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which bank will fund owner builders?

Discussion in 'Finance & Banking' started by angella, 1st Mar, 2009.

  1. angella

    angella Member

    Joined:
    13th Sep, 2008
    Posts:
    8
    Location:
    Moe
    Hello

    I have a building block which was purchased in 2002 with the expressed purpose of building a new house.

    However I have noticed a distinct reluctance on behalf of the banks to fund owner builders. I am currently with the Nab and noticed it took a considerable long time to obtain a personnel loan with them last year.

    I currently own the home that I live in but will have to consider in the next couple of years addressing some major renovations, which I frankly cannot be bothered doing.

    I would rather build a new house and sell the old one.

    problem is finance.

    I don't want to sell to live in a rental property while I construct the new house. Does any one know of a bank/building society that will fund owner builders?