Step 1. Application
Just like traditional home loans, your income and savings will need to be assessed to gauge your repayment capacity. However, construction loans require additional documentation, including a fixed price building contract, Council-approved building plans, and a copy of your builder's licence, among others. Our experienced team at Vie Finance & Insurance will guide you through the required paperwork to streamline your application.
Step 2. Making progress payments
Once your construction loan is approved, funds will be disbursed in a series of payments, aligned with various milestones in your building contract. These milestones typically include preparation, the slab or base floor, frame, lock-up, fit-out, and completion. Our team will ensure that these payments align seamlessly with your project's progress.
Step 3. Home Completion
Before making the final progress payment to your builder, your chosen lender will inspect the property and collect a few last documents for a final valuation. Once the final payment is made, your loan transitions to the agreed-upon home loan package.
