How to make your construction home loan painless

Building your dream home can be a complex journey. From managing tradespeople to selecting finishes, coordinating with builders, and managing the nuances of finance, it’s a path laden with potential stress. At Regional Finance Solutions, we understand these challenges and are here to ease one of the biggest concerns: navigating finance and construction home loans.

Here's a typical journey: plan your new home, discuss with builders, secure council approvals, organise your financing, and commence construction. However, the real test often begins post-commencement, particularly concerning the loan. Construction involves the builder submitting progress claims for payment, typically in four or five stages.

Upon receiving a progress claim, lenders usually review the work schedule against the contract, followed by commissioning a valuation inspection. This process incurs costs and delays. The valuer must visit the site, gather information, and submit a detailed report to the lender. All this time, you might find your builder eagerly awaiting payment, which can lead to potential delays in your project's completion. Anyone familiar with construction sites knows the tension that arises when builders and subcontractors are awaiting their dues.

But, let’s introduce a smoother way. At Regional Finance Solutions, we partner with lenders who prioritise efficiency and practicality. When your builder reaches a predetermined stage and issues an invoice, simply verify the work and forward it to us. Our chosen lender will then assess the claim against the work schedule and, if everything aligns, process the payment swiftly, often within 48 hours.

Remember the saying, "happy wife, happy life"? Well, a promptly paid builder is a cornerstone of a swiftly progressing construction. A happy builder ensures a faster completion, leading to your satisfaction.

If you're embarking on the journey of building a home, connect with us at Regional Finance Solutions.