Hordes of Aussies building their dream home
There’s a house building boom going on right now, partly because of the now-concluded HomeBuilder incentive and partly because interest rates are so low.
Building work started on a record 149,345 new detached houses in the year to September 2021, according to the latest data from the Australian Bureau of Statistics.
If you’re planning to build a new home, please note that financing residential construction projects is more complicated than getting a standard home loan.
Lenders require more paperwork – all the usual documents, plus a copy of your building contract, building plans and building specifications, as well as quotes for any additional work you might be planning.
The way lenders pay out the loan is also more complicated: instead of giving the money in one lump sum, they distribute it in five ‘drawdowns’ as the build reaches key milestones.
If you want to build a new home in 2022, give me a call – I can talk you through your options
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