Building a new home is a serious financial commitment. Consider these questions when planning how you will manage your living expenses and loan repayments.
- What are my monthly living expenses?
- Have I budgeted for living expenses while my home is under construction?
- What if my build goes over budget?
- What are the conditions of my loan?
- What are the pre-approval conditions of my loan?
- When does my loan pre-approval expire?
- Will I need extra funds to cover additional expenses (such as landscaping)?
- What if my mortgage repayments increase?
- Do I have funds to cover accommodation if my build is delayed and I cannot move in on schedule?
- What are the fees associated with my loan?
- Do I need to pay lenders mortgage insurance (LMI)?