Why Home Buyers Choose Us For Their Car Finance

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Does a House Under Construction Count as Owning Property for Car Finance? | Finance The Ride

🏗️ Does a House Under Construction Count as Owning Property for Car Finance?

If your dream home is still halfway through the build, you might be asking yourself:
Will lenders see me as a home owner when I apply for car finance — or do I have to wait until it’s finished?

The answer: you don’t have to wait. Most car finance lenders in Australia recognise home buyers who are building as property owners for rate and approval purposes.

That means you can still qualify for home buyer car loan rates even while your home is under construction.

🏠 How Lenders View Homes Under Construction

From a lender’s perspective, owning a block with an active build contract already shows asset ownership and financial stability.

You’re seen as:

  • A borrower with a secured property asset,
  • Someone with long-term financial commitment, and
  • A lower-risk applicant compared to renters or those without assets.

It doesn’t matter whether you’re living on-site, renting temporarily, or waiting for completion — your property ownership status still counts.

Lenders know that building a home can take time, and they don’t penalise applicants for being mid-build.

🧾 What Paperwork You’ll Need (and When)

The process is flexible. When applying for car finance, you don’t need to provide home ownership documents right away.

Before settlement of your car loan, lenders will typically just ask for one of the following:

  • A council rates notice, or
  • A land title search showing your name on the property.

If your house is still under construction, the title will already confirm ownership — so lenders can use that as proof.

That means you can apply and be approved well before your home is finished.

🚗 Why Home Builds Can Still Qualify for Home Buyer Car Loan Rates

Owning a property under construction shows lenders that you’re:

  • Committed to long-term stability,
  • Comfortable managing structured repayments, and
  • Building financial equity — even before completion.

That’s why you’ll often be eligible for the same home owner interest rates as someone with a completed house.

It’s also why low rate car loans through Finance The Ride are accessible to borrowers still in the build phase — whether you’re financing a family SUV or a new ute for the move-in.

💬 Final Thoughts

If your property is under construction, you don’t need to delay your car finance plans.
You can apply straight away, get pre-approved, and simply finalise ownership verification before your car loan settles.

At Finance The Ride, we work with lenders who understand that building a home is a sign of progress — not a barrier to borrowing.

✅ Check Your Eligibility in 20 Seconds
You can start your application online — no upfront paperwork required.
Check your eligibility here or learn more about low rate car loans designed for Australians building their future homes.

 

DISCLAIMER

The information provided on this website is general in nature only and has been prepared without considering your financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice. For more information, get in touch with our experienced partner brokers today.

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All Your Questions Answered

What is a car loan and how does it work?

A car loan is a finance product where a lender provides funds for you to purchase a vehicle, which you repay over time with interest.

What’s the difference between secured and unsecured car loans?

Secured loans use the car as collateral, often leading to lower interest rates. Unsecured loans don’t, but usually have higher rates.

What loan terms are available for car finance?

Most car loans offer terms from 3 to 7 years. Find out what term suits you best.

How is interest calculated on a car loan?

Interest is based on the loan amount, term, and rate. Fixed-rate loans have predictable repayments, while variable rates can change.

Can I get a car loan for a private sale?

Yes, many lenders accept private sellers. You’ll need to provide extra documents.

Do government employees get lower interest rates on car loans?

Yes — many lenders offer better rates due to your stable income. Explore finance options for government employees.

Can I apply for a car loan while on probation?

Yes. Many workers are approved during probation.

What credit score do I need as a government employee?

A score of 650+ is ideal, but lower scores may still be considered.

Are corporate professionals eligible for low-rate finance?

Yes, especially if you're full-time with strong income.

Can I get car finance with a novated lease?

Yes, many government departments support novated leasing.

Can I get a car loan with no credit history?

Yes, it's still possible to get a car loan with no credit history.

What if I’ve been declined elsewhere?

A broker can help restructure your application for better results.

How do I check my credit score?

Use Equifax, Experian, or Illion for a free check.

Can I get finance if I have a current personal loan?

Yes, if your income supports both loans. A broker will assess your capacity.

What documents do I need to apply?

Typically: ID, payslips, and bank statements.

Can casual workers get car loans?

Yes, if you’ve worked consistently for 6+ months.

Can I apply if I’m self-employed with an ABN?

Yes. Consider a low-doc loan.

Can Centrelink be used as income?

Yes, when paired with PAYG income.

What’s the minimum income to qualify for car finance?

Most lenders prefer $30,000+ annually, but this varies.

Can I apply on a fixed-term contract?

Yes, especially if it’s government-backed.

Can I finance a used car?

Yes, most lenders allow used cars under 10 years old.

Can I get a loan for an SUV or family car?

Absolutely

Can I finance a caravan or motorbike?

Yes

Can I finance an EV or hybrid car?

Yes. You may even qualify for green car loan discounts.

Can I use my car for both work and personal use?

Yes you can.

What is a balloon payment?

It’s a lump sum due at the end of the loan term.

Can I make extra repayments?

Yes, many lenders allow this without penalty.

Can I pay off the loan early?

Yes — ask if there’s an early payout fee.

Is there a deposit required?

Not always.

What loan terms are available?

1 to 7 years is standard.

How long does approval take?

24–48 hours in most cases

Can I apply online?

Yes — most lenders and brokers accept online applications.

Is a broker better than going direct?

Often, yes. They can compare lenders for you.

Can I get pre-approved?

Yes — and it gives you better negotiating power at the dealership.

What happens after I apply?

Your documents are reviewed, and if approved, the lender issues funds to the seller.

Can I get a loan with a visa?

Yes, in some cases. see finance for visa holders here.

Do I need a driver’s licence to apply?

Yes, but learners may qualify with a co-applicant.

Can I apply with someone else?

Yes, joint applications are allowed.

Can I refinance my current car loan?

Yes — it can lower your repayments or get you a better rate.

Can I trade in my old car as a deposit?

Yes, many lenders accept trade-ins toward the deposit.

Can nurses get car finance?

Yes — see nurse-specific finance tips.

Can teachers apply while on contract?

Yes. Read how to get approved.

Do defence personnel get special car loan rates?

Yes, in some cases. Your job security is a major advantage.

Can FIFO government workers apply?

Yes — consistency in income matters more than job location.

Can I apply if I’m on maternity leave?

Yes, especially if you’re returning to work. Here’s how.

Can I use car finance to buy interstate?

Yes — just make sure the seller provides all required documents.

Can I finance a car from an auction?

Yes, but only through select lenders. Ask your broker first.

Will applying hurt my credit score?

Only if you apply to multiple lenders directly. Brokers help protect your score.

Can I get a car loan if I’ve been bankrupt before?

Yes — see bad credit car loan options.

What if I want to upgrade my car before the loan ends?

You can sell the car, pay off the loan early, or refinance.