March 2016's Property Gazette
Thinking of building? Look into your finance options carefully
You may be wowed by builders’ 5% deposit options, which is common in the market place. However it is slightly misleading. Although they (the building company) may only require a 5% deposit you will be highly unlikely to secure finance for only 5% especially on a build. Ask yourself the question where is the shortfall coming from?
In reality you will likely need between 10 – 20% deposit depending on your situation. We recommend talking to us before you begin looking for builders so you are armed with a pre-approval from the lender and know what your budget is for the build.
Working out your finance options
When you build, your home loan is approved for the full amount, but you draw it down in instalments as the building work progresses.
Therefore, it is essential to get a fixed priced contract which sets out a progress payment schedule.
Building is a very exciting process when armed with the right information and realistic expectations on not only what you can borrow but the whole build process.
Advanced Mortgage Solutions have helped hundreds of people secure the finance to build their new home, call us today to find out how we can help you.
Scott is wonderful to work with, which made the hole process so much easier and stress free. Highly qualified highly recommended. In there for the customersKarla Botting - 06 December 2023
Scott was fantastic to work with, honest and hard working, went the extra mile on everything, explained the nitty gritty jargon into easy to understand. Got us a great deal on our mortgage, put us with the right people. All in all 6 stars, if your buying then definitely call Scott at AMS!!Hamish Neilson - 06 December 2023
I used Scott at Advanced Mortgage Solutions for my first home purchase and am currently repurchasing a property through him again. Has been absolutely amazing and made the process extremely easy. Would recommend to anyone looking for a mortgage broker in Christchurch!Stacy Kamo - 29 November 2023
Scott and the team at Advanced Mortgage Solutions are great! Very knowledgeable and they make the house buying process very simple and easy to understand. Cannot recommend them enough!Scott Harris - 20 November 2023
Friendly and personalized service. Always happy to answer all my questions and love getting to see Gus when we meet in-person.Lisa French - 20 November 2023