Dreams and foundations

When embarking on a new home project it is important to feel you are in full control of the process. On the one hand, this means knowing and trusting your bank to help you achieve the best financial advantage available. However, on the other, there is a raft of checklists, pitfalls, and shortcuts that you should also be aware of. Naturally, it is a major bonus when your bank of choice can supply the practical as well as fiscal support required to help you build your home.

Westpac is a good place to start for those seeking finance and advice for home buying, building or renovation projects, says Westpac bank manager Leanne Boyce-Bacon.

"Your local Westpac branch is here to help customers achieve their dreams. Like me, many staff have built homes themselves or are homeowners. We understand the process and can offer advice as well as draw on insights from our own personal experiences."

Friendly, experienced staff can provide the professional know-how required when it comes to financing your project including structuring your loan strategically.

"When you are building your home, the loan is structured differently loans for building are generally an interest-only loan drawn down in stages as the building work progresses," says Boyce-Bacon. "You only start paying back the principal part of the loan when the building is complete. This helps our customers financially as often they are paying rent while their home is being built."

The same staff member will talk you through the different kinds of building contracts. Westpac home-building loans vary according to the type of build, such as full turnkey, labour only or contract.

"We will sit down with you in the planning stages and go through the pros and cons of each building contract type so your loan can be structured so that it works best for you."

Then there is Westpac's local knowledge. Besides financing, the bank can also help with other aspects of your project such as dealing with valuers, solicitors and accountants.

"Your Westpac branch has a strong network of local contacts, from real estate agents through to builders, that we can happily refer customers to if they are unsure where to start."

In addition, there is a wealth of information for home buyers on the Westpac website. Of particular interest to home builders are the downloadable guides for home buyers and sellers, as well as for renovators and property investors. There are online checklists for everything from kitchens to new homes helping to ensure that no detail is left out of the planning process.

"Westpac wants to make building your home as painless and hassle free as possible," says Boyce-Bacon. "In many instances we also suggest customers building a home get a Westpac hotpoints® credit card account approved together with their Westpac home loan. They can pay for building materials, appliances and furniture with their credit card and earn hotpoints for every dollar they spend.

"Before long, they're able to redeem their hotpoints for travel, gifts and furnishing their new home. It's amazing how quickly these points can add up!" says Boyce-Bacon.

For further details visit your local Westpac branch or phone 0800 177 277. Alternatively, visit the website: www.westpac.co.nz.

Story by: Trendsideas