The impact of three interest rate rises this year has tipped out the traditional method of owner builder finance in favour of a new customised mortgage package.

The impact of three interest rate rises this year has tipped out the traditional method of owner builder finance in favour of a new customised mortgage package. The massive saving of $160,000 enables owner builders to get back on the path of getting their own home at the right price.

This sudden swing has been experienced by Australia¹s only owner builder finance manager, HAMMER Money. This specialist was established to solve the growing problems owner builders experience when financing such a venture.

Owner Builders are around 20 percent of the new home building industry and despite the construction management method being around for decades, finance is very hard to arrange. This is due to the way banks take an overly conservative view of such ventures and limit credit so forcing clients to complicate their financing arrangements.

HAMMER Money has successfully launched a new financial product called Home Building Systems which has been developed totally for the owner builder. It is the system that makes owner building easy with a hold-your-hand service through the whole process with services including access to trades, suppliers with trade accounts and discounts, insurance, quality inspections of workmanship, occupational health and safety, legal advice and professional building support. It also guarantees the lender of completion.

Home Building Systems has recently been adopted by Genworth (Australia¹s largest mortgage insurer) as the only basis by which it will provide cover for lending on owner builder loans.

HAMMER Money has used this system to develop a unique and exclusive range of lending products that allow clients to borrow significantly more and the loans are available to trades people as a low doc or fully verified to employed people.

The savings are huge in the way owner builders can reduce by up to 30 percent of the cheapest builders quote. Even on a modest house this can result in savings in excess of $60,000. So with $60,000 less cost and therefore $60,000 less borrowings the system can save the home buyer $412 per month in repayments of an additional $160,000 over the term of the loan.

³The sudden take off in the popularity of what we are doing is because this is a guaranteed way to counter interest rates, ² says Gary Rowe, managing director of HAMMER Money. ³We do this by lending up to 100 percent of the cost to construct and put the management of entire process through a proven system to ensure a good result on time. By using our expertise, this unique product has a massive saving for owners builders and is the one sure way they can counter interest rate rises even though there has been three so far this year.²

Contact HAMMER Money 1300 137 034