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.
Somerville is a town on the Mornington Peninsula in Victoria, Australia, 55 km (34 mi) southeast from Melbourne’s central business district, and forms part of the urban enclave on Western Port comprising Somerville, Hastings, Bittern, Crib Point, and Tyabb. Statistically, it is part of Greater Melbourne. Its local government area is the Shire of Mornington Peninsula. At the 2016 Census, Somerville had a population of 11,336 up from 10,730 in 2011, 10,704 in 2006 and 10,049 in 2001. The size of Somerville is approximately 38 km2 (15 sq mi). Originally an orchard town Somerville has experienced significant population growth over the last twenty-five years. It is served by Somerville railway station on the Stony Point Line, as well as a bus service to Frankston.
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.