Your Builder’s Brief is focussed on the core structure of your home, but to help you make sure that you have absolutely every base covered, you should also complete the more detailed Welcome Home Checklist.
Builders quotes can vary so much that you are left feeling confused and scared that you are being ripped off which is why comparing quotes from builders is one of the biggest stresses of building.
You can only build what you can afford. But, where the magic of building comes into play is how it lets you spend your budget on the areas of your home that will bring you the most happiness. You can make decisions using a give and take system that will, upon completion, paint the picture of what your personal best lifestyle looks like with the budget you have, be it big or small.
Regardless of whether your budget is big or small building lets you direct your spending on the areas of your home that will bring you the most happiness. Learn how you can squeeze the most value out of your home building budget.
As a home building advocate, I frequently come across stories from individuals who have experienced the stress and frustration that can come with planning to build a new home. Unfortunately, these stories often go unheard, leaving families feeling powerless and misinformed throughout the process. One such individual is Jesse, who, as part of his research, … Read More
Getting a loan to buy a home is not the same as getting a loan to build a home. Here’s a checklist that makes sure you’ve got what you need when it comes to choosing the best home loan for your personal circumstances.
Most lenders offer guarantor loan products for first home buyers, although they go by different names, depending on the financial institution. Terms you might hear that refer to these types of arrangements include:Family PledgeFamily SupportFamily EquityFast TrackFamily Guarantee
As a rule, lenders mortgage insurance is required when you don’t have enough deposit, typically less than twenty per cent. Along with your deposit, most lenders will also expect to see proof of consistent savings for a period of at least six months. If you are required to pay LMI, the mortgage insurer may impose similar conditions. These conditions push a lot of borrowers, and particularly first home buyers, out of the market. So, what can you do?
Rather than wait until you can afford to build your ‘ultimate dream home’, why not build a home that you can afford now and build the dream home later.
Should you use a home loan or a construction loan? The truth is you should use both. When you buy your land, you’ll purchase it using a home loan, but if you want to save thousands of dollars while your home is being built then you’ll want to take out a construction loan for the amount needed to build your home.
Here is a basic list of things you’ll need to supply when applying for pre-approval. The lender you’re applying with will have a more detailed list of what they require to assess your pre-approval application. The amount you’ll be able to borrow is calculated on your personal financial position across the board. Applying to borrow money is an information-gathering exercise. It can also be a time-consuming exercise, and you can waste time if you have to have numerous meetings with your broker because you don’t have everything they need to assess your situation.
A mortgage broker seeks, finds and compares home loan products from a vast pool of banks and lending institutions. They have access to the best deals currently being offered by the banks and will know where to look to find a solution that will be best suited to your needs. They are the go-between agent between the borrower and the lender.
Site costs are the costs of preparing your block of land for building and other site-dependant costs, such as slab upgrades. But how can you make sure that site costs won’t blow your budget?