A construction loan is designed for borrowers who are building their home as opposed to buying an established property.
Complete Home Loans specialises in both purchasing land and building, construction and renovations, we inform you on what documents are needed before and during the construction phase. The progress payments will be made easier as we follow the schedule and guide you until the property is completed.
The construction loan process can be confusing for clients who haven’t done this in the past, luckily, we have a dedicated team with vast experience in this loan type.
From the deposit to the final inspection stage we will guide you the whole way, we have provided an example list of documents needed for a construction loan below, these may vary from lender to lender.
- Signed & dated building contract
- Plans, tender & specifications
- Council approved plans
- Builders insurance & public liability insurance
- Quotes for any items you intend to purchase not included in the building contract
- Receipts for any items you have already purchased that are not included in the building contract