Some people prefer to build a house rather than buying an existing house because they can design the house according to their requirements and can live in a new house, previously unoccupied. They can also receive several advantages as an owner occupied or investment property and may also be able to save some money by paying stamp duty only on the purchase of the land.

It is essential to differentiate construction advance from renovation advance.

Construction will involve structural alterations to the property. Examples of ‘construction’ include extensions or additions to the security property, garages, permanent out buildings and in-ground swimming pools:

     Constructions will require Council approval.
     Construction loans will be advanced by progress payments

Click here to get the BORROWER'S GUIDE TO VACANT LAND AND/OR CONSTRUCTION

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