As a guide:-
- To construct two, three or four residential dwelling houses on an existing allotment where there is a clear and documented intention to subdivide the land either before or immediately following construction.
- Loan is to be submitted as a standard construction home loan product.
Lending to value ratio:
- 80% for four or less houses.
- Maximum of one lot with four houses; and
- Separate valuations for each individual lot on which a dwelling house is to be constructed.
- Maximum of one lot with four dwelling houses; and
- One valuation is required reflecting all of the dwelling houses upon the one lot (in one line).
- Building plans and specifications approved by council;
- Fixed-price building contract (including subdivision plan); and
- Council approval for the subdivision or the council-approved plans