Don't make the common mistake of taking out a home loan.
The home building industry has been shrouded in mystery and confusion to the average Joe for too long now, and we think it’s time to lift the veil and shout from the rooftops how building can give you more lifestyle for less. The truth is, building a new home unleashes a mountain of value that most people don’t even know exists.
Build In Oz is sharing the extraordinary advantages of building a new home with families, and saving a big wad of cash during your construction is just one of them.
Let me share an example. Let’s say you have a budget of $400,000 (including your land purchase). You have a 20% deposit, which means you’ll apply for a loan of $320,000. Now, most people will make the mistake of taking out a home loan. Mistake, I hear you say? Yep, mistake.
And here’s why.
Why borrow $320,000 when you haven’t yet spent $320,000? That means you’ll be paying interest on money you haven’t even spent yet! There is a better way to borrow to build that guarantees to save you around $7,000 in interest repayments over about 8 months with an interest rate of 4.5%.
You can learn more about taking out a construction loan here.
The 5 Step Journey course was created as a platform for sharing valuable tips and tricks (just like this one) about how to have the best and most successful home building experience. It ensures that you reap the rewards available to you as an Australian family who has chosen to build a home.