Building your own home might sound like something reserved just for the rich and famous. For years, only high net worth individuals were hiring professional contractors to design and build their custom homes. However, this is no longer the case. More and more Australians are enlisting the professional services of contractors and architects in order to create their dream homes, and at an affordable price tag as well! If you’re considering a move, perhaps even as a first-time homebuyer, think again about all the options available to you.

Plan the perfect layout for your family’s needs.

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Enlisting the services of a home builder gives you control over exacting specifications that match every need that your family might have. A new home is meant to provide comfort and joy to you and your family, and the best way to ensure this is to build the space yourself. Builders can help you finish the plans and calculate the total costs upfront, so you know exactly how much the project is likely to cost overall. Additionally, professional home builders are incredibly knowledgeable about the best practices and construction timelines that are likely to prevail on any project. Timing your move from your current residence can be done fairly accurately, and it gives you something incredible to look forward to in the meantime.

The average first-time homebuyer in Australia is 34 today, meaning that there is over a decade now that separates the completion of most of our schooling and the move into property ownership. While it means that Australians are renting for far longer than they have in the past, it also gives movers the ability to save for a longer period of time. This provides a buyer with more capital and lower rates on mortgage loans when homeownership does arrive at the table.

Speaking of Finances…

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There’s no substitute for strong fiscal health. This holds true whether you’re buying a home or opting to have a home builder build one for you. There will inevitably come a time when you must compare home loans, but before this happens, it’s important to start shaping your credit score into something more respectable.

Australians are getting better at saving overall, but credit scores are only partially about your saving and spending habits. Two major players in this calculation are your borrowing and repayments. A good credit score benefits from a borrower that always makes monthly payments on time, carry low balances in relation to the overall line of credit available to them and spends a low amount on credit cards each month, to begin with.

Essentially, in order to show your financial institution that you’re a great candidate for a low-interest home loan, you need to show that you have access to a lot of credit card capital but don’t use it. Borrowers that are responsible for their credit cards, it’s assumed, will be responsible for the loan amount of their mortgage loan. Homebuyers need to begin considering their credit score and credit card balances at least six months in advance of a home loan application with the lender of their choice. This will affect the interest rate and monthly payments that you’re obligated to make. A great credit score can reduce your overall debt on the new home loan by thousands of dollars over the life of the loan.

Not only can Australians get the home of their dreams these days, but they can take advantage of rock bottom home loan interest rates in the process. With a little planning and a lot of financial legwork, you can create a bright future in the perfect home.