Finance - what a harsh and abrupt word. But if we manage it well, we can turn it into something positive and exciting.
BNZ have spoken to us about the first part of our Finance - structuring our Home Loan.
To put it simply, the money BNZ is lending us will be drawn down in three to five stages - at the same time that Latitude Homes asks for their progress payments. This means that Latitude Homes will be charging us at each major milestone in the building project - (for example, when the foundation pad has been completed, when the roof goes on, and when the building has been completed) - and BNZ will lend us the money to pay for each stage.
We hope to set up a Flexible Home Loan facility while the house is being built - with a small portion on the Flexibile facility just in case, and the rest on a fixed rate.
To tell you the truth, I am getting a bit worried, because we havent even started building yet and we are already 20k over budget thanks to the Council Fees.
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