Would banks give me a home loan for a property yet to be built?


I saw some townhouses around Brisbane area that I'd like to purchase. They haven't being built yet and will be ready in 2 years only.

Do banks provide finance for a property purchase even if the property is yet to be built?

One of the good things about purchasing off the plan properties is that you don't need to came up with the bank loan before the property is built. Paying a deposit (10% total value avg.), you have the chance to secure a property now and collect rewards later. A good mid to long term strategy. A few months or years later, you have saved up money again and is able to put another 10% towards the deal to cover fees and buy more equity. Banks will happily lend you money towards purchasing a property after they evaluate their risks to secure the asset.