At formal approval, you and your client will receive a construction pack that contains:
It’s also reissued to your client with the settlement confirmation email which they’ll receive on the day of settlement.
We do not accept construction loans where the owner is also the builder.
The construction commencement letter is issued with the settlement confirmation on the day of settlement via email. A copy of the letter is emailed to you and the borrowers.
Construction must commence within 3 months following the settlement of the loan and be completed within 24 months of the initial settlement of the loan. If there are delays with the commencement, email us to provide an estimate of when work is expected to commence.
Email constructionpayments@macquarie.com with the APP number noted in the email subject line. Please be aware you will not receive a reply from this inbox.
If your client has a FHOG, the funds will be released when the slab stage of construction has been completed.
For more information, please refer to our First home buyers article.
The minimum standard of finish for a construction loan is that the expected finish and fit out is of a professional standard, consistent with and aligned to the approved plans and specifications.
The property is expected to be fully complete in a readily saleable condition upon final loan drawdown. Ancillary items such as driveway, fencing or landscaping may be completed post final drawdown.
Only one loan account can be set as the construction account in a facility, i.e. the account where progress payments will be made.
The homeowner’s warranty, also known as indemnity insurance, is taken out by the builder and covers the homeowners in certain circumstances if the contractor fails to complete the work and/or if the work is defective.
In some states, this insurance is compulsory for certain work and the contractor must purchase the cover. In other states (and for other work) this insurance is optional.
The name of the insurance may vary across states and territories. Please refer below for details:
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