Setting a Construction Period

You can choose a ‘construction period’ of up to 12 months. This allows you to increase or decrease your interest reserves, and ensures you have sufficient funds to complete the home. There is no disadvantage to completing your home sooner. Once completed, you will settle the NewBuild Plan™ finance and maintain your permanent mortgage in the traditional manner.

Rate through Construction

Your interest will be calculated only on the amounts progressively drawn down at the current floating rate. You may elect to pay full or partial interest payments – or no interest at all if you have sufficient funds set-aside in your interest reserve account. (See Reserve Accounts).

Benefit of Additional Home Inspections

To ensure correct amounts are being paid to your builder NewBuild Plan™ arranges trade qualified building inspectors to inspect your home. They provide a detailed list of work fully and partially completed, which is checked against the predetermined yet flexible payment schedule.

image4This monitoring process is also used to help identify potential structural issues before proceeding to the next building stage. While the lender relies on the builder and council inspectors to evaluate structural compliance, our inspectors also provide advice on quality of workmanship. They may recommend a ‘stop payment’ if necessary until remedial work is completed.

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