Will my pre-approval work for a new build as well?

Woohoo – you’re all pre-approved, awesome, you’ve made the first step towards getting ready to buy.  Quite often however we get clients who can’t find what they’re looking for so they’ll edge towards building instead of buying something existing and that’s fine!

Most lenders are equally agreeable to build as they would be a purchase of an existing home, but here are some things to remember:

  1. Double check with your broker first that the lender you’re pre-approved with is good for construction.
  2. Read in detail our first home builder’s guide – ask your broker for the link directly – there’s 5 stages and it is key to read this first as there will be extra out of pocket expenses for you in building (costs to the builder / designer up front, council approval fees and extras afterwards such as curtains, landscaping, driveway’s fencing etc). 
  3. If you are eligible for first home builder’s boosts double check appropriate dates you’ll need to meet for your state territory to get any grants. 

In short however most pre-approvals will work equally as well for a build as they will for an existing property, just be sure you’re across the three things above.