House & Land Package Loans Melbourne

Secure the best house & land package loan for your new home with the help of our leading brokers.

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Are you looking for house & land package loans in Melbourne?

For a free consultation on your home loan options, give us a call or come in for a chat at our Mount Waverley, Port Melbourne or Chadstone offices.

A house and land package give you the freedom to choose the perfect piece of land and builder for your next property purchase. Although it combines both into a single process with two separate contracts, a house and loan package loan can be a complicated and difficult process. Our expert team of mortgage brokers are house & land specialists who provide quality assistance throughout the entire process. From building contracts, construction loans, progress payments and everything else, we’ll help cut through the complexity to give you simple and trusted advice for your house & land finance.

Source a Pre-Approval

Our experienced mortgage brokers will source a pre-approval for the land & construction (or the land-only depending on where you are with the process). Getting pre-approval will give you confidence to purchase the land and start discussions with the builder without having to worry about financing. We take an independent approach when sifting through over 30 different lenders to ensure you’re getting the best result.

Settle on the Land

When your land is ready to title and be transferred into your name, we will convert your pre-approval to formal approval and manage settlement of your land. This is the first step of a house and land package loan, as now you own the land and can start the building process.

Review and Finalise the Build Contract

The build contract is an integral part of the process and will be reviewed by the lender. Depending on the value of the build, there are a number of different contract terms and conditions that need to be addressed to ensure your house and land approval occurs smoothly. Our review process will give you the confidence to finalise the build contract, progress the payment schedule and meet the lenders insurance requirements to get you ready for approval.

Construction Approval

Once you have your build contract and the final specifications for the home, we will convert your construction loan pre-approval into a formal approval. Alongside the recent settlement of your land loan, you’ll know you have the best financing for your house and land package.

Settlement Progress Payments

Once your construction loan is approved, we will coordinate the settlement and confirmation to your builder. As your builder starts the build, they will request invoices in accordance with the building contract’s progress payment schedule. We are here to help manage these payments from the bank to the builder throughout the entire process, including any variations or issues that may arise.

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House and land package loan expert Gavin speaks with a client at the boardroom table

House & Land Package Loan Experts

At Elephant Advisory, we specialise in helping our clients secure the funding they need to build the home of their dreams. Our finance team have extensive experience and knowledge to help you navigate the complex process of financing a house and land package, ensuring that you get the best possible loan for your unique needs and budget.

With access to a wide range of lenders and loan products, we can help you secure the funding you need to make your dream home a reality. Trust us to be your house and land package loan experts and guide you every step of the way.

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Meet the Finance team

Our finance team have been with Elephant from day one, delivering expert home loan solutions for over six years. Starting from humble beginnings in a shared office space, Shehan and Gavin slowly built up a loyal customer base through a reputation for excellent customer service and results.

Both mortgage brokers have received numerous nominations and awards over the journey, including Best Customer Service and the Best Loan Administrator at Victoria’s Better Business Awards. Today, the pair are now experienced veterans in the industry who continue to provide stellar servicing for each of their clients.

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House and Land Package Loans FAQs

Not necessarily. Depending on your land developer, you could hold the land as long as you want without building. That being said, most building contracts have a 12 month clause to ensure you start the building process in an adequate time frame. We always suggest seeking a pre-approval on both land and construction loans separately so that we can manage any timing or start date issues.

If you start to adjust your original build plans or specifications during the construction process, your builder will issue you a post contract variation. You will need to pay for any variations from your own savings and cannot be included in the loan mid construction. We suggest being as thorough as possible with your initial build contract and having a savings buffer to account for any unforeseen changes.

In some instances a construction loan can be more expensive than a normal home loan. Depending on the lender, there will be interest rate loading or Interest Only repayments that can attract a higher cost during the build process. Be mindful that there can also be fees associated with the payments to the builder which is an important consideration when deciding on the right home and land package loan.

Within most build contracts there will be a progress payment schedule which outlines the stages in which the builder would like to receive payments. These payments will coincide with milestones of the build. For example; deposit, slab, frame, fixing, lockup and completion are all common stages for standard home build. A lender will review these and use your approved home loan to pay the builder in accordance with the signing building contract.

Most lenders that have good construction loans allow for Interest Only during the building phase. This enables you to only pay when each stage of your build is paid for. Once the property is completed, your loan will convert to the standard Principal & Interest loan.

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Melbourne Accountants & Mortgage Brokers | Elephant Advisory