Key Steps to Finalising Your Construction Loan

Building your dream home or completing a major renovation is an exciting milestone, and you're almost at the finish line. Before you can officially move in, there are a few important steps to complete. The final stage ensures everything is in order before the last payment is released to your builder. These steps may vary between lenders, but Central Coast Mortgages is here to help guide you through 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 Central Coast Mortgages 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 Central Coast Mortgages 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 Central Coast Mortgages team can guide you through selecting the right insurance coverage to meet lender requirements, ensuring no delays.

Final Steps Before Completion

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! Central Coast Mortgages works closely with your lender to ensure these final steps are completed smoothly.

Whether you're building in Gosford, Terrigal, Davistown, Erina, or other Central Coast areas, our team is here to help ensure your loan is properly structured and ready for completion.

Contact Katrina – Your Local Construction Loan Experts
Email: katrina@centralcoastmortgages.com.au to get started!