How you can stay satisfied with your home loan?
Updated: Apr 27, 2019
Are you building your first home, your dream home, your last home or just making some changes to suit your lifestyle? At ALIC we can help take you through the end to end process and reduce the stress. Building or renovating can be a challenge even for the most experienced developer let alone the 1st time builder.
The team at ALIC will with you and your team of builders, architects, project managers, developers or agents to see your dreams come true.
Unlike buying an existing property, building or renovating will mean that your financial institution will require a different set of documentation and supporting material to approve your loan.
What information will I need to provide the bank?
If you are building, on top of the normal financial information required to support you loan application you will also need;
- Signed and dated building contract,
- Progress payment scheduled,
- Council approved and stamped plans
- Notice of variation if applicable
- Building insurance: noting insurance amount, address of property and name of owner, name of building co and expiry date of policy - Public liability ($5min)
What if I am just renovating my home?
Renovating can be a challenge at the best of time, with getting quotes or worried about running over budget some banking institutions may require different information depending on how complex your renovations are;
- Fixed price contract
- Building quotes
- Total on completion valuation or an as is valuation