Whether your buying a block of land, building your new home, knocking down your existing home or buying a house and land package, understanding the finance component of your journey can be daunting and confusing. That's where our finance department comes in.
Construction lending is certainly a specialised field. At Clarendon Homes our team of Finance Manager’s are here to help you simplify the entire process, not only in regards to building your home, but assisting you across all aspects of securing finance. Best of all, it's a free service!
Because they're also licensed mortgage brokers backed by Loan Market, they have a long list of financial institution friends and have access to some of the cheapest rates in the market. More often than not they’re are able to utlise your current bank or lender to arrange the next part of your journey, meaning you receive free access to high quality specialist advice, with less hassle and changes that you have to manage. Talking to a person who gets it really makes a difference.
Since the Royal Commission delivered its findings, the general consensus is that borrowing capacities across all lenders have changed. But has it? As James, Construction Finance Manager at Clarendon Homes notes, “The borrowing capacity calculation largely remains unchanged. What we see these days, is the big lenders are now more heavily scrutinsing expenses - as they should have been previously - and as such previous pre approvals are not being supported. Unfortunately borrowers were simply not made aware of the difference between pre approval and unconditional approval and what was required or the timing to ensure this is not an issue”. The key for current lending is determining your financial situation now and in the future to ensure suitable borrowing capacity exists, “This can take as little as ten minutes to determine at a high level,” said James.
With over 40 years combined finance experience, Clarendon Homes’ Finance team will explain how lenders assess your loan, determine your borrowing capacity whilst identifying the best product and rates in the market available. Additionally, you can arrange all approvals and coordinate all settlements and payments related to your land and build with your solicitor or conveyancer with the Clarendon Homes Finance Team.
So if you have a question such as; deposit on your land, land exchange, stamp duty payments, or who you should use as a conveyancer or solicitor, what house can you build, how you get a loan - then your in the right hands!
Let the experts at Clarendon untangle all the many moving parts of your financial build journey, so you have more time for the things you actually enjoy!
To get access to this free service, or to learn more, click through to our Finance section and complete our form so one of friendly specialists can start you on your home building finance journey today.