Browse Forums Home Finance 1 Oct 11, 2013 3:17 pm We are in the process of applying for a construction loan and our normal broker is away so we are dealing with her colleague who is not the slightest bit interested in our application, i emailed him as asked what we needed to bring to the appointment, he said 2 payslips and a group certificate surely we need more than this. I was thinking at the very least we also needed the building contract is there anything else? we really don't want the application to be delayed at all thanks in advance for your help Re: Documents needed for Construction Loan 2Oct 11, 2013 4:44 pm I just checked through the advice from my broker. This is what he asked me for: - Either a building contract OR a formal written quote OR tender. - Plans (council approved OR draft) - Specifications (often included in the quote or building contract) - Latest 2 pay slips In my situation I had already purchased the land 6 months prior. This documentation was for extending my existing loan. With this information I expect they will do a valuation as part of the approval process. Once I had council approval, the bank then did another valuation ( annoying ). There will be yet another valuation for the final payment once the house is complete. Build thread: here Land Nov 12, Contract 6/07/13, Consent 15/08/13, Start 20/09/13, Slab 25/09/13, Frame 4/10/13, Brick 21/10/13, Roof 2/11/13, Lock-up 17/12/13, Handover 3/3/14 Re: Documents needed for Construction Loan 3Oct 11, 2013 4:45 pm That was for my bank anyway (Suncorp). Others may have different requirements. It is a paperwork nightmare lol Build thread: here Land Nov 12, Contract 6/07/13, Consent 15/08/13, Start 20/09/13, Slab 25/09/13, Frame 4/10/13, Brick 21/10/13, Roof 2/11/13, Lock-up 17/12/13, Handover 3/3/14 Re: Documents needed for Construction Loan 5Oct 11, 2013 10:26 pm maximus I just checked through the advice from my broker. This is what he asked me for: - Either a building contract OR a formal written quote OR tender. - Plans (council approved OR draft) - Specifications (often included in the quote or building contract) - Latest 2 pay slips In my situation I had already purchased the land 6 months prior. This documentation was for extending my existing loan. With this information I expect they will do a valuation as part of the approval process. Once I had council approval, the bank then did another valuation ( annoying ). There will be yet another valuation for the final payment once the house is complete. Each lender has different requirements but the above documents will cover most of them. Also if you have already paid your builder any funds for a deposit, should bring your receipt as well. Cheers Tom The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19068 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35305 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |