The documents you need for a home loan tailored for construction

If you’re looking to build your home, you will be required to provide specific documentation before you secure a home loan and start construction. 

Here’s what you’ll need for a home loan tailored for construction. 

1.     A Fixed Pricing Building Contract with a licensed builder with an acceptable progress payment schedule, and specifications or inclusions (this is preferred, however some builders may only issue a preliminary tender or quote prior to your home loan approval). 

2.     Draft plans if they are available. 

3.     Quotes for any work not included in the main contract, but may be required for valuation, such as landscaping.  

4.     Receipts for any deposits paid to the builder.

You’ll also need documents for your Authority to Commence (ATC) construction.

Your ATC will be provided by RAMS. It gives your builder the green light to start work and is issued when you provide the following documents: