Building your dream home can be an exciting journey, but securing finance can be overwhelming. If you're feeling lost, don't worry – we've got you covered!

As many Western Australians have experienced, there are many factors involved when securing finance for building a home. That is why we sat down with Mortgage broker, Jennifer Sarre, to discuss the options available when securing a loan to build a modular home.

Jen has been assisting Northam locals and other regional Western Australians by making the most of their money and saving them a tonne of interest in the process!

Keep reading to learn about our conversation where we covered all of the first steps that you need to take to secure finance for your modular home… 

Who Should Consider Consulting with a Mortgage Broker?
Most people should! In much the same way that you seek the expert services of a doctor for your health, a lawyer for legal matters, painter or plumber for specific jobs, if you're planning on securing finance, speak with a broker first!

When Should I Book an Appointment with a Mortgage Broker?
As soon as you think about building. Talk to an expert before you commit yourself to any building contract. Your broker can help you understand how much you can borrow, so that you know which plans are within your budget and which plans you’ll need to save a little longer to achieve.

Where Do I Start?
Knowing which area you wish to build in is a huge factor when it comes to securing finance as there can be postcode restrictions for certain lenders and the location can also affect the deposit amount required. 

Should I Speak to Multiple Brokers?
You can interview more than one broker in the initial stages to make sure you find one you are comfortable with, however, let them know you’re in the research/ “only looking” phase. Once you’ve found a broker you like, then you should deal exclusively with that person.

What Do I Need to Prepare for My Appointment?
Giving a broker accurate information about your situation allows them to tailor the advice to best meet your needs. Make sure you have the following information ready: completed interview checklists (provided to you by your broker), recent pay slips, identification, credit check, bank statements, living expenses, and on-going commitments (other loans, buy-now pay later, credit cards etc).

How Do I Know What My Budget Is?
Your repayment budget will be determined by a lot of different factors, including your income and existing debts, as well as current interest rates. A broker will be able to assist you with this, based on your current financial situation and the location you are building in.

Advice for Those Who Want to Build or Buy?
Tidy up your bank accounts so that there are no days during the review period that are overdrawn. Do a credit check on yourself, as each commitment will limit your borrowing power. If you don’t need them, close your 'Buy Now, Pay Later' accounts, avoid quitting or changing jobs and don't jump into a car loan before discussing it with your broker. 

Want to Get the Ball Rolling? 

Book a sales and design consultation, followed by a lending appointment with Jen Sarre, all at Evoke Living Homes, 61 Old York Road, Northam. Call 1800 739 334 or email sales@elhomes.com.au.