Important details regarding Construction Loans
Thrive Construction Loans are restricted to intending owner occupiers and (rental) investors who have either:
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Contracted to purchase or intend to purchase house and land packages.
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Own land, or have contracted to purchase land, hold council approved building approvals and draft or executed building contracts and intending to commence construction within a two month period,
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Own land or have contracted to purchase land, have submitted, but do not yet hold council approved building plans, hold draft building plans, or executed building contracts and are intending to commence construction within a three month period.
Thrive requires all the borrowers' equity contribution to be invested within the land acquisition and or initial construction payments prior to loan drawdown. All proposed builders must be fully licensed / accredited, hold current Builders "All Risk" Insurance Policy exceeding one million dollars, and provide Home Owners Warranty Certification to the borrower for an amount not less than the contract price.
The construction must only be completed by a registered builder approved by Thrive.
The product requires all construction contracts to be fixed with respect to price and time frame.
"Owner builders" are NOT acceptable.
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