Owner Builder Loan Difference vs Traditional Home Loans
Understanding why Intellichoice Owner Builder Loans differ from Traditional Loans ” and the body should read: “This video provides insight into how Owner Builder Loans are different from the Standard Residential Construction Loan that most people use for building a home with a registered builder. We cover the loan ‘Draw-Down Stages’ for Owner Builder Loans, what information is required when applying for loans and the significant differences between the lending types. Understanding how Owner Builder Loans are set up and drawn means your ability to prepare for upcoming stages is optimised. Get in with for a conversation about how we can support your Owner Build.
Only builder home loans differ from standard loans in so much as when you are constructing using a fixed price building contract. That fixed price building contract is provided to the lender and that’s really what the lender lends against any progress draws that occurred throughout that process they’re paid directly to the builder. If you are going to own a build, you’re going to have to be prepared to outlay, be reimbursed.