Homepay Dual Occupancy
Donnybrook, VIC
5 bed · 3 bath · 2 car
- Price
- $857,147
- Deposit from
- $43,000
- Repayments, year one
- $0
The Homepay loan
Build it now. Pay nothing on it for a year.
Homepay pauses your mortgage repayments for up to twelve months while your home is being built, so you are not paying rent and a construction loan in the same month. It works for a first home as readily as an investment. Here is what is available to build with it right now.
The structure
What actually happens.
Three stages, and the middle one is the part most people get wrong.
01
You put in your deposit
From 5% of the purchase price, with no genuine savings history required. You secure the land and lock its price while the build is scheduled.
02
You pay nothing for 12 months
No mortgage repayments while the house goes up. The interest for that period is added to your loan rather than waived, so it is money borrowed, not money saved. What it buys is the ability to keep renting while you build.
03
Repayments begin when it is finished
Your loan converts to normal principal and interest repayments once the build completes, against a finished home rather than a building site.
Homepay prices by Loan to Value Ratio, so a bigger deposit earns a better rate, and above 80% a construction risk fee applies. Owner occupiers and investors are priced on separate scales. Your broker quotes the current rate and the full structure for your situation.
Available now
Build these with Homepay.
10 properties currently eligible. Details are held back until you request the brief, which arrives in your inbox within a minute.
Homepay Dual Occupancy
Tarneit, VIC
6 bed · 3 bath · 2 car
- Price
- $882,409
- Deposit from
- $45,000
- Repayments, year one
- $0
Homepay House And Land
Spring Farm, NSW
4 bed · 2.5 bath · 2 car
- Price
- $1,179,800
- Deposit from
- $59,000
- Repayments, year one
- $0
Homepay House And Granny Flat
Spring Farm, NSW
6 bed · 4 bath · 2 car
- Price
- $1,307,010
- Deposit from
- $66,000
- Repayments, year one
- $0
Homepay House And Land
Blair Athol, NSW
4 bed · 2 bath · 2 car
- Price
- $1,205,930
- Deposit from
- $61,000
- Repayments, year one
- $0
Homepay House And Land
Leppington, NSW
5 bed · 2 bath · 2 car
- Price
- $1,227,700
- Deposit from
- $62,000
- Repayments, year one
- $0
Homepay House And Land
Austral, NSW
4 bed · 2 bath · 1 car
- Price
- $1,119,740
- Deposit from
- $56,000
- Repayments, year one
- $0
Homepay House And Land
Oran Park, NSW
4 bed · 2 bath · 2 car
- Price
- $1,203,300
- Deposit from
- $61,000
- Repayments, year one
- $0
Homepay House And Land
Cobbitty, NSW
3 bed · 2 bath · 2 car
- Price
- $1,290,720
- Deposit from
- $65,000
- Repayments, year one
- $0
Homepay House And Land
Austral, NSW
4 bed · 2 bath · 1 car
- Price
- $1,099,740
- Deposit from
- $55,000
- Repayments, year one
- $0
Who it suits
People who can afford a mortgage, but not a mortgage and rent.
That is most of the market for a new build. You need somewhere to live for the year it takes to put a house up, and paying for both at once is what stops people building rather than buying something already finished.
It bites hardest on a first home, where the deposit has only just been cleared and there is nothing spare to carry two housing costs at once. Every property above can be bought to live in, not only as an investment, and Homepay prices owner occupiers on their own scale.
The part that does the work for a first home is the entry: from 5% deposit, and no genuine savings history required. Most lenders want to see that 5% built up slowly in your own account over months, which rules out a deposit that was gifted, or saved in cash, or assembled quickly after years of rent. Homepay does not ask for that pattern, and then asks for nothing at all for the first twelve months while the house goes up. More for first home buyers.
General information only. It does not take into account your objectives, financial situation or needs, and it is not credit assistance or a credit quote. Deposit figures shown are 5% of the listed price, rounded, and are indicative only. Interest for the paused period is capitalised into the loan. Nothing on this page is offered under, or conditional on, any government first home buyer grant or guarantee; those are separate from this loan and carry their own eligibility rules and price caps. Rates, fees, terms and eligibility are set by the lender, vary by Loan to Value Ratio and are subject to change and to approval. Homepay loans are offered by Origin MMS, a division of Columbus Capital Pty Ltd (ABN 51 119 531 252, Australian Financial Services Licence and Australian Credit Licence 337303). Homepay (Aus) Pty Ltd is not a related entity to Origin MMS. Elite Wealth Creators Pty Ltd is not the credit provider and does not provide credit assistance. Applications are made through a licensed mortgage broker, who will give you the current rate and comparison rate for your circumstances.