Frequently asked construction questions

There’s a lot that goes into building a home. Luckily, we’re here to answer all your frequently asked (construction) questions!

How do we pay the builder?

RAMS handles that for you, paying your builder on time to keep your build on track.

What are progress payments?

Payments requested from your builder as each stage of the construction is completed.

What happens if I make changes?

Any changes may impact your loan and construction time frame, these are called variations. 

What is a conveyancer?

Someone qualified and licensed to handle all documentation for the sale and or purchase of a property.

What is conveyancing?

The legal process for the transferral of ownership of real estate.

What’s an ATC?

An ATC (Authority to Commence) gives your builder the green light to start construction and is issued by your lender when you provide a series of documents.

Who supplies the ATC?

Your builder provides you the documents which are required for RAMS to issue the ATC.

How long does it take to build a home?

12 months is the average construction time, however RAMS will give you up to 24 months.

When should I select fixtures and fittings?

Early, it is better if you can select your fittings and fixtures before your loan is approved to avoid delays and budget shortfalls.

When do we pay our deposit?

An initial deposit to the builder of around 5% is usually required at the time you sign your building contract.

What about government grants and incentives? 

Chat with your RAMS Home Loan Specialist, they can provide you with current information about eligibility.

What is a home loan tailored for construction?

A loan tailored for construction allows you to pay your builder progress payments at each major stage of construction and pay interest according to these amounts paid.