1. Pre-approval

Let’s get started. In this stage, you need pre-approval from the bank, you sign the contract and pay a deposit to the builder you’re intending to use. As part of this process, you will select the type of home loan you require. We’re here to help with that.

2. Valuation 

The bank will arrange an evaluation so there is nothing for you to do. They will want to establish it’s worth what you are paying for it. They will also want to value the house that you’re building to figure out how much it is going to be worth when it’s completed. They might not be able to do this at this point as this requires the building contract from your builder. 

3. Build contract 

You will sign the building contract and usually pay another deposit to your builder, as well as finalising colours and details of your new home. At this point, the bank can finalise the building portion of the loan by valuing the house. 

4. Loan documents

If the bank gives you a formal approval after valuing your property, you will be issued with loan documents. These will detail all the specifics of the loan you are applying for. You will need to sign those and return them to the bank so they can complete step five, which is settling on your home loan for your land. 

5. Settlement 

The bank will settle your loan and construction will start on the build.