When will I be required to make payments (including Prestart Variations) on my home?

Well, technically your first payment is at sign up when you put your deposit down to build.

All builders request a similar amount deposit – usually a couple of grand – all of which goes towards getting your home through preconstruction and ready for site. Think: working drawings, contracts, prestart/selections, personalised portal, interior design consultation, etc. As such, they’re non-refundable.

After your deposit, you will be required to make a pre-construction payment once settlement has occurred and your building permit has been issued. You then won’t be required to make another home loan payment till your build is underway. Progress payments are due within 10 working days and are issued at different stages based on your state:

WA

1. Pre-construction (when we send in the earthworks team)
2. Slab down (when the foundation is ready to go)
3. Plate height (when the brick work is done)
4. Roof cover (when the roof over your future head is up)
5. Lock up (when the doors, windows, etc., are in and we can effectively ‘lock up’ the house)
6. Practical Completion (when the house is fit for occupation)

SA

1. Pre-construction (when we send in the earthworks team)
2. Slab down (when the foundation is ready to go)
3. Wall and roof frame (when your home starts to take shape)
4. Roof cover (when the roof over your future head is up)
5. Second fix carpentry (when the finishing touches go in)
6. Practical completion (when the house is fit for occupation)

Any variations made at Prestart/Selections (extra cabinetry we’re looking at you!) need to be paid at or before construction.

Depending on your bank, home loan, and borrowing capacity, your variations will either be funded by your bank (ie, via your loan) or out on your own funds (ie, via cash).

When in doubt, check with your bank or broker.