Construction Loan Approval

Your new home construction loan approval: what's next?

Watch to find out what you need to do next.

Congratulations on receiving approval to build your new home! In this communication, we're thrilled to provide you with crucial details about your loan. You'll find the bank's approval letter and a comprehensive summary of the lending process.

Your best next steps...

The summary outlines the approved amount, covering both the land and the build, along with other vital information:

Understand your approval:

Take some time to familiarize yourself with the lending summary. It features a table displaying two parts of the loan: one for the section and another for the build.

Throughout the build, the loan will be interest-only and on a variable interest rate. After the construction is complete, we can discuss fixing the lending at a lower rate.

Note the conditions and glossary:

On the right-hand side of the summary, you'll find specific conditions and a glossary explaining their meanings. Understanding these terms is essential, as they form the basis of the loan agreement.

Prepare required documents:

Please refrain from making any payments to the builder or developer until we give you the go-ahead. This step ensures that funds are allocated correctly, and your section can settle first.

Disregard mentioned interest rates:

Kindly disregard any interest rates mentioned in the approval letter. Your adviser will discuss these details with you, providing accurate information.

Contact us with any questions:

Should you have any questions or require further clarification on any aspect of the loan process, please don't hesitate to contact us. Your satisfaction and understanding of the process are our top priorities.

Our team