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I want to build a home on the block of land I own. What do I need for a loan?

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 The requirements for construction finance are similar to purchasing an established home with a few additional documents required. We would need details of your income, employment, identification, savings history, assets and liabilities. On top of this we would need a copy of your title for your block of land and your latest rates notice. We would also require plans, quotes and specifications for the construction portion of your loan so that the lender can work out how much they can lend you. The lender will then progressively draw down your loan paying your builder directly as per the building contract in stages.  The bank will also require a copy of the builders risk insurance and the council approval as well before handing over the funds. Construction loans can be more complex however my only advice would be to ensure you are dealing with a mortgage broker who is experienced in such matters to save on frustration and an upset builder when it comes time to arrange a progressive payment.

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