Owner-Builder: Understand the Basics
Research shows that Australians enjoy the prospect of building their homes. In any given year, 40,000 Australians apply for owner-builder permits. In 2017, owner-builders accounted for 13% of the new home construction that took place. Research estimates that owner-builders can cut costs by one-third. However, this takes meticulous planning and organisation.
Lenders will finance these projects. To receive approval and competitive loan terms, individuals must submit stellar plans. Plus, they must show that they can obtain the necessary permits.
These projects pose significant risks. The lender finances a house that doesn’t exist yet. Most construction projects face delays. Thus, they go over their initial budget. The majority of these projects do reach completion. Nonetheless, the lender must have confidence that the applicant will see the project through to the end.
Mortgage House is among the lenders that finance building ventures for Australians. Our team will request the plans for the project. This helps us outline the payment disbursement dates and amounts. We take a look at the timeline and determine how likely the project can arrive at its forecasted completion date with minimal problems. After all, weather conditions and the permit process play a role too. Nonetheless, applicants can rest assured that Mortgage House will evaluate the project and give it the attention that it deserves.
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Individuals interested in obtaining owner-builder home loans can contact Mortgage House. Our team has the tools to evaluate your plans. Then, they can offer advice or loan terms. These mortgages operate differently from the conventional versions. Thus, it’s important to understand the details. Contact our team today.