Important information

Please be aware of the following;

Effective Immediately Tuesday 6th March 2012 Credit License Cancellation Lodged By Us With ASIC

Ability Finance have elected to cease all credit activities covered by ASIC credit licensing for various reasons including but not limited to;

  1. Lender commission cuts over the past few years.
  2. Additional liability, workload and costs arising from National Credit Licensing
  3. Lender minimum volume restrictions which result in smaller brokers not being able to offer all options to customers.
  4. Regularly encountered inexperienced lender staff who are unaware of their own employers policies whose advice wastes both broker and customers time and resources.
  • As a blog style website there is only historical content contained within this website that is out of date and no longer applicable. This content must only be used for historical reference purposes.
  • Ability Finance, through choice, no longer represent any lenders who may be historically referred to within this website.
  • No information or content contained on this site should be relied on as being current.
  • No content contained within this site should be taken as advice in any way at all.

Should you feel there is any content that should be removed from this site please contact the webmaster.
By any chance you feel specific content is interpreted as offering any credit activities by us it is to be ignored, please report to the webmaster for removal or modification.
If you are legally entitled to engage in credit activities and would like to advertise on this site please contact the webmaster.
If you would like a website developed or even to purchase this site modified to your requirements please contact the webmaster.
Meanwhile we are working hard at creating a one stop shop for purchasing high quality spray painting equipment online including an extensive range of the best spray gun models we are able to offer at discounted prices everyday right across the complete range of available spray gun models. Online spray gun prices with old fashioned personal service levels.

Owner Builder Home Loans

Owner builder home loans are limited in availability for Australians. It is important not to confuse an owner builder loan with a construction home loan. Construction home loans are where there is a fixed price builders contract in place to build a home on your land or land provided by the builder. Most lenders offer options for constrution loans where there is a fixed price builders contract in place.

Owner builder loans on the other hand are very limited as most banks and lenders will not lend at all for owner builder loans and those that do will will only lend at limited loan to value ratios where an owner builder is involved.

For example one lender will only lend up to 80% of the land value only while another will only lend up to 60% loan to value ratio based on the lower of the following;

  • The land value plus the total of the owner builder estimate of construction cost, or
  • The on-completion value of the property as determined by their valuer.

Another lender option available offers up to 75% of the value, provided the construction is at least 90% complete.

Fortunatley there is an option still available that allows owners builders to borrow higher loan to value ratios and this option includes many additional features that are not offered by any other bank or lender.

This option can allow access to finance up to 75% of the on completion value of your new home, not just the cost.

The benefits of choosing this owner builder option includes;

  • Up to 75% finance, subject to lenders normal criteria and lenders mortgage insurance for loans over 80% loan to value ratio
  • Up to 30% savings, based on information provided by previous customers of this solution
  • Access to all the insurance that you will require to build your project including Builders Warranty Insurance
  • Access to over 100 house designs
  • Access to real national buying power and support from some of the largest suppliers in the business
  • Professional quality endorsed processes and administrative back-up support from start to finish
  • Working manuals and specifications in a simple to follow format that allows you to build your project using the same methodology as a successful builder
  • Structured quality control
  • Worry free payment processing
  • Direct payment from your Lender to subcontractors and suppliers
  • Lenders Completion Guarantee.

So if you are planning to save money by building your own home as an owner builder and wish to maximise your borrowing power as an owner builder then this is the system to use.

Send us all your information now using the home loan enquiry form on this website so we will calculate your eligibility for an owner builder home loan and contact you with more infromation.

 


finance