Building a new home or investment property can have big financial advantages.
By avoiding LVR restrictions, you may be able to build with as little as 5% deposit! Building new is exciting, but you’ll need to make some big decisions– with important financial consequences. For example, will you buy a‘house and land package’ (turn-key home)? This means the building company retains ownership of the home until settlement, so you only need to pay a deposit up-front and the remainder on completion. The alternative, buying a section and employing a builder,requires you to make progress payments along the way, which can be a juggle. There are positives and negatives for each approach to financing the build of your new home, so contact Loan Market Paramount early on to make a solid plan and avoid the potential pitfalls!