What are the self build mortgage Stage Payments?
Unlike conventional mortgages, Self Build Mortgages are released in stage payments. The timings for the release of funds will depend on the self build project. Payments are usually made in six stages regardless of the type although timings will differ. Payments are released when a valuer independently confirmed completion of that stage. The payment is based on the lower of cost or market value to date.For a Brick or Block built home, the following are an indication of the stages at which payments could be released,The first payment will be released on the Purchase. The second instalment will be released when the Preliminary costs & foundations are completed. The third instalment will be released for the Wall plate level is completed, the fourth will be released when the house is made wind & watertight, the fifth payment is released when the plastering is done on the house, the last payment is released on completion of the project.Finally for a renovation project, the following are an i
