Just registered after a couple of weeks of reading some awesome advise/tips
We are due to settle on a property this month after today getting everything approved. In 12-18 Months plan to build and currently looking around builders/display homes etc.
There are two that we like MainVue Amalfi series and Wild Orchid by Dechilles.
I like one the wife likes the other.
I was reading with a construction loan i can include additional things i.e. fencing/pool etc. Do i need to organise the builder to pay these quotes as they are completed from the builders loan draw? Or will be the bank pay the contractor once work is complete?
Hi Gristy,
Its probably a question for your bank as to what type of loan you can get.
My understanding is that it depends a lot on how much cash/deposit/equity you have.
If you are cashed up enough you can get a pretty unrestricted loan and pay the builder for the house and then other companies for their services, pool, paving fencing etc.
If you are totally dependant on the bank for the project they will only loan against the real bricks and mortar (or the builders contract)
Hope this helps, but definately talk to your bank.