Owner Builder Challenges

2010 April 21

Being an owner builder in Australia is a truly challenging proposition.  You are faced with the challenge of overseeing and building your own home, or at the very least organising the tradesmen required to get the job done for you.

There are a lot of problems faced by first time owner builders.  This is especially true if they have no construction experience in the first place.  This means that work can be slow, mistakes can be made and materials may be overpriced because of a lack of understanding of how to choose and work with suppliers. 

Due to these risks it may be difficult for an owner builder to get home loan approval.  This is because of the fact that banks will refuse to take the risk of the project not being completed, the work being sub-standard or the borrower going over their budget.  Where a licensed builder who is building their own home then the bank will make it much easier for them to qualify for finance.

Applying for an Owner Builder Home Loan

One must understand before applying for an owner builder home loan that it requires commitment to be able to go all the way, as there is a tendency to leave the project half finished because of the difficulties of building it on your own.  Tempers may flare, and costs may not be what they expected, and these are conflicts that can hamper the building of your own home. Do not take on this project lightly!

The Home Loan Experts are mortgage brokers that specialise in owner builder home loans. Keep in mind that it is very difficult to find a bank actually willing to let you manage your own project, and that means choices are few and far in between.  To hasten your search an expert broker can provide you with a plethora of knowledge and options that will ensure that your owner builder house is finally completed.

Learn more about becoming an Owner Builder

Your success or failure will depend on the experience behind you, the mentors you have to help you and how well you research your project before you begin. A great resource that we highly recommend is the Owner Builders Guide.

This has been written specifically for first time owner builders, and details each step of the process. You can use this guide to quickly ascertain if your project is feasible, choose your architect, contractors, tradesmen & mortgage broker.

2 Responses leave one →
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