Building loan option
Why clients might choose our building option
Steps – from applying to final payment
For a Licensed Builder’s fixed price contract
- Existing lending standards apply.
- For single land and build applications, your client’s full contribution is needed at settlement.
- For separate land and build applications with lengthy delays to build, complete an Approval in Principle (AIP) for the build.
- Where First Home Owner Grant (FHOG) is being used, arrange for documents to be sent in with the application.
2. To-Be-Erected Valuation
- Correct entry into ApplyOnline will ensure a To-Be-Erected valuation is ordered.
- To ensure the valuer has all the info needed, upload valuation details to Valex.
3. Approval and Loan Offer
- Review valuation to ensure payment schedule is to industry standard.
- Review whether the valuation needs a Quantity Surveyor Report. Please note: a QSR may be required at each progress inspection.
- Review risk ratings which need a referral to PACE.
- Loan Offer is sent once the loan is approved.
4. Preparation for Settlement
- Ensure your client has deposited their FULL contribution into a St.George account ready for settlement.
- Return your client’s signed verbal payment authority to allow for phone requests of payments.
- Operations Team manages the land settlement, and the loan then migrates to the Payments Team after settlement.
- If a payment’s due to the builder as part of settlement, it will be made to the builder at settlement.
- Payments are paid to the builder or reimbursed to your client for amount already paid.
- Progress Inspections are required at certain stages and are completed by the valuer.
The building option is a lending option that releases funds to pay a Licensed Builder (or fund your client’s Owner-Builder project) throughout each stage of your client’s build or renovation process.
Your clients can read more on our building option customer page.
Quick tips, handy tools, and resources
Tools and niches
Home loan calculators
Options and features
Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on St.George’s credit criteria, residential lending is not available for Non-Australian Resident borrowers.
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St.George - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.