Construction Loan Tips
| Tip 1: | Ensure your Mortgage House lender has answered all your questions regarding the process for your new Construction Loan and mortgage repayments. |
| Tip 2: | Get a number of quotes from builders and compare them. If there is a large variation between quotes, ask them to requote with a better price and include more details. |
| Tip 3: | Ask your builder for a list of references and if possible, drive past and see their work. Ask their past customers how they found the experience and the quality of their work. |
| Tip 4: | Ensure the builder is aware of and able to comply with the 6 month limit to complete construction. |
| Tip 5: | Arrange your insurance covering the full replacement value and ensure the correct First Mortgagee is listed (your home loan lender will be able to provide this information). |
| Tip 6: | Check your builder has all the necessary qualifications and insurance policies (such as indemnity insurance, public liability insurance and warranty insurance etc) to carry out the construction work. |
| Tip 7: | Provide your builder with the list of details required, by Mortgage House, to appear on their invoice to avoid any delays in payment. |
Verify your builder
- Check they have a valid license and there a no claims against this builder.
- Your state licensing office will be able to assist you with this, please find relevant links below:
Find a Builder:
Check the builder’s reputation:
- NSW:Â Office of Fair Trading Home Building Service
- QLD:Â Building Services Authority
- VIC:Â The Building Commission
- ACT:Â ACT Planning & Land Authority
- SA:Â Office of Consumer & Business Affairs
- TAS:Â Register of Accredited Building Practitioners
- WA:Â Builders Registration Board
- NT:Â Northern Territory Department of Planning and Infrastructure
Need More Information: Call us on 133 144 or Enquire Online.