What’s the construction process?

The process of building a new home or undertaking major renovations can vary substantially between projects.

New homes are generally built in five stages, with payment on each stage due after the builder completes it. Therefore the bank will draw down your loan in five stages.

These stages may follow the standard format below, but will often differ between construction projects, particularly if the construction work is unusual:

  1. Base/slab
  2. Frame
  3. Lock Up
  4. Fixing
  5. Practical completion

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