This guide explains the steps to help you build your dream home.
The first discussion with your Home Loan Manager will focus on your needs, objectives and financial situation, so they can help find a home loan that’s right for you.
Eden Brae will supply you with your plans and specifications once you have come to a final agreement. Using these plans and specifications, along with the build contract and any variations to the contract, your lender will conduct an ‘on-completion’ valuation to determine the total market value of the proposed project. If this valuation is consistent with the estimated construction cost, your application will progress to the next step.
To find out how much you can borrow, your Home Loan Manager will ask you to provide personal information, including ID and details of your financial position to assist with the application. They’ll also discuss your eligibility for government grants or concessions. You could then be issued with a pre-approval based on your borrowing capacity.
To receive unconditional approval, you’ll need to provide your Home Loan Manager with the following:
Once your loan is unconditionally approved, you will receive loan documents to sign and send back to the lender.
After land settlement, your lender will give you a letter giving Eden Brae authority to commence construction. Before construction can commence, you’ll need to provide the following information to your lender: