Navigating New Build Financing:

Your Path to Turning Dreams into Reality

Embarking on the journey of building your dream home is a significant milestone, one that requires careful planning and financial preparation. Securing financing for your new build is a critical step, and understanding the process can help you navigate it successfully.

In this article, we'll guide you through the steps to obtain finance for your new build and explain how Marsden Homes can be your trusted partner in achieving your homeownership goals.

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1. Assess Your Financial Position

• Debt:

Take a moment to assess your current debts or loans, and consider seeking financial advice that could potentially enhance your loan eligibility.

• Financial capacity:

Calculate the amount you can comfortably borrow by assessing your financial capacity. Many banks provide calculators to help you determine the borrowing amount that suits you best and estimate your monthly repayment obligations.

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2. Pre-Approval and Loan Application

Obtaining pre-approval for a home loan can streamline the financing process:

• Pre-Approval:

Approach banks or lenders to get pre-approved for a home loan. Preapproval gives you a clear understanding of your budget. Provide all required documentation including an estimate for the build.

• Loan Application:

Once you've found the right lender, submit a formal loan application. you will most likely need completed plans and a fixed-price contract

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3. Building Progress Payments

Financing for a new build involves progress payments at various stages of construction:

• Construction Loan:

Many lenders offer construction loans that release funds in stages as the build progresses.

• Progress Inspections:

Lenders may require inspections to verify that the construction is meeting the agreed-upon milestones before releasing funds.

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Marsden Homes: How we can help

Marsden Homes is dedicated to helping you achieve your dream of building your new home.

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Here's how we can assist you when sorting finance:

• Free Site Visit:

Our team offers a free site visit to assess your land, ensuring accurate planning.

• Concept Estimates:

We provide detailed concept estimates to align with your budget and financing plans.

• Fixed Price Contracts:

Our fixed price contracts offer financial predictability, giving you peace of mind.

• 10-Year Master Builder Guarantee:

This guarantee provides added assurance for both you and your bank, making the financing process smoother.

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Securing finance for your new build is an important step that requires careful considerationand planning.

By assessing your financial position, obtaining pre-approval andunderstanding progress payments, you can navigate the financing process with confidence.Marsden Homes is here to support you at every stage, offering a range of services designedto help you achieve your homeownership dreams.

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