new home finance

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Buying a new home is an emotional undertaking at the best of times. Even more so when you’re specifically financing a custom home.

Finding the right home finance for your particular situation can be tricky. But when you do your research and you know your numbers… You’ll soon find the right home finance for you. I’ll cover some of the specifics of a construction loan below. But first I’ll discuss the basic elements of home finance.

financing a new custom home

The basics of home finance

Understanding new home finance can be confusing for new home owners. Breaking it down into its main components makes it easier to understand.

There are 4 parts to a home loan:

· Term – The number of years it will take to pay back the loan

· Amount – The amount of money you’re borrowing

· Interest rate – The interest you pay on top of the loan

· Payment – The amount you pay back each week, fortnight or month

When you’re shopping around for a home loan, you’ll want to compare these 4 elements to find the best fit for you. A lender will help you work out how much you can realistically borrow.

They’ll need information from you such as:

  • How much you earn 
  • What you spend 
  • Any debts you have 
  • The amount of deposit you have saved 
  • Along with other details 

You’ll want to choose a mortgage broker who understands the construction process. The right mortgage broker will help you make an informed decision and set your loan with the best lender with the best deal. Belazzo Homes can facilitate finance through mortgage broker partners experienced in construction loans.

What is a construction loan?

If you’re planning to build a new home, you’ll need to apply for the right home finance. Financing a custom home means you’re going to have to apply for a construction loan. A construction loan is similar to a home loan, but involves more preliminary steps along the way. Lenders view building a house as being a high-risk approach to buying a new home. This is because they’re counting on the borrower to successfully build a house that doesn’t exist yet. That’s why a larger upfront deposit is required for a construction loan. You’ll need a 20% to 25% deposit of your total costs if you want to apply for a construction loan.

A construction loan is a short-term loan which is a maximum of 1 year in length. With a construction loan, you pay interest-only for the first year or two. This makes your repayments lower while you’re living elsewhere during construction. There are also more entities involved with building a new home than with a pre-existing home. Your lender will communicate with the tradies and professionals about the project. 

new home finance

What others say about us

We had met with a number of builders before deciding on Belazzo Homes. At our first meeting with Belazzo we were impressed by the relaxed nature of Michael and found his level of knowledge and willingness to change the plans to suit our needs very impressive. His demeanour during our plan meetings (and subsequent meetings) did not change and we found his relaxed and sure manner gave us confidence that we had chosen the right builder. During construction we found dealing with Michael and Belazzo to be open and honest, what was promised was delivered. Our home was delivered 4 weeks ahead of schedule (despite the rain) which saved us a lot of rent money! We would definitely recommend Belazzo to our family and friends.
Trish and Hamani
Maudsland, QLD
“Belazzo was refereed to us by a family friend who had used them to build their home. In any case we went through the process of assessing 5-10 builders and visiting display homes to try and find the right one. In the end we choose to go with Belazzo because we gained a sense that we could trust Michael and we weren’t going to be hit with hidden costs or our new home finished at less than the specification. The Belazzo team was very clear about what was included in our build and as importantly what wasn’t included. The selection of internal finishes was a little drawn out however we understand their new selection studio will streamline this. Belazzo’s ‘end to end’ service gave us flexibility, we were able to amend the plan as needed to give our home the best finished result. We definitely recommend Belazzo to anyone looking to build a new home.
Chetan Narsey
Pallara, QLD
“I met with two builders before deciding on Belazzo Homes. My home plan had been formatted when we met with Michael and he was able to provide me with valuable tweaking ideas prior to commencing construction. The build job went very well, and Michael bent over backwards to ensure our needs were met. The quality of the home was extremely good, and I was well impressed with our standard of finish. Once my current home sells, I will definitely be using Belazzo Homes to build my next project.
Tarragindi, QLD


Schedule a one on one meeting with our team to discuss your new home needs

Home finance for your new custom home build

home finance loan overview

The construction team receive the payments from your lender in 5 stages:

  1. Slab down or base
  2. Frame stage
  3. Lockup
  4. Fit-out or fixing
  5.  Completion

Each of these stages are made up of various trades that need to be paid before moving onto the next stage. As you move through the stages, you’ll need to request progress payments from your lender. This means it’s important to avoid changes to your home building project once work is in progress. Doing so can throw things off schedule for many weeks. This means it’s important to choose a reputable builder who will guide you through your plan design in detail upfront.

A good builder will provide a high standard of quality assurance, and fast turnaround. Belazzo Homes provide daily monitoring and regular stage inspections, and on-time delivery guarantee*.

* Conditions apply

Finding the right home loan

Once construction is complete, your loan will be refinanced into a standard home loan. Make sure you’ve chosen the right lender before construction begins. In the Australian market there are only around 20 to 30 major lenders. But there are lots of differences between the lenders out there. When you have a shortlist of lenders who will approve your loan, you’ll want to compare their products. This is where you’ll need to go over little details, like interest rates, with a fine tooth comb.

A few percent difference in the interest rate can add up to tens of thousands of dollars over time. Home loans are also structured in different ways. Some home finance structures are more flexible than others. So it’s important to inform yourself about all the options out there. It’s getting harder and harder to enter the property market.

A popular option is having a parent as a guarantor for a home loan, also known as a parental guarantee. This is where a parent uses the equity in their home to help you secure your home loan. Getting approved for home finance for a new build can be challenging. There are many moving parts to a new home purchase and construction loan. So when you’re applying for home finance… Don’t be shy to ask lots of questions and do lots of calculations, before you decide to sign on the dotted line.

Home finance for your new home build Brisbane
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We’re so confident in our ability to deliver your home on time we offer an iron-clad guarantee! In the unlikely event, we don’t meet our contractual build time… we’ll happily pay your rent or lodging or equivalent mortgage repayment from the scheduled date of completion until the date we actually hand over your keys. READ FULL TERMS HERE 

At Belazzo homes we take a personal approach to each and every home design. You’ll work with us one on one to create your perfect home design with the exact inclusions you want all within your budget.

  • We'll sit down with you to talk through all your options
  • We'll then hand design your custom home design
  • Lastly you'll select your custom inclusions & finish


*Our team will contact you to confirm your time and date, while we will try our best to accommodate your preferred time & date. We may need to be flexible as we cannot guarantee availability.