Quite a few Australians dream of building their own home. For most of them, this means first obtaining a land and construction loan. Sometimes people who need these loans only have a 5% deposit, and need to add mortgage insurance to the loan.
How land and construction loans can go wrong
These loans are more complicated than regular home loans. The funds for a land and construction loan will not be released all at once, as they will for a home loan. Rather, the funds are dispersed in stages.
As you can imagine, it’s really important that this money is released at the right times, to avoid delays in the building process. Problems during this stage can be disastrous.
Additionally, if you need to add mortgage insurance to the loan with a 5% deposit, it can be hard to get a loan at all.
Bee Savvy when getting a land and construction loan
If you need a land and construction loan, don’t leave the application up to chance. This goes double if you only have a 5% deposit, and want to add your mortgage insurance to the loan. In this situation, an experienced broker can help you avoid potential disasters.
At Bee Finance Savvy, we’re familiar with both the processes obtaining land and construction loans, and disbursement of funds throughout the construction phase. We’re also familiar with lender policies, which allows us to match clients with the right lenders.
Therefore, we’re able to get applications for our clients right the first time. This avoids adding unnecessary marks to their credit files. We also make sure that the construction loans our clients get are right for their individual situation and needs.
If you would like to learn more about how Bee Finance Savvy can help you obtain the right construction loan, don’t wait, get in touch with us today! Our savvy broker Desiree will be happy to provide you with a free up front consult to discuss your options.
To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.
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