Trying to get into any property area is difficult for First Home Owners, but the Central Coast has always proved to be an affordable option, especially when building in a new estate like Yeramba’s Hamlyn Grove. Adding the attraction of brand new home with personal choices, it makes an enticing option.
However, finance for new builds is different to those for existing homes. It’s a “two step” process.
Normally when buying an existing home the bank gives the buyer a lump sum of loan amount at settlement. but when buying then building, it works differently. In this case the bank gives the customers one loan to buy the land, and a second loan – a construction loan – to build the home. This second loan is drawn down as the building work progresses, and interest is only charged on that drawn down amount.
It makes sense to simplify this process by ensuring your land is well located amongst other quality homes. Yeramba’s reputation for over 50 years ensures a solid investment for the future. Talk to us now for any advice on this process we understand so well.