To most of us, building our own home is the ultimate dream.

Just picture it – a huge kitchen, spacious rooms, a private library, an infinity pool overlooking the bay, maybe a nine-hole golf course out the back, and of course a lovely tree lined path leading to the helicopter pad.

It can be easy to get carried away when you know it's just a fantasy – but for many Australians, designing their own home might be more achievable than they think.

Federal and state authorities are desperately trying to revive the ailing housing industry and getting first home buyers into new or off-the-plan homes is a big part of that strategy.

So if you are looking to buy a home soon, why not investigate whether building is a viable option?

Financing the construction of a new home is very different from arranging a home loan for an established one, so you'll want to talk to an expert.

Mortgage brokers will be able to answer all your finance questions including the most important one of all: how much can I borrow?

They will also be able to tell you if you are eligible for government concessions such as the First Home Owner Grant or discounts on stamp duty.

Most importantly they can talk you through the process of applying for a new home construction loan and all the documentation required.

When you know how much you can borrow you can start looking at land prices, house plans and the cost of materials and labour.

A good building budget will allow at least ten per cent for unforeseen costs or changes to plans – you never do know what might come up.

Planning ahead will mean that new developments will less likely prove to be major stumbling blocks.

And while you might have to shelve those plans for an indoor bowling alley – for now at least – designing your own home in reality can be just as exciting as when you let yourself dream!

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.