Want To Build Instead of Buy?


Whether you’re building your dream home or doing renovations, getting the right construction loan can make a big difference.

You have enough on your hands undertaking a large construction project, so let It’s Simple Finance help you find a loan with a no-cost service saving you time and money.

Download our free Homebuilder 2.0 Guide

The HomeBuilder 2.0 scheme provides an unprecedented level of support to Home Builders & Renovators.

Get our free guide to understand how you can take advantage and how It’s Simple Finance can help.

Frequently Asked Questions.

When applying for the loan you need to provide a copy of the building contract/tender and the plans. The lender will then ask their valuer to provide an estimate of the on-completion value of the property. They then assess the loan on the lesser value of the land price plus construction costs, or they will use the on-completion value. If it’s an investment property, some lenders will consider future rental income which can improve your borrowing power.

Provisional sum items are estimations of labour and materials. Labour and materials cannot be costed exactly at the time that the contract is entered into, and the builder will have to make allowance in the contract price. These items include things like soil removal, landscaping, demolition costs, and traffic control.

A prime cost item is a fitting or fixture that hasn’t been chosen by the owner or its price is unknown at the time the contract has been entered. This includes estimates for supply and delivery.

If it’s a fixed price building contract or a house and land contract, builders will typically allow small alterations to the finishes, but they will likely not allow any major or structural changes. This doesn’t necessarily mean you can’t make major changes at all as some builders will agree to allow them, but the cost would likely be considerable.

Yes, the builder is entitled to charge interest on overdue payments. As long as there is good communication with the builder, you should be able to come to an agreement if a payment does not come in on time.

A start date could be pushed back due to things like council approvals and the weather. If the builder doesn’t start work despite this, it could be considered a breach of contract. If this occurs and the builder does not respond to you, you should seek legal advice.

1. Preparation – includes plans, permits, connection fees, insurance etc.

2. Base – things like the concrete slab, the footings, and bas brickwork

3. Frame – when the house frame has been completed and approved

4. Lock-up – this is where the windows and doors, roofing, exterior, and insulation are done.

5. Fixing – items like the kitchen cupboards, appliances, bathroom and toilet are done. Plumbing and electrics come in here too. Also, your home is plastered and painted.

6. Completion – fences go up. The site is cleaned up and the builders receive their final payment.

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