Looking for finance for your new build? Read how you can with New Living Homes and Trinity Finance
HO E LENDING HUB at NEW LIVING HOMES
Looking for finance for your new build? Talk to a Construction Loan Specialist at New Living Homes today.
GET AHEAD WITH YOUR CONSTRUCTION FINANCE WITHOUT THE HEADACHE
HO E LENDING HUB at NEW LIVING HOMES
The marketplace is flooded with viable options for a home loan. From the big4 to smaller banks, building societies and credit unions, lenders are in no short supply. Deciding what will work for your needs can be a painful process and often overwhelming. There are honeymoon rates, introductory low rates, standard variable rates, fixed rates, redraw options and line of credit loans to name but a few. Getting confusing yet?
That’s where a construction loan specialist from Trinity Financial Services could be your saviour.
New Living Homes have teamed up with Trinity Financial Services at our Home Lending Hub. They will expertly guide you in understanding the world of residential lending and recommend your ideal financial solution without the stress and pain of making the application alone.
HOW MUCH SHOULD YOU BORROW?
There are core things to consider with every application including, the loan amount, type of property and the deposit that you have put aside. What sets Trinity Financial Services apart from lenders is their deep understanding of the construction process, so they can work with you to better budget what expenses you’ll need to factor in. They’re experts at understanding what potential upgrades and variations happen at each stage of the build journey, so you have more confidence, that when it comes time for final approval, both your new home dreams and your finances will be firmly in place.
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By teaming up with Trinity Financial Services, New Living Homes can ensure a more seamless process for our clients in the grey area of ‘Pre-Approval’ and ‘Final-Approval’. If council approval isn’t achieved before finance pre-approval expiring the process needs to start over again, with enough time to arrange final approval on your finance before the house is ready for construction (Validation). Trinity Financial Services have the benefit of working closely with the New Living Homes team to ensure they have up to date information on your build and abe a point of liaison with you and the lender at the critical time of late stage pre-construction. The last thing you need is for an inexperienced bank clerk to hold up your job going into construction because they don’t understand the process.
KEEPING YOUR FINANCE APPLICATION ON TRACK FOR WHEN IT’S TIME TO BUILD
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ABOUT TRINITY FINANCIAL SERVICES
Trinity Financial Services are an award-winning finance and mortgage brokerage.
With access to over 50 lenders, Trinity Financial Services are there to help you get a better understanding of available options in the market and equip you with knowledge to assist you to make the ideal decision for your needs. They can also research and negotiate with lenders on your behalf to help you obtain a great interest rate.
A holistic finance firm, they specialise in construction funding, commercial finance, home and investment lending and asset finance. It’s their aim to simplify the loan process and deliver no less than exceptional service when delivering your ideal financial solution. With an insider’s knowledge of the most competitive loans available on the ever- changing market, by utilising their services you can be sure you are always at the top of the game.
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FINANCE FLIP TAKE THE NEW LIVING HOMES & get a better deal!
WHAT DOES A BETTER DEAL ON YOUR
CONSTRUCTION LOAN LOOK LIKE? To most, it’s a lower repayment each month through a better interest rate. But it could even be the ability to borrow more or even to get finance when the big banks said no.
Let Trinity Financial Services get you a better deal on your construction finance OR WE’LL GIVE YOU $500* YOU’VE GOT NOTHING TO LOSE!
*Conditions apply
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ENJOY THE ADDED FINANCIAL VALUE, FOR FREE
With Trinity Financial Services, you’ll receive more added value than you can get at a bank.
• Free Rental appraisals on your existing properties • Free Sales appraisals on your existing properties • Free valuations on all residential properties • Free property management for 6 months on all investment properties • Free financial health check • First time builders receive a personalised finance specialist to help you every step of the way
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THE 7 STEPS TOWARDS A CONSTRUCTION LOAN
01 02 03 04 05 06 07
ASSESSMENT FOR PRE-APPROVAL
CONTRACT SIGNED & DEPOSIT PAID
PLANS SUBMITTED FOR COUNCIL APPROVAL
SUBMIT FINANCE APPROVAL (INCLUDING ALL VARIATIONS)
VALIDATION – LETTER OF COMMENCEMENT PROVIDED
PROGRESS PAYMENTS
SETTLEMENT
READY TO TAKE THE NEXT STEP?
Let Trinity Financial Services run a Free financial health check, or if you’re already set, let’s get your pre-approval preparations underway.
Scan here to make an appointment, or Call (02) 8608 1122 Email newlivinghomes@trinityfs.com.au
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FREQUENTLY ASKED QUESTIONS
01 What is a construction loan? When you’re building a new home and need finance, you need a construction loan. These loans are drawn down in periodic payments while the home is being built. 02 What information is needed to apply for a construction loan? You’ll need to supply your lender with all the basics required for a home loan application, such as: • Demonstrated savings, and copies of bank statements and transactions • Proof of income showing your ability to repay the loan • A good credit rating • Anything else the lender requires, e.g. deposit But with a construction loan, you’ll need to provide additional information. As a general guide, this includes: • A copy of the Submission Plans for the new home
04 How is Interest charged on a Construction Loan? During the construction phase, you typically only pay interest on the amount that has been drawn down, not the entire loan amount. Once construction is complete and the full loan amount is drawn down, the loan usually converts to a standard home loan with principal and interest repayments. 05 What if I am refinancing from my current home loan? If you require refinancing from your current home loan Trinity Financial Services are able to research the market across 50 different lenders to ensure you are receiving the right product to serve your needs. TFS can also obtain a current market valuation of your current property to utilise your equity position for the best possible outcome.
06 What is the maximum LVR for a construction loan?
The LVR for construction loans generally sit between 80-95% however, this differs from lender to lender. There are different variables the lenders will look at which may effect the maximum they are prepared to lend you. This may include things such as location of property, LMI, property value, if it is for Owner Occupation or Investment purposes, etc.
• Council plans and permits • The contract with the builder • A copy of the builder’s insurance • A copy of the land purchase
• Any additional items the loan may be funding, e.g. swimming pool plans, landscaping plans, sheds, etc. The lender may then send someone to your site to evaluate the site you’re building on. 03 What are Progress Payments? After you have paid the Plan Preparation Fee and accepted the New Home Proposal, the next step for finance is what’s known as Progress Payments. To ensure the builder is only being paid for completed works, Lenders will send a valuer to check the work has been completed at each stage of the construction process before releasing the next payment. This ensures that builders and contractors are only being paid for completed work, not for work that is yet-to-be completed.
07 Do I have to make repayments during construction? You will be required to make the draw down
payments during construction as this will fund your build. However you will only be required to pay the interest component of only what has been drawn down until completion. Once the build is completed, the loan will switch to a standard Principle and Interest home loan.
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HO E LENDING HUB at NEW LIVING HOMES
TERMS AND CONDITIONS
Home Lending Hub at New Living Homes Terms and Conditions By giving New Living Homes or Trinity Financial Services (TFS) (together, “Us/We”) your details, you agree to the following terms: Privacy - You provide Us permission to record and share your details in connection with third parties as necessary for TFS to provide credit services to you. Credit Services - New Living Homes’ role in relation to the construction loan is limited to providing a venue for TFS, and that New Living Homes is not providing any services related to credit, nor is New Living Homes affiliated with TFS. TFS’s loan consultant is able to arrange loans and leases but not specify any particular product, and not provide any recommendation or advice concerning loans or leases. Commission - We may receive financial benefit (commission) as a result of introducing You to the lenders. FINSURE FINANCE & INSURANCE PTY LTD trading as Trinity Financial Services Australian Credit License Number: 384704 ABN: 91 630 850 476 © New Living Homes Pty Ltd ABN 67 152 611 713, B Lic No. 244889C & New Edge Homes (NSW) Pty Ltd ABN 18 058 035 984 B Lic No. 194617C. $500 Flip Challenge terms and conditions New Living Homes or Trinity Financial Services (TFS) will give a $500 digital Visa Gift Card to the customers who satisfy all the following requirements; 1. Complete the pre-approval assessment by a Home Lending Consultant at TFS at the Home Lending Hub at New Living Home’s premises in Warwick Farm after the date the $500 Flip Challenge is published by New Living Homes. 2. Customer must provide relevant information/documents as required for Construction Loan Pre-Approval to TFS within the time period stipulated by TFS. 3. Must provide evidence of existing construction finance loan approval to TFS. The existing finance must be current, valid, issued within the last 90 days, and from a lender that is currently on TFS’ panel of lenders. 4. The Home Lending Consultant cannot obtain a ‘better deal’ for you. A ‘better deal’ is defined as either (1) a lower monthly repayment amount through a reduced interest rate, or (2) the ability to achieve a higher borrowing power (ie higher borrowing capacity); 4. Have a current building contract with a New Living Homes group entity, but construction cannot have commenced; and 5. Available to natural persons only, and available only once per person. Further, the gift card is payable after contracts are signed with New Living Homes Group entity, the 6% deposit received, and cooling off period expired without the contract being rescinded. This offer is not redeemable for cash; and this offer can be terminated or amended at any time without notice. FINSURE FINANCE & INSURANCE PTY LTD trading as Trinity Financial Services. Australian Credit License Number: 384704 ABN: 91 630 850 476 © New Living Homes Pty Ltd ABN 67 152 611 713, B Lic No. 244889C & New Edge Homes (NSW) Pty Ltd ABN 18 058 035 984 B Lic No. 194617C.
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HO E LENDING HUB at NEW LIVING HOMES
Brought to you by
©New Living Homes Pty Ltd ABN 52 002 873 047 BLicence 244889C
FINSURE FINANCE & INSURANCE PTY LTD trading as Trinity Financial Services Australian Credit License Number: 384704 ABN: 91 630 850 476
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