Building or renovating your dream home is an exciting journey, and you're almost at the finish line. Before the final payment is released to your builder, three important steps must be completed:
While Bribie Island Lending helps with securing the right home loan, these steps are crucial to ensure the completion of your property and to meet the lender’s requirements. Let’s explore each of these steps in more detail.
Before the final payment is made, a qualified valuer, arranged by your bank, will conduct a final inspection of your property. This inspection ensures that the construction meets the agreed quality and specifications. The valuer will confirm that the work is completed, there are no major defects, and the final value of the property aligns with the loan amount.
While Bribie Island Lending helps you secure financing, it's essential to ensure that any issues found during the inspection are resolved before the final payment.
An Occupation Certificate (OC) is required to confirm that the property complies with local building regulations and is safe for occupancy. This certificate must be issued by your local authority.
While the issuance of the OC depends on your builder and local authority, the Bribie Island Lending team can help advise you on the best steps to ensure it's in place as quickly as possible.
Securing the right insurance is vital before the final loan payment is processed. Home and building insurance protects both you and the lender from potential risks, such as damage or loss.
The Bribie Island Lending team can guide you through selecting the right insurance coverage to meet lender requirements, ensuring no delays.
Once the final inspection, Occupation Certificate, and insurance are completed, your lender will release the final progress payment to your builder. This marks the end of construction, and you’ll soon have the keys to your new home! Bribie Island Lending works closely with your lender to ensure these final steps are completed smoothly, guiding you through the financial process and making your transition into homeownership as seamless as possible.
At Bribie Island Lending, we’re committed to supporting you through every step of your home loan journey. Whether you're building or renovating in Ipswich, Logan, Caloundra, Redcliffe, Caboolture, or Beachmere, our team is here to help.
Contact Bribie Island Lending – Your Trusted Home Loan Experts
Email Mark at Mark@bribieislandlending.com.au to get started on your journey today!
We are based on the beautiful Queensland coast, between the Sunshine Coast & Brisbane and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
Thinking about building your dream home? Lenders need specific documents like building contracts, plans, and detailed finishes before approving your construction loan. Bribie Island Lending helps clients in Caboolture, North Lakes, Toowoomba, Caloundra, and surrounding areas prepare for a smooth building process.
Building variations such as flooring choices, extra power points, and kitchen finishes can increase the cost of your home construction. Bribie Island Lending helps ensure your loan covers these potential changes, allowing you to plan for variations in advance. Whether you're building in Ipswich, Logan, Redcliffe, or Caloundra, make sure you understand your full costs before committing.
Before your lender releases the final payment for your home or renovation, three steps are required. Bribie Island Lending works with your lender to ensure everything runs smoothly. Learn more about how we support you through each step of your homeownership journey.
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