Its the question we get asked all the time: “How do you pay for a new house build?”. People worry about having to pay two mortgages at once or having to pay rent and a mortgage. The good news is that payment for a new house build is broken down into 6 payments. Each payment being drawn down from your construction loan at each step. You also only pay interest on these payments until you receive your keys (please note you should seek financial advice from your financial institution on how they run their constructions loans).
Once you have your loan approved, you are ready to get started. Payment for your house build is broken down into these 6 payments.
1 – Deposit
Congratulations! You’ve made the decision to build with deJong homes and we are thrilled to be working with you guys.. Pop the champagne because you’ve signed contracts and your 1st payment (5% of the total cost) is now due.
2. – Slab
Seeing your slab put down on your block is one of the most exciting parts of a house build. It is cause for a ‘slaberation’. You can get a sense of how the house is going to sit on your block. It is also means that your second payment is due and this is 10% of the total cost.
3. – Trusses
Watching your house take shape with the trusses going up lets you get a feel for how it will look once finished. It will start to take shape and your one step closer to living in your new home. Once the trusses go up, your 3rd payment is due and this is 15% of the total cost.
4. – Lock Up
Good news. You have doors and windows and your home is able to be ‘locked up’. You are getting closer and closer to handover and your home will really be starting to take shape now. You”ll be able to see your external colour choices and will need to start thinking about landscaping. The biggest payment is due now – 35% of the total cost.
5. – Fit Out
After lock up, we can now get started on the inside with your new kitchen, bathrooms and flooring. The interior will now start to take shape and you see all your colour selections come to life. This stage requires a 25% deposit.
6. – Final
Pop the champagne again! Your new house is ready. The wait is over. You now pay the final remaining 10% and get to move and start creating a home in your new house!
We hope that clears up any worries you may have about paying for a new house to be built. We are always just a phone call away if you have any queries about building a new home in Wagga.