They say that financing a new home requires dollars and sense.
Dollars to pay for your beautiful new home, and the sense to determine which finance option is going to offer you the best value, peace of mind and flexibility as the years go by.
Sourcing finance for your new home is usually one of the first tasks to ‘knock off’ in the process of building your new family home – after all, it’s worthwhile finding out exactly how much you have to play with in order to sharpen your search for that perfect home design.
So what are your main finance options?
- Go directly to the source
One road to go down is to contact banks, credit unions and other lenders directly, comparing their options to see which one is right for you. This can understandably be extremely time consuming, and also a little confusing. Once you’ve narrowed down some possible options, try to work out the overall cost of the loans. Fees, charges and alternative interest rates can all play a big part in how much you’ll really pay in the long run. If you have a bank or credit union that you already trust, perhaps see if they can meet a competitive deal you’ve found elsewhere. Make it clear that you are willing to move any existing accounts to wherever offers you the best deal.
- Enlist the help of a mortgage broker
A mortgage broker does all the ‘running around’ for you, comparing multiple lenders before presenting to you what they believe are the best options for your unique situation, usually in the comfort of your own home. This saves an immense amount of time and hassle, so long as you can trust that the broker has your best interests at heart.
Beware of brokers that present their service to you as ‘free’. While you may not get charged directly for their time, you are certainly paying for their services through the home loan product you sign on for. Ask your broker to clearly lay out the financial kickback they are getting from each of the home loan products they have presented to you. They will likely receive an upfront commission, plus additional money for each year you have that specific home loan. Of course, they should get paid for their time, but it means you don’t need to feel bad about making them work to find the most competitive offering for you.
- In-house finance from home builders (Perth)
Obtaining finance in-house is an enticing option for the sheer convenience alone. Rather than having to essentially ‘manage’ the gap between finance provider and home builder, electing to have everything taken care of in the one place means better communication and a more seamless finance experience. It is becoming quite common for Perth home builders to offer finance in-house, so you may be surprised by just how competitive and knowledgeable they are.
Finance your family home with the best value home builder (Perth), New Generation Homes
At New Generation Homes, we pride ourselves on offering the greatest value possible. And this extends to our home finance as well! We have experienced Finance Specialists in-house, ready to tailor a competitive finance solution for your budget and lifestyle. Importantly, we are well across the many intricacies of Construction Home loans, meaning you don’t need to worry about understanding unique elements such as ‘progress payments’ because we’ll look after it all for you!
For a chat about financing your family home, call us today on 6555 7548!