If you’ve got your building consent sorted, now comes the exciting part - the build!
Understanding
Progress payments
When you’re building, progress payments are made to your builder in stages. This ensures you’re only paying for the work that has been done during the build.
Your own cash contribution will be used first, then as major phases of the build are completed, payments will be drawn down from your loan and paid directly to the builder.
Simply provide the builder’s invoices for work completed, then the next stage can begin.
Nearing completion of your new home
You’ll be advised of a date that the builder will hand the property over - this is when you’ll get the keys to your new home!
For us to release the final payment you’ll need to let us know when that handover date is, and provide us with the following documentation:
- A copy of your house insurance policy
- A completion certificate from your valuer
Other things
To think about...
Landscaping
Remember to factor in the cost of landscaping into your budget. If purchasing a turn key property, check whether any landscaping is included in the set price.
Insurance
You'll need to arrange house insurance to ensure your house is covered for an unforeseen accidental event, such as a natural disaster, fire, accident or storm. Our partnership with Tower means you have access to different levels of house cover, and contents insurance to cover what matters most to you.
Council rates
Remember to check what your local Council rates will be per year so you can factor this cost into your budget.