We partnered with Lendi* to help you compare home loans from over 25 lenders and over 2,500 home loan products.
Compared to other options – such as purchasing an established property or buying land – the key difference of house and land packages is in the financing.
The financing process usually consists of two steps: a mortgage for the land and then a construction loan for building the house. A construction loan is taken out in stages, meaning you ‘draw down’ on a pre-agreed loan amount and only pay interest on the amount needed for each phase of the build. These two loans are usually bundled together, but not always, so it pays to do some research and consider your loan options.
Make sure to review the pros and cons of buying a house and land package as your first home. They can include:
House and land packages can offer many benefits, particularly for first-time home buyers. By doing your homework, checking the options available in your area, and weighing up the pros and cons, you can decide if it’s the right option for your needs.
Our team at iSelect have partnered with Lendi*, so we can help you compare a range of different providers on the market. Use our online tool to compare home loans, or give Lendi a call on 1300 186 260 (08:30-18:30).