Building a home can be fun and stressful all at the same time!

It’s not just about getting approved for a loan, it’s also doing the correct due diligence on a section to find out the exact build costs including site preparation. There is no point committing to a section without knowing what the costs to build from a – z are.

There are various build options including “Turn Key” which involve (usually) 10% down as a deposit, 90% on completion. These can be lower risk but an approval will only last 3-6 months so generally they need to be completed within a short time period. Generally a bank will lend 80% on the section purchase with a plan to build within 12 months.

Full/fixed contract builds where you own/buy the section then look for finance for a major build company contract are a typical scenario. Though you might be obtaining finance on the section as well as build contract pre approval at the same time, which we can help with!

Builds that are self managed typically require a bigger deposit and paperwork as part of the approval process.

Please contact us to discuss your scenario as build / constructions loans are complex.