Building Your Own Home

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It is an exciting time now that you are going to build, Multi Choice Home Loans Wide Bay can simplify the loan process by advising you of your options.

building

The land purchase

Finding the block of land where you want to build your new home can often take a while because considerations need to be taken into account i.e. is it close to schools, shopping centres, or hospitals? Having decided on the land, you formally put an offer in to purchase the property through the Real Estate. After settlement, you now choose the house design and builder you want employ to build your new house for you.

The building process

Once you have visited a number of builders display homes and asked for referrals from their existing clients. You then select the building company that you want to build your new home. Now you submit to your mortgage broker the building contracts and plans for your loan approval. The financial institution releases your payments to the builders in 6 stages.

6 stages of progress draws:

  • Stage 1 – The deposit of 5% to the builder
  • Stage 2 – The base slab 15% (first home owners are paid the grant at this stage)
  • Stage 3 – The construction of the framework 20%
  • Stage 4 – The enclosed stage 25% (lock up)
  • Stage 5 – The fixing stage 20%
  • Stage 6 – The practical completion 15%

So how do I pay for this?

Currently you are paying for your land loan that will now absorb your new home loan. After stage 1 the deposit will be added to your current land loan and once the builder has been paid you will make a new repayment to your mortgage one month later.

At the completion of each progress stage, your mortgage broker will submit the invoices to the financial institution for your builder to receive payment.

Enquire Today

Let the team at Multi Choice Home Loans Wide Bay assist you with the calculated repayments for your building your home.

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