Hi Everyone,
Banks dont like builders building their own homes simply because if something goes wrong.. the builders insurance isnt worth the paper its on because there is a conflict of interest between customer and builder etc.
So any builder building their own house is an owner builder through and through.
There was comment of Nab and ANZ above with up to 80% lending for an owner builder. This is true and would probably be your best bet/port of call. Being that there are only a handful of lenders that will entertain the OB lend an experienced mortgage manager at one of these banks or an experienced broker is recommended.
If you take the value of the land and add it to the value of your construction (at cost) then you MAY be able to get up to 80% of that.....
The situation you have then requires you to have 20% deposit PLUS costs to tip in.
If the lending can be approved close to what you need but is still short and you have the affordability to, you could look at a personal loan to complete the funds required. Then after construction is completed seek to have the property revalued and pay out the personal loan.
The last time I did an owner build lend we used NAB within the Choice package.. which allows for a credit card up to $12k to be offered to the borrowers... this works quite well when it comes to paying initial deposits on larger items prior to delivery to site.. which can then be funded back to the credit card by the lender once invoiced.
This is a particularly sensitive area for the banks. Due to the risk and at times simply just the 'perceived' risks.
Be prepared to have to show a lot of information to validate what your doing. The more information you can provide the better. Plans, specs, gant charts, budget overruns, break down of labour you and your partner are providing without cost (including friends that are helping).
If you have the affordability to do the lending to buy the land and do the construction on your own then you may be able to do it that way and contract your husband's company (legitimately) to build the house. Depending on the lender they may accept that as a standard construction lend or at least go to 80% with ease.
Hope this info helps.
Regards,