Frequently Asked Questions

Is there something you would like to know or enquire about? Our frequently asked questions page might have the answer you are looking for.

Is IBUILD a lender?

Yes. iBuild Homeloans is a registered credit provider NCRCP8277

Can I design my house according to my own tastes?

Yes, the design is up to you. The only requirement is that the funds are used as stipulated in the application.

Can I choose my own building contractors?

You are responsible for building your house and you have control of choosing your contractors. We would prefer you to manage your own project as it is more cost effective. For larger projects we do site inspections to ensure good building quality before additional funds are advanced.

What if I don't have legal title for my plot?

IBUILD specialises in arranging secured mortgages which require legal title.

I’m not sure how much money I need to complete my house. What size loan should I apply for?

Make your application based on your best estimate. Once you applied we will consult with you to help you understand the funds required to complete the project.

Do I need a job to apply for a loan?

Your chance of being approved is much higher if you receive a consistent salary from a recognised employer. A mortgage is a long-term arrangement, and a we need to make sure that you have consistency of earnings. Self-employed applicants are also welcome.

How do the loan disbursements work? Do I get all the money at once?

No. Before your loan is approved IBUILD Home Loans will meet with you to discuss your project. Based on this, we will create a Disbursement Schedule for you which allocates money between all the construction stages applicable to your project. These phases include 1) Foundations 2) Walls 3) Roof, 4) Fixtures and Fittings and 5) Complete. Upfront, you will know how much money you will be getting for each of these construction phases, and its then up to you to make sure that you complete each stage according to this budget.

I’ve finished a Construction Stage and I need funds for the next stage. What should I do?

Call us and a member of our staff will visit your project to inspect the quality of the building works. Once this has been verified, the materials and funds for the next Completion Stage will be provided to you.

I've run out of funds for a particular Construction Stage and I haven't yet finished it. What should I do?

The onus is on you to finalise any Construction Stage using the funds we have allocated to you for that stage. If you’ve run out of funds you may potentially need to find funds from an alternative source in order to complete that stage before getting the approved funds for the next Construction Stage. If this is not feasible, we would encourage you to call us to discuss the matter, and we will advise on the best course of action.

How does IBUILD charge for its services?

IBUILD provides various services to you all with the aim of allowing you to complete your project quickly and effectively. We manage your application, prepare your loan documentation, register your mortgage and check your construction progress regularly. We charge a once-off fee and a consultation fee for these services which are built into your loan facility.

What happens if my contractor performs poorly and his work quality is unacceptable?

From time to time it happens that a contractor’s work is completely unacceptable, either to you as the owner-builder, or to IBUILD. In this case, we would urge you to make contact with us as soon as possible so that we can manage the situation on a case-by-case basis. Ultimately the responsibility for renovations and improvements will be on the owner.

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