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.
Ringwood is a suburb of Melbourne, Victoria, Australia, 23 km (14 mi) east of Melbourne’s Central Business District. Its local government area is the City of Maroondah. At the 2016 Census, Ringwood had a population of 17,471. Ringwood has many parks reserves, most notably, Ringwood Lake. As of July 2012, the average house price in Ringwood was $583,500 and $390,000 for a unit. As of September 2019, the average sale price for a house in Ringwood was $866,000. For a unit, the average sale price was $533,000. The average weekly rent for a house was $435, and for a unit it was $370.
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.