Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances.
This is a list of the documents you may need to provide to a lender during each step of the loan process:
Lenders will require a Fixed Price Building Contract (FPBC) by a Registered Builder.
To obtain Loan Pre-approval:
✓Draft copy of FPBC or Builders Quote.
For the Tentative on Completion (ToC) Valuation:
✓FPBC (doesn’t have to be signed).
✓Specifications of building works, fitouts & fixtures.
For Unconditional loan approval:
✓Council approved plans and specifications.
✓Builder’s all risk insurance policy – Contract work / public liability.
✓Builder’s licence and/or registration.
✓Home owners warranty insurance policy,
For Progress Draws of each completed construction stage:
✓Lender’s Progress Payment claim form
✓Builder’s progress claim or invoice.
For the Final progress payment once the construction is complete:
✓Certificate of Occupancy Permit
✓Building Insurance certificate of currency
✓The lender may require a final valuation before the final payment, and this can only be done on receipt of the certificate of occupancy.
There are different steps & requirements for Owner Builders.