Building or Renovating Your Home
Whether you are building your new home or renovating your existing home, it is very exciting and there is a lot to think about. Find out everything from how to choose the right builder, to getting a loan that's tailored to the construction process of your home.
Essential building or renovating tips
Whether you're building from scratch or renovating your existing home, these useful tips can help you manage the process.
Check your builder
Take the time to choose the best builder for you. Ensure your building contract is clear and covers everything off, and that a timeline for completion is agreed upon.
Be sure to check your builder's reputation and licensing with the NT Government Authority.
Get written quotes
Make sure you are getting the best price and obtain at least three written quotes. Look for a builder that abides by codes of conduct and practice and search industry bodies such as the Housing Industry Association.
Plan your budget
Set up a budget so you have a clear idea of how much you can spend on building your new house or your renovations.
Use a contract
There are many standard contracts you can get from government and industry bodies. These are great to use, but make sure you get the contract checked over by your solicitor.
The right loan for your needs...
A construction loan is tailored specifically to the building process. Construction loans help you purchase land, construct a residential property on land already held and/or complete the land purchase and construction. A construction loan allows you to make minimum repayments until construction or renovation is complete.
Our loans give you all the flexibility you require during your construction or renovation period and more.
- Progress draws - you can progressively draw funds, as required during the construction, which minimises your interest
- Interest only payments - you only pay the minimum amount due on your loan, which frees up your cash for other expenses
- Additional repayments - you can make additional repayments at any time
- Redraw availability - you can access your additional payments, if you need them at a later date (once the loan has been fully drawn down).
Once you have settled your loan, building will commence. There are three stages at which your builder will invoice you and you will need to make a drawing on your loan. At these stages your property will be revalued. You can then draw on your loan and pay your builder.
Loan repayments need to be paid during the construction time. This is a good time to use the interest only feature, which can free up your cash for any extra costs.