Construction Finance Specialists
iconic home loans specialise in helping first home buyers obtain finance approval for a building/construction loan while demystifying the process. iconic make sure you always understand why, what, who and when.
iconic are also able to help you claim any government grants you may be eligible for.
With access to over 20 lenders and 2,500 loan products, iconic home loans will help find the most suitable financial solution to meet your needs.
Unique construction loans
iconic home loans have access to unique products specifically designed for clients building their own home. Some of the unique features that iconic may be able to help you access are:
Low deposit home loans
- 2% deposit for first home buyers – made up of 1% of the value plus the First Home Owners Grant (FHOG covers);
- $50 per week payments during construction; and,
- No requirement for mortgage insurance (which can save clients up to $12,000).
Other forms of lower deposit lending are available through mainstream lenders via iconic. Most lenders offer to lend up to 95% of the value of a house and land package. It is worth noting that these loans will require mortgage insurance (LMI) as they are deemed a higher risk.
No deposit home loans
It may be possible for you to secure a loan with no deposit. There is a process to follow and requirements that must be met, but iconic have access to loans that may allow lending of up to 100% Some possible solutions include:
Guarantor family assist
- Using unsecured borrowing as a deposit to build;
- Using parents equity in property as security to build; or,
- Using parents funds in a term deposit as security to build.
A popular way for young Perth first home buyers to enter into home ownership is with the assistance of their parents. This is another solution that iconic can provide.
The process involves using equity in a parent’s property as security against the new house and land package being purchased. Cash in term deposits can also be used as suitable security.
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For a free finance health check and to see what you can afford, fill in the loan calculator here
The information provided here is general advice only and your personal circumstances have not been taken in to consideration during its preparation, you should seek independent advice before making any decisions in relation to your personal finances.
Finance availability is subject to applicant meeting lenders qualifying criteria and all approvals are at the discretion of the lender.
Iconic Home Loans Australian Credit License No. 391507
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