Building your own home can take anywhere from between four to 12 months, in most instances.
It can be a complex project with multiple stages, tradespeople and materials involved. There's also a fair amount of paperwork to complete, designs to sign-off, and various approvals to secure.
Funding and managing the finances for your property build is a crucial component.
There's much to gain from working with a bank or lender that makes it easy to manage your finances, so that you're able to focus on the more demanding task of staying on top of the entire project.
At Regional Australia Bank we deliver a range of home loan products designed to help you build your own home:
- Construction Loan - Unlike regular home loans, construction loans are delivered in progress payments at different stages of construction. This approach means you only make interest repayments on the balance of the loan as it's drawn down for the first 12 months.
- Sustainable Loan – Building a sustainable home makes good sense because, over time, your investments have the ability to pay for themselves. Regional Australia Bank recognises the sustainability of its customers with low interest rates and a range of features, including up to eight offset accounts.
- Mortgage Overdraft – Your property build has the potential to throw up unexpected payments or require additional work outside of scope. Having a line of credit style all-in-one home loan and transaction account can deliver the flexibility you need by giving the ability to draw down funds when needed
- House Insurance – There’s a great deal of time and effort put into property builds. Rest easy knowing Regional Australia Bank offers insurance from our Insurance provider CGU to consider to ensure you new asset is appropriately covered.
To find out more about how Regional Australia Bank can help you fund and manage your finances for building your own home, book an appointment with one of our home loan specialists today.
And meanwhile, check out Regional Australia Bank’s 10 things you need to know when building your own home:
- Research & Design - Have a clear picture of what you want to build, and partner with architects and designers to create construction and floor plans guiding your build.
- Location - Choose to build on a site that meets your unique needs – today and into the future. Take a look at the Australian Government’s Your Home Guide for what you need to think about.
- Finance - Experts recommend adding up to 20% to your initial budget to cover any unexpected costs and contingencies. Budgeting and financial management is critical – meaning it’s important to select packages that are easy to manage and flexible.
- Insurance - Make sure your hard work is covered with the necessary insurance.
Tradespeople - Ask your tradespeople for references; ensure they have the necessary accreditations; and even draw up contracts in advance. More information helping you navigate the selection process is in the Your Home Guide.
- Approvals and Compliance - One of the most important and earliest steps is securing approvals from the local council and authority on your proposed build. You will likely need to secure approvals at different stages, so clarify early on when these will be.
- Sustainability & Energy Efficiency - When deciding on the site for your build consider the impact it will have on the surrounding environment. Alongside this, use materials and designs that boost efficiency and conserve valuable resources. Passive design for example, is a term used to describe taking advantage of the climate to maintain a comfortable temperature range in the home without the need for auxiliary heating or cooling.
- Pre-Handover Inspection - Not only an important step to ensure you house complies with building provisions, a pre-handover inspection is important to ensure your investment was built exactly how it was meant to be built. Often this will be your last opportunity to fix any discovered issues and make sure you are happy with the workmanship and finish. A professional building consultant can be used to assist you with the pre-handover inspection.
- Utilities - Don't forget to connect your new build to the relevant water, electricity and communication lines. Contact the relevant providers in your area to find out how.
- Decorate - Interior design is a critical step to ensure you make the most of new space by defining your style, personality and vision for your investment.
Building your own home is a mammoth undertaking, so don't forget to celebrate and revel in your accomplishment.