I'm planning to build a small house on a block of land I own either at the end of the year or early next year. In order to qualify for the boosted First Home Builders Grant in Tasmania at the moment I need to have a contract signed with a builder by the end of next month.
I wanted to have a go at building our own kitchen and doing finishing jobs like painting and laying vinyl plank flooring to save some money (am not in a rush for it to be completed so would have plenty of time to get things finished). However I'm wondering how that would work with obtaining finance for the build and things like progress payments to the builder.
I can't be an owner builder as the conditions for the builders grant are stricter (would need to start work on the slab before the end of next month instead of just have a contract signed).
I have access to money outside of needing a mortgage (other investments and a family member happy to lend). Is it possible to get a mortgage to cover the whole expected build cost (about $160k) but then only draw down the first 70% of it, then pay the builder out of my own funds for the rest of it so it can be done at my own pace, and the builder can still get paid for his work on time?
I hope what I'm asking is clear enough
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