Home Loan: Build or Renovate

A development application is a request made to a Council to undertake works including home building and renovation, land subdivision and building-use alteration. Development includes the use or subdivision of land, the erection of a building, the undertaking of work, or demolition of a building.

You might be subject to a council holding deposit, which is a situation where the council will hold onto a certain portion of your fees owed to your local council to reserve or hold the premises against your name until the fees are paid in full.

There’s nothing worse than your hard efforts going to waste, so be sure to have your home valued again once renovation or building is complete and have the insurance changed accordingly.

Can’t see yourself affording a large payment for tradespeople? You might want to consider progress payments - where you pay the workers according to the work they have completed.