Finance
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Secure Finance
For your new home
New build finance is a bit different compared to buying an established home. It can get very confusing, especially with how construction loans are structured. Instead of receiving financing outright from your lender, you will get a series of instalment payments or progressive drawdowns to pay the builder you hired.
We know this type of lending is quite complex, and we’re here to ease the problem. Our team of building brokers have a wealth of experience generated over successful outcomes for a range of clients with different project types. So, no matter what kind of build you wish to begin and complete, we can help you find the most suitable finance on time every time.
At Aspire Building Brokers, we pride ourselves on making the entire finance process as straightforward, professional, and transparent as possible.
Finance Your New Home With
Keystart home loans
A low-deposit home loan may seem too good to be true – not anymore. Here at Aspire Building Brokers, we can help you gain access to Keystart Loans. Keystart is a WA government initiative that’s perfect for new home builders. Say goodbye to lenders mortgage insurance (LMI), which makes home loans frustrating and expensive.
If you’re looking for lower entry costs, Keystart may be the answer you need to get into your first home sooner rather than later. The process is so easy, and we will guide you through every step of the way. It involves:
- Keystart loan qualifications
- Pre-approval to full loan approval
- Loan settlement
Let us work our magic so you can build your home faster. Get qualified for a Keystart loan so that you can buy your first home with as little as a 2% deposit.
How Much Can I Borrow When I’m
Building my first home?
Our services are 100% FREE for first home buyers.
We work with you to determine what home loan grants you may be eligible for as a first home buyer, how much deposit you need and find the best outcome for your mortgage repayments so you can enjoy your new home without worrying about finances. Speak to us about how we can help you get started to owning your dream home.
Get Assistance With
Government grants and schemes
Did you know that there are a number of government grants and schemes for first home buyers that you could qualify for?
Most banks require a $20,000 deposit, but there is no need to save several thousands of dollars with the right government grant for you.
Take advantage of these grants, such as the First Home Loan Deposit Scheme, Family Home Guarantee, and the First Home Owners Grant.
If you’re unfamiliar with these government initiatives, don’t worry! We’re here to guide you. Contact us so we can give you more information and offer expert advice on available grants for your new home.
Frequently Asked Questions
For finance
Am I eligible for First Home Owners Grant (FHOG)?
Australian first home buyers in WA may be eligible for FHOG of up to $10,000 if they build a new home, which will be their principal residence. See if you qualify here
What are Keystart Loans?
Keystart helps first home buyers and builders become homeowners easier with an affordable home loan deposit – as low as 2%. You also do not have to pay the lender’s mortgage insurance (LMI). You can use your FHOG funds to pay for your home loan deposit if you are eligible.
Eligibility requirements are minimal for new home builds, including being over the age of 18 and residing in WA. It is also required that you have never owned a home or land prior to applying for a Keystart loan.
When do I make repayments on my new home?
The first thing to do is know what type of loan you have. If it’s a construction loan, your repayments progress as the home you build advances onto the next stage. That’s why this loan type is also known as “progress payments.” You’re required to make repayments each time you reach a critical construction milestone.
For example, you pay a month after the settlement date when the slab goes down. The following repayment may be when the frame goes up, followed by the installation of walls, doors, and windows. Typically, you will make five to six progress payments.
What is stamp duty, and do I need to pay it?
Stamp duty (also called transfer duty) is a tax imposed by the government that all property and land buyers have to pay. But there’s an exception to this rule. Stamp duty does not need to be paid for first home buyers on land up until $300,000.
What additional fees and costs might there be when building a new home?
Aside from the stamp duty on the mortgage, you may also be required to pay for the lender costs (around $600 to $800), including admin fees and the lender’s valuation fees. You also need to have a budget for:
- Legal and Conveyancing Fees: approximately $1,000 to $1,500
- Lender’s Mortgage Insurance (LMI): depends on the home loan amount and your loan to value ratio (LVR)
- Building Inspection and Report: more or less $1,000, depending on the property size
We also recommend that you allocate funds for unexpected expenses, as well as ongoing costs, such as council fees, water, and home and contents insurance.
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