Costs to consider.

Construction costs aren't the only expenses you'll come across when building your home. Be sure to factor these extra costs in to your budget.

PIM and engineer's reports

It's a good idea to get a PIM (Project Information Memorandum) report about the piece of land before you buy, which you can get from your local authority. If you have any questions about the suitability of the site, get an engineer's report too.

Find out more about a Project Information Memorandum.

Design and documentation

If you want something designed especially for you, you'll need to employ an architect, designer or draughtsperson. Some builders do supply design services and some companies include the design as part of a package.

Building costs

If you're using an architect, they can manage this process for you. If you're finding your own builder, ask people you know for recommendations and get several quotes. You can also search the public register for a Licensed Building Practitioner (LBP) here.

Valuation of project

A registered valuer can give you a valuation based on your plans. You'll need this for your loan but it can also help ensure you don't pay too much or over capitalise when renovating an older home. A Registered quantity surveyor can also help you work out the quantity of materials needed for a job and check that you're paying the right price for your build.

Plans and consents

Depending on the nature of your project, you may need to get resource or building consents from your local authority, based off your plans. Your architect or builder may arrange these as part of their contract with you.

If your project requires building consent and relates to the primary structure of your home or affects its weathertightness, it's considered restricted building work and must be done by or under the supervision of a LBP. You'll need to include the name of your LBP in your building consent application to the council.

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Things you should know.

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.