Owner builder loansare also known asconstruction loansbecause they relate to a home you plan to build yourself to live in.
Why build for yourself? You probably want to create a home style that will match your lifestyle, reflecting your character and values as well as your environment. It's a worthy ambition to create an original home and is one thatowner builder loanscan help you realise.
Applying for an owner builder home loan is often a considerably more laborious process than applying for your run-of-the-mill home loan. Hopefully, if you’re an aspiring owner builder, you’re not the type who shies away from a bit of hard labour.
The reasonsowner builder loansare so much trickier to be approved for? Building a house almost never costs the original quoted price; it’s a risky business; and banks don’t like risks.