Building a brand new home is one of the most exciting journeys you’ll ever take. Walking through display homes, choosing your floorplan, and picking your interior colour palette is when the dream starts to feel real.
But before the slab is poured on your new block of land, there is one major piece of the puzzle you need to sort out: the finance.
If you’re building instead of buying an established house, a standard home loan won’t cut it. Instead, you’ll need a construction loan. Let’s break down exactly what a construction loan is, how it works and how we make the whole process simple here at Brighton Homes.
Unlike a standard mortgage – where the bank hands over the entire lump sum to buy an existing house at settlement – a construction loan releases the funds in stages as your home is being built.
Because your home doesn’t exist yet, lenders value your property on an “on-completion” basis. They calculate the combined value of the land and the finished house, and then hold the construction funds in reserve, ready to pay your builder as key milestones are reached.
With a construction loan, you don’t pay interest on the full loan amount from day one. You pay interest only on the amount actually paid to the builder. Plus, during the construction phase, your repayments are usually interest-only, which helps keep your living expenses manageable while you wait to move in.
When you build your Brighton home, your building agreement outlines a progressive payment schedule. As our team reaches specific construction milestones, we send you a progress claim (an invoice). You pass this on to your lender, and they pay us directly from your loan account.
A typical construction journey follows these six steps:
Navigating traditional banks for a construction loan can sometimes feel like trying to speak a different language. Dealing with endless paperwork, waiting on slow bank valuations, and chasing up progress payments can cause unnecessary stress.
This is why Brighton Homes partners directly with MyChoice Home Loans.
As construction finance specialists, the team at MyChoice Home Loans work right alongside us. They know our building processes inside and out, meaning they can streamline your finance and get your build started much faster than an external lender typically can.
Building your dream home should be an exciting, milestone moment - not a financial headache. By partnering with Brighton Homes and MyChoice Home Loans, you get a beautiful design and a seamless, stress-free finance structure all under the one roof.
Start your journey today by visiting a Brighton Display Home or contact us on 1300 893 788.
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