Hi LT
Excuse me for speaking out of turn......................
there have been a bunch of brokers that have responded to your request.........Some even in Melbourne, and maybe even a 15 minute drive from you.
I suggest that unless you have made a formal application, that you use someone that knows the most basic places of being able to get policy.
While I understand the Aussie Broker is probably only at initial stages and hasnt YET done the homework, a 20 second enquiry shows the bewlo extract direct from the broker site
The below does match Ians experience.
Now you may already have 3 land titles which may be a different kettle........
ta
rolf
Credit Policy
Building/Construction Loan
Back to Satisfactory Security
Conditions For all Building/Construction Loans
Construction must be completed under a fixed price building contract unless the value of the building contract is equal to or greater than $1 million, in which case Cost Plus contract may be considered
Dwellings are to be retained for personal investment or residential purposes and NOT built for the purpose of immediate sale
Construction loans must not be on an owner builder basis where:
borrowers are the directors of the company (or a party to the firm or partnership) issuing the building contract, or;
company/trust borrowers issuing the building contract on their own behalf
Construction is restricted to a maximum of 2 dwellings on the same title. Construction of more than 2 dwellings should be considered on a commercial basis
For progressively drawn loans, a formal building tender, formal building plans (non council approves) and specifications must be provided by the broker on submission of the application
An 'as if complete' valuation is required for all construction loans
Construction loans will be progressively drawn according to the approved industry standard progress payment schedule.
Customers should be made aware that they must use all of their own equity (e.g. personal savings or First Home Owners Grant, if applicable) before any progressive payments will be made towards construction.