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Home Finance
What's different about construction loans?
Building a home involves a few extra steps in the process but it doesn't have to be difficult. When you deal with experts in construction finance you can rely on the experience of your broker to explain the nuts and bolts so you can focus on building your dream home.
When you are searching for a construction loan make sure you've covered off the following factors. This way you will be fully prepared for your loan application.
Speak to your broker about the following:
- How your building contract could affect the amount you can borrow.
- Whether you need to obtain quotes for additional purchases which aren't included in your building contract.
- How any rebates may affect your capacity to borrow the full loan amount.
- What paperwork you need specifically for a construction loan.
- What contingency budget you may need and how to build this into your loan application.
- How your First Home Owner Grant will be used in the construction finance process.
- Whether buying unregistered land could affect an existing loan pre-approval.
- Which loan products and corresponding interest rates are suitable for construction loans. This will ensure you are shopping with the right budget in mind.
Call us on 1300 559 439 for more information, pre-approvals or to see how we can help you get into your new home sooner.
