If you're planning on building a new home, getting the right construction loan to help you manage the project will be an absolute priority.

Once you've got your finances in place however, the many decisions you then make in the design and building phase will determine whether you keep to your budget or your find yourself wondering how much can I borrow again?

Here are some helpful suggestions for ways to keep your costs down during – and after – the construction of your new home.

Space is costly

It can be tempting to think expansively when designing your new home.

Yet instead of building a hugely spacious new dwelling, you may find that there is a lot to be saved by building a more cosy structure.

A smaller house won't just be cheaper to build either, it will cost less to heat in the winter and to cool in the summer.

Do it yourself

You probably don’t want to take care of the construction of your home itself – that is best left to the professionals – but there is much that you may be able to achieve yourself while saving the cost of hiring others.

Painting, carpeting and garden landscaping are all jobs that you could do yourself and then pocket the savings.

Take the power back

One of the biggest household expenses for many Australians is electricity.

Why not take this excellent opportunity while building a new home and design your house with energy efficiency in mind.

Don't just stop at selecting energy efficient light fittings either – investigate all options at your disposal to reduce your electricity consumption.

Solar panels or a solar hot water heater may be an excellent investment that pays itself back in the years to come.

Passive design elements can be similarly helpful. For instance, making natural light a feature in your main living areas can mean that you don't have to use artificial lighting as much.

You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.