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Fewer people are building new homes, while more are renovating existing properties, according to the Australian Bureau of Statistics.

In August, owner-occupiers signed up for $1.52 billion of new construction loans, which was 64% lower than the peak of the building boom in February 2021 ($4.19 billion).

At the same time, owner-occupiers took out $516 million of loans for alterations, additions and repairs in August, which was 56% higher than in February 2021 ($330 million).

Now that the federal government is no longer offering the HomeBuilder incentive (which ended in 2021) and interest rates have increased, it seems many owner-occupiers have decided improving their current home is a better option than building one from scratch.

Subiaco finance brokers are here to help

Interest rate rises are here, but you donโ€™t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge. Weโ€™ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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