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