Progress payments mean you’ll be issued loan repayments as your build progresses, rather than all at once at settlement. With Construction Loans, that’s normally at:
- Slab down (when the foundation is ready to go)
- Plate height (when the brick work is done)
- Roof cover (when the roof over your future head is up)
- Lock up (when the doors, windows, etc., are in and we can effectively ‘lock up’ the house)
- Practical Completion (when the house is fit for occupation)
However, banks can ask to alter these claims at any stage, in which case we can raise the necessary variation(s). As always there are exceptions to all rules though, so to err on the side of safety please speak to your bank or finance broker to clarify how this process would work for you and your home.
