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Building Costs Blow-Outs: How Brokers Can Help

Price increases for clients building new homes are becoming a common problem, says a Sydney broker.

Many Australians who have signed fixed-price building contracts and have commenced construction or waiting to start are experiencing price rises due to ongoing supply chain issues.

Sphere Loans Director Mirasol, San Esteba, said brokers were helping to fill in the gaps to assist clients. “Of course, we give the client the first option to come up with the extra funds themselves, however, if they can’t, then we need to complete a variation of the contract,” she said.

For her, it is duly important for people planning to build a new home to engage with a good broker to help and guide them throughout the process. “As brokers, we need to educate our clients about this issue. Chances are they might have seen or heard stories about people who are in the process of building in the media,” she said.

“At the end of the day, we work for the client in their best interest, so being involved and keeping all lines of communication open is key.” – San Esteba. 

 

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