How do I get a loan for building my own home?
So the houses you have been looking at don’t tick all the boxes or you just want something that is especially yours.
Obtaining approval for a new home build loan is similar to buying an established home however the process during the build is a little different.
It’s important to us that you have the right knowledge upfront and know what to expect. With access to a plethora of construction loan options, we will have a number of suitable options that will help to take the stress out of building.
In particular, there are a few things to be aware of:
- Lenders control payments to your builder through progress payments
- Variable-rate loans are typically favoured by lenders during the build but fixed-rate options are available
- Repayments are normally interest only during construction
- Valuations are typically required before and after build completion