• Email info@buildinoz.com.au

First Home Owners struggling to secure a construction loan

Different people have different stories to share about the stress of planning to build a new home but often these stories go unheard.

In my role as a home building advocate I come across these stories regularly, mainly by people who, after having found my course, decide to give this whole building thing another crack.

It's heartbreaking for me to hear stories from families who felt powerless and misinformed through the whole process of planning to build.

Take Jesse for example.  As part of his research, Jesse talked to a lot of people that had built before and figured out what he thought he needed to do.  So far so good.  Yet Jesse started to see a pattern of lenders responding poorly to the idea of him building

He was continually told by lenders that he just didn’t have the budget to build.

Going back and talking to them again and again and being told of the same thing over that you just need to keep saving money without any information, strategy or a plan to get where he needed to be. None of them actually proposed to use a construction loan. Unfortunately, only few in the financial industry understand home building and not all has the initiative to discuss things that they would not benefit at all.

We identified that there was so much miscommunication, misinformation, fear and anxiety around this whole experience and it’s sadden me to know that someone had experienced it.

Only after he read Building Home book he was informed of such loans and things he can use and do that change how he initially started planning to build his dream home and good thing, it’s not too late for him to start over.

Choosing the right people in this journey is as important as planning. You need to work with an advocate. These professionals whether no matter who it is on the journey, whether it's a land buying advocate or lending advocate, people that actually take your story on board to be and then work through a plan with you to help you establish a goal so you would know exactly how much you needed to say how long you would need to say for to achieve that outcome are the people you want in.

As to save time and the hassle of planning on this journey to build your dream home, you need to know where to start and what to ask. From having a pre-approved loan to construction loan and other things to be considered that you can discuss with an advocate that can help you throughout the process.

Here's an extract of me chatting with a first home owner.  Sadly, his borrowing to build experience was far from smooth sailing.  By the time we finished chatting however one thing was certain: Working with a broker who specialises in construction loan finance would have made a huge difference to his overall experience.  Plus, how working with someone whose committed to helping you put together a plan to help you achieve your goals can be a game changer.

Building Home Masterclass Series