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First Home Owner Grants
First home owner grants in most states are now only available to new builds. There are some exceptions, you’ll need to research this one yourselves as the rules are constantly changing. First home owner grants are typically not paid until at least the build has got past the foundation stage, make sure you take this into consideration in your build.
Construction loans have time limits. Typically you have twelve months to begin building and then another twelve months to finish building. This is most cases should be ample time to complete your build using a builder.
Before the final payment is advanced on your construction loan, there is one important hurdle that has to be met. Your local Council has to issue an occupancy certificate. This is a not negotiable, lenders will simply not advance funds until this step has occurred. This certificate certifies that the property is fit to be a residential property and also signifies to the bank that the process of switching your construction loan to a standard home loan can commence.
Once all the documentation is complete this process should only take a few weeks to finalise. Before you know it you’ll be in arguing over the colour of curtains!