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My loan is a construction loan. How do the payments to the builder occur, what happens when the construction is completed and how are my repayments calculated?

April 26, 2017builder calculated Construction happens loan occur PAYMENTS repayments

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My loan is a construction loan. How do the payments to the builder occur, what happens when the construction is completed and how are my repayments calculated?

1 Answer

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Firstly, the Fund Manager will not settle any construction loan unless it has a copy of council approved plans, a signed & dated fixed price building contract, evidence of the builders current Contractors All Risk Insurance policy and a copy of the Home Owners Warranty Insurance (if applicable).