• Frequently asked construction questions

    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.

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    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.