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BUILD NOW PAY LATER

HomePay

Building your dream home should be an exciting journey, not a financial burden. Through Palas Property's partnership, you can access a construction loan that gives you greater flexibility. With the "Build Now, Pay Later" option, you can begin construction without immediate financial strain. For the first 12 months, there are no out-of-pocket loan repayments on both the build and the land, allowing you to manage your finances more effectively. This approach provides the freedom to save, invest, or focus on other priorities while your home takes shape.

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Enjoy 12 months repayment-free, giving you financial flexibility.

What is

HomePay

Build Now Pay Later

Homepay provides a flexible financing option that allows you to start building your home without immediate financial pressure. With the "Build Now, Pay Later" feature,

you won’t have out-of-pocket mortgage repayments during the construction period, giving you the freedom to manage your finances as you see fit.

Who benefits from homepay?

First Home Buyers

Renting? Homepay eases the burden by pausing loan repayments during construction.

Knock down Rebuilders

Planning a knockdown rebuild? Homepay lets you pause construction loan repayments, easing the financial load.

Investors

Enjoy 12 months repayment-free, giving you time to find the right tenant stress-free!

What's the catch?

MARKET COMPETITIVE RATES

GENEROUS BORROWING CAPACITY

12 MONTHS REPAYMENTS FREE

How does it works?

1. LOAN APPLICATIOIN

Our Partner Consultant will confirm your build is eligible for Homepay, so you can apply through a Homepay accredited mortgage broker.

2. PAY YOUR DEPOSIT

Once your deposit is paid and your loan is settled, the Homepay process begins.

3. PAUSE OUT OF POCKET REPAYMENTS

Out-of-pocket mortgage repayments on both your land and your build are paused for up to 12 months while our partner builder constructs your dream home. After this period, your regular repayments will begin.

4. ENJOY FINANCIAL FREEDOM

While payments are paused, you have the freedom to use your cash, your way! Whether it’s to cover rent during construction, or saving for new furniture to deck out your new home – it’s up to you!

Frequently Asked Questions

Can I apply for Homepay with any builder?

HomePay homes can only be built by HomePay accredited builders who are independently reviewed to confirm the builder has a record of:

Delivering high-quality builds;

Industry leading build times;

Financial solvency.

So how does it work?

Customer’s pay their deposit & then have no out of pocket repayments for 12 months. It really is that simple.

How? Because our lenders lend the customer 12 months interest and LMI up front to cover the normal monthly repayments. So the customer can continue living as normal without having to worry about monthly repayments for 12 months while their home is built

Who is lender?

Columbus Capital via Origin Finance - one of the oldest non-bank lenders in Australia.

www.originfinance.com.au / www.colcap.com.au

Deposit Required?

Owner Occupied Deposit: Minimum 8%. Customer can use government grants, some land rebates etc to reduce further.

Investor: 10% deposit.

What are the interest rates? Market competitive!

At a high level rates are currently (as at August 2024 - subject to change):

Owner Occupied: 6.69 to 6.99% ongoing.

Investor: 6.99 to 7.29% ongoing.

How can I trust Builder?

In order to offer HomePay, HomePay had to independently audit builer across: 

Build timeframes

Financial Health - 5 years of records reviewed

Build quality - onsite review of of builds to confirm NCC compliance

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