30 Mar 2022

Is It Cheaper to Buy Land and Build a House?

Cheaper to Buy Land

Although several opportunities to purchase a home from the existing in Australia exist, some individuals prefer to build their homes. In 2018, the average cost to build a home stood at $350,000. Since then, prices have gone up across the board. Building a home is more expensive in 2022. Plus, home prices have increased too. Nonetheless, it remains cheaper to buy land and build a house than to pick from the ones on the market.

Moreover, building a home allows owner-builders the freedom to customise it. The Australian housing market provides several opportunities for homebuyers, investors, and owner-builders. Average housing prices range between $271,000 and $1 million.  

Mortgage House is a non-bank lender that remains an innovator in the lending market. We fund mortgages for homebuyers. We also fund loans for investors and owner-builders. 

Construction loans work differently than mortgages. These loans last during the home construction period that ranges between six months and one year. Plus, lenders disperse the funds in increments. If you hire a crew, the crew receives the funds. In addition, lenders must receive a set of plans from the applicant. Together with the application and financial documentation, our loan specialists can put together a loan package and terms. 

To understand the requirements and details of construction loans, speak with our loan specialists. 

Cheaper to Buy Land Conclusion

Sometimes it’s cheaper to buy land and build a house than to purchase from the existing inventory. Those who require financing can contact the loan specialists at Mortgage House today.

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