It is essential to attach all the required documentation with the application to boost your chances of loan approval. The lender will lookout your savings, investments to make sure you are in the position of repayments. Moreover, further documents like a fixed price building contract, building plans approved by the council, and a copy of the builder’s license will be needed.
Once your construction loan is approved, our professional will let you know and give you funds in a series. After considering the building process outlined in your building contract, these milestones will beset us.
Before making the last payment on your builder’s account, the lender will check the property and ask for a few more documents to complete the verification and final valuation of the building. After the payment, the loan will switch to standard home or loan packages according to your requirement.
Now you are all set. With our outstanding services, you can freely make your decisions without worrying. It’s time to get off the ground and celebrate the brand new house with your friends and family.
Coburg is a suburb of Melbourne, Victoria, Australia, 8 km north of Melbourne’s central business district. Its local government area is the City of Moreland, although a handful of properties on Coburg’s eastern boundary are located in the City of Darebin. At the 2016 Census, Coburg had a population of 26,185. Coburg’s boundaries are Gaffney Street and Murray Road in the north, Elizabeth Street and Merri Creek in the east, Moreland Road in the South and Melville Road, Devon Avenue, Sussex Street, and West Street in the west. Coburg is designated one of 26 Principal Activity Centres in the Melbourne 2030 Metropolitan Strategy.
There is always a need to look for a broker who has held an Australian Credit License or Credit Representative status, which is a requirement of the Australian Securities and Investments Commission (ASIC). In addition, for more assurance, ask the broker if he is a member of the industry body – the Mortgage and Finance Association of Australia (MFAA).
According to new data compiled by the Mortgage & Finance Association of Australia (MFAA), mortgage brokers are earning an average of $142,000 per year before costs.