Build Now, Pay Later with HomePay
Introducing HomePay: Build Now, Pay Later – Imagine pausing out-of-pocket mortgage repayments while your dream home or investment property is being built. With HomePay, this is not just a dream, but a reality. Built only by HomePay accredited builders with industry-leading build times, you can enjoy the lifestyle you love without financial stress.
How it Works
Enjoy Your Lifestyle While You Build
Building your first home, a second home, or even an investment property can be a daunting task. HomePay makes this easier by offering a unique build now, pay later solution:
- Out-of-pocket mortgage repayments paused during construction
- Industry-leading build times
- Financially accredited builders
Who is HomePay For?
First Home Buyers
Struggling to manage rent and mortgage repayments simultaneously? HomePay provides a tailored solution to ease your transition from renting to homeownership. Plus, first home owner grants are accepted.
Second Home Owners
Navigating the process of selling or renting your current property while building a new one can be challenging. HomePay is designed to help homeowners build a new home while managing their current property.
Investors
Looking to build a new rental property? HomePay allows you to time your loan repayments to start once the property begins generating rental income.
Getting Started with HomePay
1. Personalised Build Package
HomePay connects you with an accredited builder and a mortgage broker, in this case, Loan Location as we are already accredited with Home Pay. Your builder will guide you through designs and packages, while Loan Location ensures the right financial product for your situation.
2. HomePay Loan Application
Loan Location submits your application, which includes a subject-to-finance build contract. The lender will assess your application within 5-7 business days.
3. Loan Approval
Once your loan is approved, the build process begins, and your out-of-pocket loan repayments are paused for up to 12 months.
4. During the Build
Receive regular updates on the progress of your build. Stage payments for the builder proceed as usual, but you won’t have any out-of-pocket loan repayments for up to 12 months from loan settlement.
5. Behind the Scenes
HomePay monitors the status of all builds with accredited builders, ensuring seamless progress.
6. House Completion
Move into your dream home or start generating rental income from your investment property. After 12 months, repayments on your loan will begin as normal.
About HomePay
HomePay: More Than Just Another Home Loan Solution Developed by individuals passionate about making a difference in the home building journey, HomePay offers a unique build now, pay later solution. Unlike other options, HomePay does not charge you a fee to access money for a deposit. We connect you with the best builders in your region to get you into your new home sooner.
Where It Began
HomePay started in 2021 to address financial obstacles faced by prospective homeowners juggling rent and mortgage payments during construction. Our stringent accreditation framework ensures clients partner with reliable builders known for efficient build times and financial stability.
Builder Accreditation Process
Ensuring Quality and Reliability HomePay’s accreditation process is designed to select only the most reputable builders. This involves:
- Shortlisting builders with proven track records
- Comprehensive evaluations and supplier validation
- Engaging industry experts for further insights
- Conducting builder interviews and business audits
- Performing build quality and financial reviews
This thorough process helps mitigate risks involved in building a new home, ensuring clients receive top-tier craftsmanship and financial stability.
Frequently Asked Questions
Who do I contract with?
You will contract directly with the builder and the bank for your home loan. HomePay connects you with the right builders and monitors your build process.
What if my build is completed early?
You can start repayments early or wait until the allowable timeframe ends. Your mortgage broker can advise you on this.
Can I use HomePay without the loan product?
Yes, but you need to submit your details to us before engaging a builder directly.
What does HomePay do during my build?
We review the status of all HomePay builds to ensure they progress efficiently.
What if my build takes longer than the allowable timeframe?
If your build is not completed within the 8-12 month timeframe, you will start repayments on your loan. Delays for normal items like weather are not included in this timeframe.
Can I build a custom-designed home with HomePay?
No, HomePay is only available with standard designs offered by our accredited builders to ensure quality and efficiency.
Get Started with HomePay
Reduce financial pressure and get into your new home sooner with HomePay. We work with local builders known for quality construction.
Ready to make the dream of owning your own home a reality?
Terms and conditions apply. Further details available upon application
