Arranging finance

Financing a new home build or extension project can be achieved in a number of different ways, depending on your financial capacity and the size of your project

The starting point is to develop a realistic or an achievable budget.

Discuss the items that will be included in the building contract with your builder. Make sure this discussion includes any preliminary costs, such as soil tests, preparation of plans, building approvals and consultant fees. There might be items not covered by the builder including landscaping, blinds and curtains, or floor coverings. It is important to also understand which costs are fixed and which costs may be variable.

If buying new land, make sure you consider any government fees, stamp duty, and conveyancing costs.

Be clear on any other costs such as rent payments while your new home is under construction and moving costs.

It is also a good idea to include a contingency or reserve in your budget for any unforeseen items or cost variations that may be requested or occur during the building process.

Once you have a budget in mind and obtained finance approval or preliminary approval, it is time to start designing your new house or renovation project.