When it comes to building your new home, it is just as important to choose a suitable home loan; matched by a lender that suits you.
At Focus Broking Services, we take the necessary time to provide you with a solution that is right for you; according to your financial goals.
A construction is used for when you’re looking to build a residential home or do major renovations.
There are two steps when you borrow funds for a house and land Package:
During construction, the home loan will usually be an Interest Only Standard Variable Rate (SVR) loan to allow for flexibility whilst building the home. Once the home is completed; then the loan becomes Principal and Interest (P&I) SVR.
Lenders most commonly accept Registered Builders, as the costings are provided through a Fixed Price Building Contract; that includes the six (6) various stages to complete the new home:
If you’re looking for a loan to build your new home or renovate your current home, contact Tony on 0414 993 222 to learn more about your loan options.