Are you finding it hard to get finance to build your Granny Flat?

Does your bank understand the major profitability of the Granny Flat concept?

Has your Granny Flat project been under-valued by your broker?

Historically, Granny Flats have not been correctly understood by the major banks. The concept did not seem to make enough dollars and sense to fit their multi-billion dollar business models. The need of Australian families to affordably house older (or younger) relatives on the same property, or investors to start to grow and positively gear their portfolios were overlooked as insignificant.

This view began to change a short time ago. If not the major banks, some smaller lenders and brokers saw the deficiency, and started to adapt products and business off-shoots, even branches to suit the growing demand.

Then came the Royal Commission into the banking sector. This halted any progress and made it very difficult for customers to borrow for Granny Flat construction. Thankfully, that period in our banking history came and went, leaving the industry to commence recovery.

In today’s market, some aspects of lending have slightly improved, and banks have not only cut interest rates, but also made it slightly easier to borrow (depending on each specific situation).

Of course, this was all looking positive before the onset of the Coronavirus pandemic. With the stock market in free-fall, and the property market fear caused by COVID-19, the Granny Flat financing aspect of the loan industry has been drastically affected.

Banks have already started to lay-off internal loan approvals staff, and many existing mortgagees are seeking to ‘freeze’ loans due to job losses as a direct outcome of diminished work because of the virus.

Yes, times will turn and the situation will improve – but when?

How long should you continue to hold-off borrowing and building your Granny Flat?

When will banks start lending freely again?

Even in this difficult and uncertain time, Dwelcom’s clients can move forward with the confidence of business relationships that we’ve secured to get the best possible outcome for any client requiring a loan for construction. Our consultants will discuss your options and guide you through potential solutions to even the most complex of financing problems.

Ask us about our finance options, and have your Granny Flat built sooner than you think – even in uncertain times.

We can help where others can’t.

Call 1300 393 526