Auswide Bank loves construction loans. Our team takes great pride in managing relationships with your customers and their builders.
When applying for a construction loan the following information needs to be provided with the application in addition to the normal supporting documents:
| Stage | Requirements |
|---|---|
|
Application |
|
With construction loans, the customer is required to make their contribution to the purchase and construction before Auswide Bank will release any of the borrowed funds. This can come by way of savings or existing equity in the land. If the customer is relying on FHOG to use as funds to complete, these funds will not be available until the slab has been laid. We will not advance funds before then.
The table below outlines the items required at different stages on the construction process. All of these items along with Progress Payment Requests (signed Builder's invoices) can be sent directly to settlements@auswidebank.com.au. Signed builder's invoices will be required, even if the customer is paying the invoice with their own funds.
| Stage | Requirements |
|---|---|
|
Prior to Settlement |
|
|
Prior to Construction Commencement Letters being Issued |
|
|
Prior to Payment of Invoices (Progress Payments) |
|
|
Prior to Payment of Practical Completion Stage |
|
