Requirements for an Owner Builder Loan

Have you ever dreamt of building your own house or renovating the existing one?

Building a new home can be like a dream come true for many people but it is very costly and you may not be able to cover all the expenses without giving up on most of your savings.   No matter at what stage of construction you are, you can get hold of owner builder loan to help cover your expenses easily. For obtaining owner builder finance in Australia, you have to meet certain requirements. These requirements may vary from bank to bank and may get strict if you have some issues in your credit rating and score.

The general terms for owner builder loans include:

You need to provide collateral against the loan you are applying for. This collateral can be in the form of some property or a strong bank statement.

Some banks require you to show a stable income or an employment certificate to ensure that you will be generating enough income to repay the loan amount.

The terms and conditions of the loan need to be discussed beforehand with your agent so that you do not have to return anything in excess of what you have gotten as a long.

You may also be required to bring in a guarantee of two or more people to show the bank that you can be trusted with the amount that you are asking for a loan.

At Intellichoice we have invested heavily in understanding the finance space for owner builders and our experience is much larger than words on a page. We see our role as being more than sourcing an owner builder loan for you Intellichoice, we know where to find the cheapest and most flexible owner builder loans. We can help you with the steps necessary to obtain this type of loan.

For more details on owner builder finance or how the home building system can benefit you in your next building project, speak to one of our mortgage brokers at 1300 55 10 45.