Starting your project

This is when we provide you with your home loan funds to start paying bills for your project.

While your build is in progress, your home loan will need to remain on a floating or flexible structure to allow for progressive payments. Refer to Compare home loans for more information on loan structures.

• A copy of your building consent.
• Confirmation the property is insured while under construction.
• The items listed in the next section under subsequent progressive draw-downs.

• Copies of your builders invoices that match the schedule of payments in the original contract.
• We may also need valuations at different stages (your ANZ Construction Coach will advise if this is needed).

If you want to make changes that could affect the value of your home or increase the total cost (such as more expensive fittings or adding a room), we’ll need to approve any increases to the contract. Talk to your ANZ Construction Coach before you commit to any new costs.

Keep a record of all invoices, contract variations, payments and any correspondence with your builder, architect and suppliers. Always check your invoices match the original contract to help manage any cost overruns.

Despite the best planning, unexpected costs can still happen. What’s important is how you manage these. When you receive an unexpected cost, firstly check your contract to see if it’s covered.

Discuss the cost with your ANZ Construction Coach and if you need to borrow additional funds, this will be assessed on the current value of your home and whether you can meet the repayments with the additional lending.