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Latest Home Loan News

   

Rates Plummet
All major lenders have agreed to reduce their rates immediately with the Reserve Bank cut. So far ANZ, Suncorp, AMP, CBA, Heritage and Westpac have all dropped their rates. We expect more lenders to announce soon.

Fixed Rates Less Popular
Many observers claim that we have reached the top of the rate cycle, it's time to be careful not fixing for long periods. Break fees on fixed rate loans can be prohibitive when rates are falling.

RAMS Drop by 1 %
RAMS have reduced their standard variable by 1 per cent.

   
   

We are Your Local Certified Mortgage Consultant Brokers with Local Support & Knowledge

   

As your local mortgage broker, we service the following local areas: Ashfield, Auburn, Bankstown, Baulkham Hills, Blacktown, Blue Mountains, Botany Bay, Burwood, Campbelltown, Cabramatta, Canada Bay, Canterbury, Dee Why, Fairfield, Glendenning, Gosford, Hawkesbury, Hornsby, Hinchinbrook Hunters Hill, Hurstville, Kellyville, Lane Cove, Leichhardt, Lithgow, Liverpool, Liverpool Plains, Manly, Marrickville, Mosman, Mt Druitt, Newcastle, North Sydney, Parramatta, Penrith, Pittwater, Quakers Hill, Randwick, Richmond Valley, Rockdale, Rouse Hill, Ryde, Strathfield, Sutherland, Sydney, Waverley, Wentworthville, Wollongong, Woollahra and Wyong.

   

Home construction loans are simply a type of home loan which expands in stages by way of progress payments at each stage of your land purchase and house construction.

As your local mobile lender, we provide home visits to All Sydney Suburbs: Quakers Hill, Oakhurst, Hassall Grove, Glendenning, Dean Park, Plumpton, Woodcroft, Blacktown, Parklea, Acacia Gardens, Stanhope Gardens, Hills District, Glenwood, Lalor Park, Kings Langley, Hinchinbrook, Kings Park, Kellyville, Norwest, Beaumont Hills, Caste Hill, Bella Vista, Winston Hills, Stonecutters Ridge, Marayong, Eastern Creek, Arndell Park, Wenworthville, Seven Hills, Prospect, Girraween, Doonside, Mt Druitt, Rooty Hill, Minchinbury, Ryde, Erskine Park, St Claire, Colyton, Oxley Park, Claremont Meadows, St Marys, Orchard Hills, Kingswood, Wentworthville, Heckenberg, Baulkham Hills, Parramatta, Auburn, Five Dock, Leichhardt, Marrickvile, Epping, Moorebank, Prestons, Casula, Penrith, Cambridge Park, Cranebrook, Werrington, Hawkesbury Heights, Richmond, Hoxton Park, Mc Graths Hill, Westmead, Schofields, Rouse Hill, Kenthurst, Riverstone, Box Hill, Oakville, Vineyard, Bligh Park, Green Valley, Windsor, Marsden Park, Liverpool, Ingleburn.

 

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>> Building & Construction Loan Centre in Sydney.

Building your dream home is possibly the biggest investment you will ever make in your lifetime. Your home stays with you for the rest of your life and we, at The HOME LOAN OFFICE, strive to make the building and improving of your home as easy as possible. We are a “Solutions Service” mortgage broker and will help you obtain the suitable construction loan based on your needs. We are not owned by a bank or non bank lender therefore do not promote any particular lender. We are accredited with all of Australia's favourite lenders for consistent product offering, interest rates and customer service.

At The HOME LOAN OFFICE ™, we specialise in home loans, and consider every customer's needs individually and confidentially. We serve you through every stage of the lending process, from our initial meeting to selecting your construction loan and approval, to the day of completion and hand over of your new home and for many years to come. Our mission is to be your lending services partner providing the best ongoing service in financial services. We aim to achieve this through our philosophy of Skill, Care & Diligence.

We offer the lenders of choice for building construction loans; Adelaide Bank, AMP Banking, ANZ Bank, Bank West, Building Societies, Commonwealth Bank of Australia, Credit Unions, Homeloans Ltd, Homeside Lending, ING Direct, National Australia Bank, RAMS, St George Bank, Westpac among others. We constantly monitor construction lending and mortgage insurance policy, building construction loan products and interest rates, lenders' service levels and customer service issues and we use them for your benefit.

We offer Obligation Free Same Day Consultations in Sydney! Would you like to have a brief discussion with us to see if we can help you? Please call us on 1800 456 284 or Make an Inquiry. You can be assured of our prompt attention as We Deliver Your Solutions 7 Days a Week.

>> How does a Construction Loan Work?

Building Construction

You may choose to go for a house and land package to have your perfect home rather than buying an established property. There are many advantages of doing so but you will need;

  • A fixed price contract from a licensed builder for the construction
  • Council approved plans and specifications of the proposed house
  • A copy of builders current insurance policies

    On presentation of the above, the building project is valued before loan approval and monitored through its stages by the lender;
  • Tentative value of your completed project is estimated
  • Lender’s valuer monitors building progress and confirms the completion of each construction milestone, while the lender progressively pays the builders invoiced claims
  • Receiving builder’s invoices along with a request for funds at each major stage, your lender manages the financing of the project. The major stages of a housing construction finance are typically;
    • Preparing concrete slab or timber flooring stage
    • When framework is complete
    • Once you can lock up your property
    • On full completion of your project

    Upon completion, the valuer confirms the completion of construction of your new home checking that the construction has been completed in accordance with the requirements of the fixed-price building contract for the lender to approve and pay the last invoice claim to your builder.

    How do we help you with Building Construction Loans?

  • Advising you on building construction loan borrowing limits ("How Much Can I Borrow?")
  • Choosing a suitable building construction loan for you, advising you of costs and deposit requirements
  • Providing you a List of special documentation required for Construction Loans
  • Qualifying & Preparing the application
  • Lodging the application with recommendations
  • Obtaining Your Building Construction loan Pre Approval
  • Meeting conditions required by lender
  • Obtaining Your building construction Loan Approval
  • Managing the lending process and liaising with you, developer, builder's sales consultant and administrators and solicitors until your home is built.
  • Maintaining services to you after settlement.

    More Detail on Building Construction Loans

    Choosing from our lenders, it is possible to borrow up to 100% of the land value and 100% of Construction Cost (No Deposit Finance) including land purchase cost depending on your location. It is possible to structure the required finance in several different methods; as a house and land package, as land purchase delayed settlement and followed by a construction loan, or as simultaneous settlement. Although the interest rate varies across our lenders depending on the structure of the loans especially during the progress payments phase, we can negotiate interest rate discounts using our relationship with the banks. Construction loans are also normally set up as interest only to reduce the financial burden during the construction stage.

    Did you know that we can arrange your bank pre approval for a house and land loan before you even choose the land or the home to build on it?

    When you decide to build your home we apply for a construction loan by presenting a fixed price tender to obtain a Conditional Approval and we provide copies of the council approved plans and the fixed price building contract to obtain your Formal Approval.

    If you already have a mortgage on your land or we arrange this for you so that you can buy and settle on the land first, our lenders will base the value of the whole package on the land value plus the cost to build the house when we apply for the construction loan. Some lenders will let you borrow based on an estimate of the resale value of your completed home.

    When the construction of your home is complete, you can have your new home revalued and based on market conditions at the time, you may be able to refinance or increase your loan amount using any increase in your equity.

    What can I include in a Construction Loan?
    It is possible to include the cost of some extras including fencing, pool, landscaping, separate garage or garden shed construction, pergola and rain water tank in a building contruction loan. This can be done by obtaining individual supplier quotes and providing them to the bank or more simply packaging them within your fixed price building contract.

    First Home Builder Advice

    Over the years we have become a specialist in helping people buying or building their First Home with particular knowledge of the No Deposit range of products (100% of purchase price).

    We know Support and Advice is needed most when you are looking to build your First Home, when suddenly you have to familiarise yourself with many new issues. You instantly find yourself dealing with builders, developers, solicitors and start hearing terms you have never heard before, cooling off, LVRs, torrens title, exchange of contracts. We know how you feel as we have all been there; not only you have to juggle the sales pressure coming from the sales consultants, list of requirements coming from the lender, and your solicitor finding issues with the contracts. There is no reason to start worrying if you are getting The HOME LOAN OFFICE ™ help you arrange your construction loan and provide you support to build your first home.

    At The HOME LOAN OFFICE ™, we really enjoy Guiding First Home Buyers through the process and helping them at every stage of building their first home. We provide first home buyers with the right advice and information on government assistance for first home buyers, such as First Home Saver Accounts (FHSAs) and the application and processing of the $24000 First Home Owners Grant, NSW Government Bonus and Deposit Bonds.

    The areas where you can find new land for sale under $300,000 include Rouse Hill, Kellyville Ridge, Stonecutters Ridge, Ropes Crossing, Woodcroft, Stanhope Gardens (Newbury) and The Ponds. If you already have land in Sydney, you may wish to get into a building contract now to benefit from the $24,000 first home buyers grant that is available until the end of June 2009.

    >> What to look for in a Mortgage Broker?

    Reputation

    You may often hear that the best way to find a reliable and credible mortgage broker is by a recommendation from someone you know and trust; your family members and friends. You can be assured of our service quality as most of our new customers are friends and family of our existing customers. You are welcome to read actual Testimonials from some of our recent customers.

    Your home loan consultant has the required expertise and 5 years experience in home loans, and is an MFAA Full Member with Certified Mortgage Consultant status*.

    All of our home loan consulting and clerical work is done in house and not out-sourced to third parties thereby protecting your PRIVACY!

    NEW ! BIG SAVINGS FOR ON LINE APPLICATIONS!!!


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