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To qualify for a construction home loan, you will need at least a 5-10% minimum deposit and factoring in additional costs like LMI, conveyancer fees and other miscellaneous costs. You’ll be asked if whether you’re going to build your home yourself (ie. owner-builder) or use a registered builder. Requirements differ. You will also have to provide a suite of documents to your lender.
These can include the following.
- A copy of the signed building contract.
- Your insurance provisions
- A copy of your fixed-price contract (if you’re using a builder),
- Stamped council approved plans
- The builder’s all-risk insurance certificate.
After receiving the signed contract, we will send an “Authority to Commence Construction” letter to you and your builder to begin construction.
Please Note: Different banks have different valuation processes for you to obtain a construction loan. Contact your lender of choice for more information.