Fitzroy Fitzroy

Fitzroy Fitzroy Construction Update

During April, the project continued to progress from structural and façade activities into the final stages of internal finishes and services fit-off. Key milestones were achieved with the completion of gantry dismantling and counterweight removal, alongside ongoing crane-related structural works.

Building envelope works progressed steadily, with window installation continuing across multiple levels and waterproofing works commenced and advanced. These activities have supported the transition toward internal completion and protection of finished areas.

Internally, substantial progress was made across apartments and common areas. Plastering works have advanced significantly, while joinery installation has been completed in a number of apartments. Carpentry, timber flooring, tiling, and carpet installation works have all progressed across various levels, with apartment fit-outs now well advanced and several areas nearing completion. Finishes within lift lobbies and shared spaces have also continued to develop in line with the overall programme.

Services works have remained coordinated with the finishing trades, with ongoing rough-in and fit-off activities progressing throughout the apartments. Focus has increasingly shifted toward final installations in preparation for commissioning and testing.

At basement and ground levels, garage door installation has been completed and external works, including planter areas, have commenced. Finishing works within these areas are ongoing and will continue to develop in the coming period.

Overall, the project is transitioning into the final stages of delivery. The primary focus moving forward will be on completion of apartment fit-outs, services commissioning, progression of external works, and the implementation of a structured defects identification and close-out process as the project approaches practical completion.

Please enjoy some photos of the current progress onsite in the gallery below.

Settlement Timing
While significant progress continues on site, there have unfortunately been some delays to the construction program arising out of the conflict in the Middle East which has disrupted global supply chains, shipping and procurement. On a positive note, Cobild advises that procurement is now largely on site with project completion anticipated for mid-August 2026, with settlements to occur shortly thereafter.

We understand that any change to timing can be frustrating, and we appreciate your patience as we deal with these market conditions.

Please be assured that we are working closely with the project team to progress works as efficiently as possible and will continue to keep you updated as we move closer to completion

Funding Strategy for Your Apartment – Time to get serious!
It is imperative to understand your funding options and assess your individual needs before seeking formal approval from a financier. This enables you to make informed decisions aligned with your financial situation and goals.

Please ensure you are well prepared before settlement, as several factors need to be considered when arranging funding. These are summarised below:

More Cash Required: Global financial conditions have stabilised somewhat following a period of high inflation and rapid interest rate increases across advanced economies. However, with interest rates still elevated and lenders applying stricter debt-to-income limits, your borrowing power remains constrained. This means you may require more of your own cash to settle the property than originally anticipated. You should be deciding now how to cover the gap between the amount provided by a bank or non-bank funder and the purchase price of your property. It is important you understand how much cash you require well before settlement, and a finance broker will be able to provide you with an estimate.

Strict Lending Criteria: Lenders are continuing to apply strict serviceability, debt-to-income and documentation requirements and are being increasingly cautious as to who and how they lend their money. For example, other developers have reported recent incidents where buyers have not met the strict criteria set by their financier and have been forced to top up their lines of credit by gearing against other assets they own or inputting more cash. This is another good reason to start planning now. A finance broker can inform you of the relevant criteria and the information required for your application.

Longer Approval Process: Funding approvals are taking longer due to the stricter approval process of many financiers. Borrowers need to be aware that there are different requirements from different lenders and policies on lending change continuously, which together only adds to the timeframe. Dealing with these complexities is why we are strongly suggesting that you use a finance broker to source finance appropriate for your own needs.

Conservative Valuations: The cautious lending environment is also placing pressure on valuers. In some instances, this results in conservative valuations, which may require purchasers to contribute more of their own equity to complete settlement. Purchasers should be financially prepared for this possibility.

More lending options available: Australia has a diverse lending landscape, including a range of non-major and second-tier lenders who may offer competitive rates and flexible solutions compared to traditional banks. These options are typically accessible through brokers as they have access to the 2nd tier lenders. Importantly, these lenders are still regulated under Responsible Lending laws, providing safe and reliable alternatives while potentially saving you time and money.

Liquidity & Access to Funds: Cash buyers must ensure their funds are readily accessible when settlement is called. If funds are tied up in investments, it’s essential to have a clear exit strategy to liquidate assets without delays.

Cash Transfer Process: Large fund transfers may have longer than expected processing times, especially if moving funds from overseas or investment accounts. Work closely with your financial institution to confirm timelines and avoid last-minute complications.

Next Steps:
Given the dynamic nature of the market, we strongly recommend speaking with an experienced finance broker. They can assess your financial situation, guide you through available options, and ensure you are well-prepared for a seamless settlement.

Finance Recommendations – Book your free no obligation call now
We recommend KIN Finance as our trusted finance partner, particularly for off-the-plan purchases where securing the right valuation is critical. Their experienced team can guide you through the process and help you maximise your property’s valuation while identifying key risks along the way.

Even if you’re already working with another broker, a free 10-minute call with KIN Finance’s personal mortgage valet offers a valuable “health check” on your loan, giving you added confidence and peace of mind.

Regardless of your current finance arrangements, KIN Finance can provide a fresh perspective and ensure you’re asking the right questions in today’s lending environment.

Please contact Charlene Guan using the details below:

KIN Finance
Charlene Guan
Director & Lending Advisor
M: +61 435 779 247
E: charlene@kinfinance.com.au

It is important to note that circumstances are changing and evolving in real time. It is advisable to refer to the latest information from reliable sources or consult with financial professionals for the most accurate and current assessment of the financial systems both in Australia and internationally.

If you have not already, please forward your brokers contact details to the customer care team.

In the meantime, should you have any urgent queries please contact Jackie Zandveld at fitzroyfitzroy@kinproperty.com.au or on 0438 812 800.