What does your dream Australian home look like? Many people go their whole lives never finding it, but it could be right around the corner. It could be on that empty piece of land down the road. All you have to do is build it.
However, building a home can take some time, and there are a few expenses that you have to take into account. It can end up being cheaper than buying an existing house, but you’ll still have to budget for more than the cost of the land and the build.
What costs do you need to consider when constructing a new home in Australia?
Building your dream house means paying for every single aspect of the project. This includes:
- Buying the land.
- Stamp duty on your property.
- Loan settlement costs from a previous mortgage (or transferral fees).
- Cost of preparing the site for a build.
- Planning fees, including going to council for approval.
- Finishing costs (account for approximately 25 per cent of your total budget).
- Cost of the build itself.
Some of these costs might end up being small, but they certainly add up. It helps to have a home loan consultant who understands every aspect of a build, and how you’ll need to structure your loan to keep on top of necessary payments.
Before you start your build, you need to plan everything.
What does a construction loan include?
Getting a land and construction loan is more than just taking out a regular mortgage from a bank or broker. You should only work with a lender with experience in providing construction loans, and that’s where MyChoice Home Loans comes in.
When you build your brand-new home with a builder supported by the NXT Building Group, speak to one of our construction loan consultants who can guide you through the entire process, calling on our relationships with some of Australia’s leading and most respected lenders to find the perfect home loan to fit your unique needs.
Our construction loans are made to suit you:
- Enjoy very competitive rates on a Land and Construction Loan that we customise to your personal needs.
- Stay in control of your construction finance with a simplified monthly statement that tracks your offset balance, loan balance and all transactions.
- Minimise loan costs with no establishment fees and no ongoing account keeping fees – put extra money towards furniture and fitting out your brand-new home.
- Reduce interest payments with 100% Offset Account.
- Receive ongoing support and help with paperwork from our experts.
For more information, get in touch with our team today.