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Build It

Building a new home is an exciting prospect for any potential homeowner, whether it's a first-time build or another one. There are many things to know, especially if you are a first time client, in need of knowledge about the building process, in particular; the differences between lending practices so you may stay informed and educated about the process. 


What Should I Consider First?

The first thing that is important to now is your location. Everything is about location.  Make sure you choose a place where land values are high, close to shopping, schools and other desirable amenities. 

What's the next thing?

The builder! You must work with someone reputable in the building industry. In this case, do your research. Once you've narrowed down a few candidates, ask for referrals. Speak to others who have experience with the company. Ask to visit completed homes or homes in various stages of construction. Check out quality, price point, and any hidden costs. You don't want to be surprised or disappointed if you choose the wrong builder. 

Lending Options

When building, there are two major lending options:

Construction Loan-Generally this is a 'one price for everything included' also referred to as a 'turn-key' operation. One price includes the house, land, fences, walls, carpets, painting and other essentials. The loan begins as an 'interest only' payment, which keeps costs low and the monthly payment affordable while freeing up tour cash flow for other things. The loan is generally paid in agreed upon installments set in a contract. Usually, this type of loan requires 10% down instead of the usual 20%.

Labour Contract- also called a 'partial contract' and lending is often only to cover the land. The owner then 'subcontracts' with each contractor and 'runs' the whole project from start to finish.  A minimum deposit of 35% down is required and lending then may increase once buildings are up on the land. 

What about home equity?

This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to 

  • Consolidate debt
  • Purchase an investment property
  • Purchase an asset such as boat or caravan 
  • Home improvements 
  • A vacation away  

Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality.  We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!

How to pay down your mortgage faster

If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of  $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments. 

  �  Here is an example: 
What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams

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Simple Mortgage Calculator:

How much are you borrowing?

Over how many years?

At what Interest Rate?

The Mortgage Process


Work out how much you can afford to borrow.


Gather information & paperwork to obtain a pre-approval

Figure out where to buy

Start looking for a home and make an offer conditional to finance. Think about any other conditions you may like to put on your Sale and Purchase Agreement such as builders report, Registered Valuation and a move in date

Finalise all conditions to purchase

Finalise finance, arrange inspections and valuations as required

Going unconditional

make sure you are happy with the above inspections and reports, if so, then you are ready to unconditionally purchase this property


Talk to us about the best ways to pay off your mortgage and chat about how risk insurance may benefit you

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  • Refinance It

    Refinancing simply means paying off your original mortgage and replacing it with a new one. If you are a homeowner, refinancing your mortgage can be a real money-saving strategy. Most banks offer a range of cash incentives to entice customers to refinance. In some cases, these incentives will cover costs of breaking the current mortgage and legal fees with possible surplus cash for you. So you may end up with a better interest rate and a little more cash. Talk to us and see if there are savings to be made.

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What do our clients think?

  • Natalya

    'Awesome team. Made the process of buying a home very easy! Thank you.'

    Natalya Udochkin

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