Often sorting out your finances can be overwhelming, so ensure you speak to your bank or lender to minimise the stress. Many builders now offer their own financial services to clients; Henley Properties has Waterstone Finance, Porter Davis has Choice Home Loans and Carlisle Homes offer Loan Studio, so ensure you enquire with your builder to find out how they can help you with a construction home loan specific to your needs.
Many financial institutions offer a no obligation, comprehensive and personalised introductory analysis of your financial situation, so this is a great place to start.
It’s important that you have a thorough understanding of your finances prior to building your first home, to assist you we’ve put together a checklist of what you need to discuss with your financial provider.
- Determine have much money you need and how much you are eligible to borrow.
- Compare various home loans and products to ensure you are getting the one that’s right for you.
- Check your eligibility for the First Home Owners Grant (FHOG)
- Understand the costs associated with purchasing your first home including Government charges and bank fees
- Complete your home loan pre-approval
Once you’ve established your finances, you can decide on whether you prefer a house and land package, a ready built home or whether you’d like to purchase your own land and simply choose a home to fit. Many builders offer home ranges specifically designed for First Home Buyers so ensure you discuss all your options with your builder so you can choose a home to best suit you.