Choosing the right home/ construction loan is as important as choosing the right home design. Whether you are a seasoned investor, first home buyers or if you are just looking to upgrade and build your new family home it’s very important to get the right advice and loan that best suits your circumstances.
Construction loans are a bit different to your normal home loan. There are a lot of different options and scenarios available and it can sometimes be confusing. At certain times it can be difficult and expensive financing for your land and then having to reapply and re finance to build your home when the total loan could have been be pre-approved from the beginning with one application fee.
It is very important to get an idea of your total borrowing capacity early so you can work out the budget for the land and your construction costs as a total amount that you can apply for. There is no point in paying too much for the land and not having enough funds available to build your dream home and visa versa so apportioning things correctly to suit is an important factor.
If you would like some assistance with your finance and would like to know more about different construction loan options, please contact us to have one of our associated and professional finance specialists give you the right advise on the different loan products and options available to you.