Rateseeker Property News Round-up August – 2024
Missed the latest property news over the last month? From rental growth trends to borrower activity, we've got the latest insights for you here.
Read moreThinking of building a brand new home, or planning a major renovation? Home construction loans are designed to help you get there.
At Rateseeker, you have instant access to the same tools that Australia’s leading lenders use. Work with us and we help you compare home loan rates and refinance home loans across 30+ Australian lenders.
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Home construction loans are one of the most popular home loans available to those who wish to build a new property from scratch. While it has similarities to a regular home loan, there are specific features that make construction loans attractive if you’re planning to build a house.
Construction loans allow you to stagger payments to your builder, once the agreed development and construction stages have been met. To homeowners, this is crucial because you will be only charged interest on the amount you have paid- which can save you on significant costs. Once your new home has been built, the loan reverts back to a standard variable home loan.
There are several advantages to consider if you believe this type of loan is most suitable for you. Advantages and disadvantages are as follows:
→ Learn More: Calculate an estimated cost on interest rates and repayments
When you’re searching for construction loan rates, it’s important to research the interest rates that are most suitable to your financial lifestyle.
When you’re planning on building a new home, it’s important to consider the details.
And just like choosing the facade of your home and picking out the best interior options, details of your construction mortgage are also important. It’s essential to have a clear understanding of your repayments over the life of the loan, including how much interest will be. Our loan calculators are easy to use, available to you 24/7 and can help you estimate your repayments for you.
While they are only a guide, they can give you a clear understanding of how much your repayments will be at the current interest rate level, or the rate increases on your variable home loan repayments. They can also help you figure out how much you will be able to borrow and whether or not you may have to pay stamp duty.
Struggling to make payments? Use any of our free calculators to help you estimate your next purchase and refinance, or head on over to our FAQs for more information about home construction loans.
Rateseeker has access to all of Australia’s major banks, and over 30 third-party lenders. We provide tailored home loans and interest rates that suit your unique situation.
As a founder of Ardent Capital Group, Nick Chong brings more than 12 years of financial planning and mortgage broking experience. This, together with his strong economics background, gives him the expertise to lead his handpicked talented team of advisers.
Missed the latest property news over the last month? From rental growth trends to borrower activity, we've got the latest insights for you here.
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