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How to apply for a home loan to build a house?

Most of the major lenders will provide finance to enable construction of a home where the borrower enters into a fixed priced building contract and the loan is approved on a full doc (income verified) basis.

Approval as an owner builder is more difficult as is approval on a low doc (income declaration not verified) basis.
To have a construction loan approved lenders generally require;
  • Shire approved plans
  • Fixed Price building contract with registered builder
  • Builders indemnity/construction insurance verified.
Most of the major builders will provide a “financiers package” containing the above to assist with approval.
Should you have an Owner- Builder finance requirement it is best you speak to your broker to discuss requirements. 

Call Your Local Finance mortgage broker on to discuss your options.


 

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