Introducing ‘Pay on Completion’ Scheme
Are you ready to construct your dream home but dread the financial stress of dual payments? Building a new home often means covering rent while also making interest repayments on your construction loan. We have the solution.
Introducing a flexible ‘Pay on Completion’ finance option designed to remove this major financial burden. This exclusive build now, pay later scheme offers a crucial pause on repayments during construction, eliminating out-of-pocket interest costs until your home is fully complete and move-in ready. And as your trusted Melbourne mortgage company, we can help you secure this powerful financing option.
Build Now, Pay Later: Key Advantages
Here’s why working with TMMC to access this build now pay later scheme is a game-changer for your new build project:
Financial Breathing Room
Get up to 12 months with no out-of-pocket repayments on your house and land while construction is underway. Just focus on continuing to pay your rent.
Convenience & Cash Flow
Interest incurred during the pause is deferred (not forgiven) and is seamlessly rolled into your total remaining loan balance. This means no monthly bills to juggle.
Quality Assurance
The scheme is only offered in conjunction with a select network of Accredited Builders. We’ll help verify your builder is eligible for this specific product.
Optimised Lending
TMMC connects you to the specific trusted lenders who offer this product, ensuring you access competitive rates and the best possible borrowing limits.
Maximum Flexibility
The finance applies equally whether you are building on your own land or purchasing a full house + land package.
Who Is This For?
This powerful ‘Pay on Completion’ finance option is perfect for a variety of buyers looking for essential cash flow relief:
First Home Buyers
Rent stress-free while you build. Your First Home Owner Grant can be easily integrated into the finance structure upon completion.
Second/Home Movers
Significantly reduce the financial strain of owning your existing home and building your next one simultaneously.
Investors
Delay all repayments until your rental income starts flowing. This strategy maximises your cash flow and accelerates your returns once the property is completed.
How It Works
TMMC ensures your path to a stress-free build is clearly mapped out in four steps:
Lender & Builder Selection
We first qualify you for the ‘build now, pay later’ scheme. Next, you select an accredited builder, pay your initial deposit, and TMMC expertly secures your construction loan pre-approval with a participating lender.
Repayment Pause During Build
For up to 12 months while your house is being built, your mortgage payments are officially put on hold. No out-of-pocket house/land payments required.
Completion & Move-In
Once construction is complete, you move in (or the tenants do). Regular repayments on the total loan balance then commence.
Ongoing Ownership
Your loan transitions to a standard repayment mode. The deferred interest is now a simple, manageable part of your total loan balance.
The TMMC Advantage: Expert Guidance on ‘Build Now, Pay Later’ Requirements
The most crucial step in accessing this unique home loan is meeting the precise ‘build now, pay later’ requirements. TMMC acts as your trusted Melbourne mortgage company, eliminating the guesswork and managing all the complex details for you.
We provide clarity on the vital considerations:
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Loan Approval
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You must meet standard lender criteria (serviceability, credit, etc.). TMMC knows the specific criteria for this scheme’s lenders and helps ensure your home loan application is robust.
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Building Requirement
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Your chosen builder must be part of the accredited network for this specific loan product. We verify their accreditation instantly, saving you time and risk.
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Deferred Interest
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Your repayment amount after the pause will reflect a slightly higher final balance because the deferred interest is added to the principal. TMMC provides a clear breakdown of the total mortgage cost.
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Accruing Interest
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While repayments are paused, the loan still accrues interest. TMMC ensures you fully understand the total cost before committing.
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Ready to Build Now, Pay Later in Australia?
Don’t delay your dream home because of double payment stress. TMMC is here to simplify the process and secure your financing.
Strategy Session
Contact TMMC for a free consultation. We confirm your financial eligibility for the ‘build now, pay later’ loan product in Australia.
Secure Financing
We handle the home loan application and secure your pre-approval with a participating lender.
Begin Construction
Enjoy the financial peace of mind with paused repayments while your home is built.
Ready to start building without the immediate financial burden? Talk to a TMMC broker now.