Key Steps to Finalising Your Construction Loan

Building your dream home or completing a major renovation is an exciting journey, and you're almost at the finish line. Before you can officially call your new space home, there are a few critical steps that must be completed. The final stage involves ensuring everything is in order before the last progress payment is released to your builder. This payment signifies that construction is complete and your property is ready for you to move in.  The exact requirements can vary between lenders, but North Coast Lending is here to help navigate the process:

1. Satisfactory Final Inspection by the Bank’s Valuer
2. Occupation Certificate Issued by the Approving Authority
3. Insurance in Place

1. Final Inspection by the Bank’s Valuer

Before the final payment is made, a qualified valuer, arranged by your bank, will conduct a final inspection of your property. This inspection ensures that the construction meets the agreed quality and specifications. The valuer will confirm that the work is completed, there are no major defects, and the final value of the property aligns with the loan amount.

While North Coast Lending helps you secure financing, it's essential to ensure that any issues found during the inspection are resolved before the final payment.

2. Occupation Certificate (OC)

An Occupation Certificate (OC) is required to confirm that the property complies with local building regulations and is safe for occupancy. This certificate must be issued by your local authority.

While the issuance of the OC depends on your builder and local authority, the North Coast Lending team can help advise you on the best steps to ensure it's in place as quickly as possible.

3. Insurance in Place

Securing the right insurance is vital before the final loan payment is processed. Home and building insurance protects both you and the lender from potential risks, such as damage or loss. 

The North Coast Lending team can guide you through selecting the right insurance coverage to meet lender requirements, ensuring no delays.

Final Steps Before the Last Payment

Once the final inspection, Occupation Certificate, and insurance are completed, your lender will release the final progress payment to your builder. This marks the end of construction, and you’ll soon have the keys to your new home! North Coast Lending works closely with your lender to ensure these final steps are completed smoothly, guiding you through the financial process and making your transition into homeownership as seamless as possible.

At North Coast Lending, we’re committed to supporting you through every step of your home loan journey. Whether you're building in Woolgoolga, Toormina, or anywhere on the Coffs Coast, our team ensures your loan is properly structured and ready for completion.

Contact North Coast Lending – Your Local Construction Loan Experts
Email us at [email protected] to get started!