The first step is to figure out how much you can spend, and then find out what you can get for that money.  This means starting with your budget.  This process will help shape your ideas on what kind of home you want and can afford to build.

Your budget is basically the money you have coming in (e.g. through wages, salary, investments or any other income sources), minus the money going out (e.g. for food, transport, insurance, clothing, etc).  How much you can afford to spend on a home is the surplus after all your other expenses have been accounted for. It is worth working this out early and keeping a copy of it, as you will need to use this information again when you apply for home building finance.

While you’re calculating these figures, it’s worth erring on the side of caution.  As we all know, miscellaneous expenses can add up.  If you need help to calculate your expenses and work out your budget, then contact us – we are here to help.

Print off a worksheet or use our budget calculator to help you work out your budget. 

After you’ve done your budget, talk to us – we’ll help you work out how much you could borrow and explain how borrowing to build works (or see our Organising your home loan section).

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The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply to all loans. Contact us for more details.