Looking to renovate or build the grand home you’ve been dreaming of? Whatever your goals are, we can help find the best construction loan to get your project moving.
Home Loan Services
Your expert construction lending team
Aimed at investors and homebuyers who are looking to build their dream home, building a brand new home can be one of life’s most rewarding experiences.
Building your brand new home is by no means an easy or quick task, which is why you want to ensure from the very beginning you are receiving the right advice that will keep you on track throughout the process.
From government rebates to developer incentives, there is a lot to take in and if you don’t get your numbers right early on, it can cost you in the long run.
GA Finance will ensure you are fully aware of the process from the beginning and look to counter any future concerns you have. For us, it’s not just about the numbers, but it’s a way to keep you informed and excited as we pass each stage of the process.
How it works
If you’re thinking about getting into the property market, it’s important to make sure that your finances and expectations are in order. This is what you can expect when you take the first step to buying your first home.
Step #1 Assessing your borrowing capacity
Step #2 Pre-approval
Step #3 Offers are made and accepted
Step #4 Preparing the application
Step #5 Completion
Why choose GA Finance for your construction loan
FINANCE IS CONFUSING - ASK AWAY!
Frequently asked questions
Pre-approval, or conditional approval, is when you approach a lender when looking to buy a home and ask them to pre-approve you to borrow a certain amount.
For example, the lender might provide with an offer for a loan of $500,000, meaning you can borrow up to that amount. This can give you a good indication of whether you’ll be successful in applying for a loan or not, while also narrowing your search for houses in that price range.
It is important to know that a pre-approval is not a guaranteed loan approval! It is however a strong indicator that you are likely to be fully approved for a loan. A guaranteed loan approval requires further detail to be submitted, such as full credit check and supporting evidence.
It can depend on the value of the property, the repayments you can afford and the lender you choose to go with.
Generally, if you’re buying your own house you will need to deposit at least 20% of the value of the property to avoid paying for Lender’s Mortgage Insurance or LMI, however a 10% deposit will usually still allow you to secure a loan.
Stamp duty is an upfront cost you’ll have to pay when buying a property (in most cases). Stamp duty is a tax imposed by all state and territory governments in Australia and covers the cost of transferring the title of the property to your name.
As a general rule, the more expensive the property, the more expensive stamp duty will be. Stamp duty concessions for first home buyers can make buying a home much cheaper, but these concessions only apply in certain situations.
If you would like more information, we would be happy to answer any questions you have.
There are many different loan products available and each lender will offer slightly different repayments and interest rates, so you will get a better understanding once you start the lending process.
If you would like to get an estimate, have a look at our online calculators to get an idea of what your loan repayments will likely be.
You shouldn’t have to be a
finance expert to get the best result.
We make the over-complicated seem easy, so you can walk away being the expert of your own finances.