Why now is a great time to build

Building a new home is one of the biggest milestones you’ll ever reach. But with shifting market dynamics and changing interest rates, many future homeowners are asking the same big question: Is now actually a good time to build?

To clean up the noise, we sat down with the MyChoice Home Loans General Manager John Berghella to break down what’s happening in the market, why waiting might cost you more, and how you can take advantage of the Brighton Homes game changing “Get Started with 5% Upfront*” offer!

Q: The market has felt a bit unpredictable lately. Is now a good time to start building a new home?

A: The short answer is yes. While many people wait on the side lines hoping for a massive drop in interest rates, history shows that waiting can have the opposite effect. When interest rates do settle or decrease, demand spikes instantly. That means more competition for land, longer builder queues, and inevitably, rising construction costs.

Right now, you have a window of opportunity where builders are actively competing for your business, offering incredible incentives that won’t last forever. By locking in your build contract now with Brighton Homes, you beat the rush and secure today’s prices.

Q: A lot of people struggle with the upfront costs of building. How does the 5% upfront* offer help?

A: When building a brand new Weeks home, customers would source a construction loan, which is specifically designed to finance the construction period. Weeks Homes requires scheduled funds to be paid, known as progress payments, which help to pay off the key stages of the build.

With the 5% upfront* offer available exclusively to Weeks Homes, part of the NEX Building Group, instead of asking our customers to continue making payments throughout the build, we’ve made the decision to support them with just the first 5% progress payment drawn from their loan and nothing more until their home is complete - simply put, that equates to zero payments during the build (equalling zero interest), and the balance on completion.  

Q: How does MyChoice Home Loans make the construction lending process different?

A: John states, “A construction loan is a specialised home loan designed for people who are building a home rather than buying an established property.”

With a standard home loan, you receive the entire loan amount in a lump sum at settlement. With a construction loan, the lender holds onto the total funds and releases them in multiple amounts to your builder as different milestones of the build are completed.

John continues, “At MyChoice Home Loans, we’re construction loan specialists and work directly with you and Weeks Homes. We understand their timelines, their processes, and exactly what paperwork the banks need upfront to secure your loan, as well as what is required at every single milestone through the build. This inside knowledge eliminates the typical red tape, avoids construction delays, and ensures your new home build moves forward smoothly and without unnecessary stress.”

Q: What are progress payments and how do they work?

A: Progress payments are timed to ensure Weeks Homes is paid, based on the percentage of construction that’s been completed. The home builder works with the bank to 'draw down' these payments so the construction can continue to the next important stage. Typically, a Weeks Homes build is broken down into six key stages. The diagram on the left represents a typical construction loan progress payment schedule:

Q: What is the biggest risk of waiting until next year or further into the future to build?

A: The biggest risk is the “cost of waiting”. Land value and building material costs rarely go backwards. For example, if construction costs were to rise by 5% over the next 12 months, a $400,000 build could increase by more than $20,000.

In addition, you miss out on the current incentives being offered by Weeks Homes. Unique to anything else in the market right now, an incentive like the 5% upfront* offer is designed for the current market conditions to get people moving. Waiting means you might face higher base prices later without the competitive offers available today.

Q: I’m interested, but I don’t know where to start. What’s the first step?

A: Don’t stress about having everything figured out straight away. The very first step is simply assessing your borrowing power so you can look at Weeks home designs with confidence. The team at MyChoice Home Loans can sit down with you, look at your current financial situation, and see how you can take advantage of government grants and incentives like the 5% upfront* offer. Because MyChoice Home Loans has access to a wide panel of lenders, brokers and financial institutions, they work hard to find you the specific loan that fits your budget and lifestyle.

Ready to Get Started with 5% upfront?

Don’t let the cost of waiting hold you back from building the home you’ve always wanted. By partnering with Weeks Homes and MyChoice Home Loans, get in touch today and see how much you can secure to build the home of your dreams.

Start your journey today by visiting a Weeks Display Home or contact us on 1300 893 788.

*T&Cs apply. Click here for further details.