Take it one step at a time

Building your own home can be really exciting. Not only does it give you the freedom to create something exactly how you want it, but you’ll also save on stamp duty too. When building, there are also a lot of things to consider (not just the colour of the bathroom tiles), and at times it can become a little overwhelming. But that’s okay – we’ll be here to help however we can. Take a look at the following steps we’ve put together to give you a bit of a guide through the process.

Step 1

Planning to buy

Unlike purchasing an already constructed home, building comes with so many more things to think about. Here are a few factors that you’ll need to consider:

  • Getting pre-approval – before looking at land or talking to builders, it’s useful to get pre-approval so you know how much money you’ll have to work with. Explore our loan options in step 3 below.
  • Finding the right block of land – are you after a large or small block? City, suburban, bush or beach? Does it need to be flat or is a slope okay?

Home building tip!

Use the Find a Master Builder tool to locate properly licensed contractors in your area.

Step 2

Understanding the costs

While you might have a set budget in mind, this can easily blow out when building a new home. So it’s really important to stay on top of your finances as you go along. While unexpected costs may come up, here are some things you’ll need to factor in from the beginning: 

  • Lenders Mortgage Insurance
  • Lending fees
  • Moving costs
  • Stamp duty
  • Legal and conveyancing fees
  • Building and pest inspection
  • Utilities and connections
  • Home and contents insurance

If you need a bit of extra help to see where you can save, use our budget planner.

Step 3

Getting your loan

Once you know where you stand financially and you’ve factored in all those extra costs, the fun part really begins. This is the time to start searching for your ideal loan and your ideal home.

Fixed Rate

Lock in your repayment amounts so you can plan your budget with confidence.

2 years Fixed - Choices 3.72 % p.a Owner occupied
4.80 % p.a Comparison rate
View key features
  • Security of fixed repayment amounts
  • Additional repayments available, up to $10,000 p.a.
  • 1,2,3 and 5 year terms available

Mortgage Breaker

The full feature variable option to help you manage your loan and pay it off more quickly.

1 year intro 3.72 % p.a Owner Occupied
4.91 % p.a Comparison rate
View key features
  • 100% offset facility
  • Access to 3-month repayment pauses
  • Flexibility of a split loan option
  • Unlimited additional repayments

Get pre-approval and be ready to build

If you haven’t already, securing pre-approval is a smart move – it’s free and valid for up to three months, giving you plenty of time and confidence to search for your land and get your plans in place.

Our dedicated lending specialists are here to help you make the right decision. Get in touch today.

Enquire now Download fact sheet
Step 4

Getting the most out of your RACQ membership

When it comes to building a home, we’re here to provide you with the same high level of service and help you’ve come to expect from us. Plus, you’ll also get access to the following advantages:
  • Great low rates and fees, with a range of loans to suit you
  • Flexible options, including the ability to pause repayments
  • Bridging finance options available
  • Dedicated lending specialists and access to mobile lending
  • Member discounts  on homewares and home services 
  • Queensland-based 24/7 call centres and dedicated branch network
Apply now

Home building tip!

If you don’t feel confident dealing with builders and tradespeople throughout the construction process, you can hire an independent consultant to communicate on your behalf.