Bank Approval – Letter of Commencement

We’ve got cash to go ahead with our build!

Big shout out to our mortgage broker (http://www.lyan.com.au/) who found us a good, flexible loan product and made it easy to switch over from our current lender.

Progress payments were reasonable and included 2 inspections before the first and last progress payments.

We started the application process on 19 Jan and settled on 24 Feb so just over a month to set up the facility which is really good.

The bank has already issued a Commencement Letter on for Wisdom to start so we’re good to go on that front.

Documentation that was required from Wisdom:

  • Council Approved Plans (with Council or Private Certifier approval stamp)
  • Builders Contract Works Insurance (must show amount of Building Contract and be current)
  • Builders Indemnity / Public Risk Insurance (minimum of $5 million)
  • Complete Copy of Signed and Dated Building Contract signed by all parties
  • Quotes for any “Out of Contract” items
  • Evidence/receipt of the 5% deposit paid
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