No Deposit Home Loans - Construction - Questions and Answers

News & Views - No Deposit Home Loans On Line

No Deposit Construction Home Loans
It is important to ask the appropriate question regarding the Construction of your Owner Occupied or Investment Property. Here we have provided you with the type of questions our client's have ask.
Do you have questions, then feel free in asking us.

Main benefit of the No Deposit Home Loan for Construction.
The obvious benefit is that of savings made to Stamp duty Payments. Stamp Duty is paid on the value of the land purchased and not that of the Construction.
It is worth considering a No Deposit Construction Home Loan.

 

Your Questions Answered on No Deposit Construction Home Loans.

Below you will find a number of questions that have been asked by our clients and then followed by the appropriate answer. We hope that this section answer your questions when considering a No Deposit Construction home loan.

What happens with the FHOG? What happens with the First Home Owners Grant when securing the 100% No Deposit Construction Loan?
Advanced by the Bank. The First Home Owners Grant is Advanced by the Financial Institution towards the Initial stage of the Fixed Price Contract. (the laying of the slab) This is done to assist you, as the Federal Government will not release the Grant until the slab is laid.
Are rates competitive? Are the rates competitive when considering a No Deposit Construction Loan?
competitive both variable and fixed rates. The rates available by our Panel of lenders are very competitive not only in the variable arena, but also when considering a fixed rate option.
What builder can I use? Can I use any builder that I want for the construction of my new property?
Any as long as they have the appropriate insurance. Yes as long as the Builder is fully insured and hold's a Contractor's Risk Insurance Policy. (In NSW it is referred to as " Home Warrant Insurance", in WA it is called "Builder's Risk Insurance" and in SA it is called a "Builders Indemnity Insurance")
How do I know my Builder is Licenced? How do I find out whether my Builder has a Current Builders Licence?
Check with Fair Trading or Consumer Affairs in your State or Territory. Prior to entering into a Fixed Price Building Contract, you must verify that your chosen builder is licensed. This can be done by contacting the appropriate Fair Trading or Consumer affairs Department in your State or Territory.
When can you commence Construction? When can we commence the Construction of our Property?
The Lending Institution will let you know. After the Financial Institution has completed their legal requirements, the Lender will then inform you and your builder when construction can commence.
Have I chosen the right Builder? How do I now whether I have chosen the right Builder to construct my new Residential or Investment Property.
Be selective, the Housing Industry of Australia (HIA) or The Master Builders of Australia (MBA) can guide you. It is wise to take your time in selecting both the design and builder of your new home. If you are using your own plans, select at least three licensed builders to quote on the work. The Housing Industry of Australia (HIA) or the Master Builders of Australia (MBA) can provide you with a members list as a starting point.

Whatever the purpose of the no deposit home loan our consultants can help so Contact Us via this site to find out more.

 

Useful Sites as a point of reference:
| Web Designs & CRM Systems | FBAA | More info on No Deposit Home Loans | Other Home Loan Options |