressure of repaying the loan during the construction phase.
2. Construction Loan progress payments
Once a construction loan is approved and the property is under construction, the lender will typically make progress payments during the various construction phases. As each phase is completed, your builder will invoice you. Progress payments are usually made directly to the builder upon completion of each stage.
The five stages are;
(1) S Base Stage: This is an amount to help you lay the foundation of your property. It can cover the levelling of the ground, as well as the plumbing and waterproofing of your foundation.
(2) Frame stage: This is an amount to help you build the frame of your property. It can cover partial brickwork, roofing, trusses and windows.
(3) Lockup: This is an amount to help you put up the external walls and put in windows and doors.
(4) Fitout or fixing: This is an amount to help you install your property's internal fittings and fixtures. It can cover plasterboards, kitchen cabinets and benches, plumbing, electricity and gutters.
(5) Completion: This is an amount for the conclusion of contracted items, as well as any finishing touches such as plumbing, electricity, and overall cleaning.
3. How to get approved for a construction loan
The approval process for a construction loan is different from a regular home loan. More documentation is required from the borrower, including planning permits and building permits, a fixed-price construction contract, and relevant insurance. Borrowers also are subject to normal lending criteria, so they will most likely need to provide details of your income and expenses.
A property appraiser will then calculate the loan amount by estimating the property's expected value upon completion of construction, considering the construction costs that will need to be paid to the builder.
After the loan is approved, the borrower will need to make a deposit, just like most other types of home loans. The deposit is at least 5%, preferably up to 20%, to avoid paying mortgage insurance.
Compared to a regular home loan, a construction loan can greatly reduce the pressure of repaying the loan while the home is being built and reduce the interest costs during construction. However, there may be extra costs in the construction that aren’t included in your quote, and your loan may not cover those costs. Integrity New Homes offers a fixed price contract for all home buyers. No hidden extras no additional costs will be incurred during the building process. If you need to get a construction loan, you can contact me for help.
如果你需要建房或者做大型装修，可以考虑申请建筑贷款。建筑贷款也是一种房贷，但在结构上和普通房贷有所不同。今天我会介绍一下建筑贷款的优势和流程。
- 建筑贷款的优势
和普通房贷不同，建筑贷款不会让你一次性收到所有建筑款项，而是会在建筑的不同阶段收到分期付款的贷款金额。而你只需要支付收到的贷款金额的利息，而不是整个贷款金额的利息。在建筑完工后，贷款才会转成和房贷一样的本息同还，这样可以大大减轻建房阶段的还贷压力。
- 建筑贷款的放款流程
一旦建筑贷款被批准，房产正在建设中，贷款人一般会在建筑的各个阶段进行进度付款。随着每个阶段的完成，你的建筑商将开具发票。进度付款通常会在每个阶段完成后直接支付给建筑商。
这五个阶段是;
(1) 地基阶段。这是一笔帮助你进行地基施工的款项。它可以包括地面的平整，铺设管道和地基的浇筑。
(2) 框架阶段。这笔资金可以帮助你建造房屋的结构框架。它也包括部分砌砖工程，屋顶框架和窗户。
(3) 封顶阶段。这是一笔用于帮助你建造外墙，屋顶和安装门窗的款项。
(4) 装修阶段。这笔资金帮助你安装房产内部设备和装修的费用。它包括石膏板，油漆，地面，橱柜，水管工电工完成等。
(5) 完工。这笔资金用于结算合同项目，以及任何收尾工作，如管道、电力和整体清洁等。
如何获批建筑贷款
建筑贷款的批准过程和普通房贷是不同的。需要借款人提供更多的文件，包括规划许可和建筑许可，固定价格的建筑合同，相关的保险。借款人还需要满足一般的借款要求，比如提供收入的细节。
然后房产估价师会对房子建成以后的价值进行估算，同时考虑需要支付给建筑商的建筑成本，从而计算出贷款金额。
在贷款批准后，借款人需要和贷款买房一样支付一笔首付款。首付款至少是5%，最好能付到20%，避免购买贷款保险。
比起普通房贷，建筑贷款可以大大减轻在建房时的还贷压力，减少建房期间的利息成本。但是如果在建房阶段遇到额外的开支，建房贷款很可能不会包含这些支出。协诚新家可以签订固定金额的建筑合同，建房过程中不会有额外的支出，不会让客户措手不及。如果需要办理建筑贷款可以和我联系咨询。
