How are the funds released over the progress of the build?
Progress inspections and invoices
A progress inspection will be carried out by an independent valuer for each building stage. Once your builder sends the invoice to us, a progress inspection will be ordered.
Funds for the construction are released to the builder within five business days. This is to make sure the builder is paid for the work completed once each project milestone is met.
Progress payments to your builder
The funds available for construction will be drawn down via progress payments which are paid directly to your builder.
This way you are only charged interest on the funds used and not the total approved loan amount, which reduces the interest you pay.