The build, step by step.
From slab to keys, and when each payment is due.
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Contracts
Sign and pay the deposits
You sign the land contract and the building contract. After cooling-off, the deposits are paid.
$30,000 land deposit · $39,600 build deposit
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Land settlement
The land becomes yours
The land settles within 14 days of the later of the plan of division being deposited and your finance approval. Stamp duty on the $300,000 land is arranged by your conveyancer.
$270,000 land balance at settlement
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Build stage 1
Base stage
Footings and concrete slab completed.
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Build stage 2
Frame stage
Wall frames and roof trusses erected.
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Build stage 3
Lock-up stage
Roof covering, external walls, windows and external doors installed.
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Build stage 4
Internal linings stage
Plasterboard and specified internal wall and ceiling linings installed.
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Build stage 5
Fixing stage
Internal doors, architraves, skirtings, cabinetry and specified fixtures installed.
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Build stage 6
Practical completion
Contract works completed to the agreed practical completion requirements.
The stages, the amount due at each and the timing are set by the building contract with Stunning Homes, which you receive before you sign.
How stage payments work.
You pay as it is built
Stunning Homes sends a claim when each stage is finished. You pay for work that is done, not in advance.
With a construction loan
Your lender usually checks each stage and pays the builder directly. Interest is normally charged only on what has been drawn so far. Ask your lender how theirs works.
Watch it go up
We send photos at each stage, and walk the site with you on a video call if you are not in Adelaide.
Progress payment schedule
| Stage | Construction milestone | Payment |
|---|---|---|
| 1 | Base stageFootings and concrete slab completed. | Due when the stage is complete |
| 2 | Frame stageWall frames and roof trusses erected. | Due when the stage is complete |
| 3 | Lock-up stageRoof covering, external walls, windows and external doors installed. | Due when the stage is complete |
| 4 | Internal linings stagePlasterboard and specified internal wall and ceiling linings installed. | Due when the stage is complete |
| 5 | Fixing stageInternal doors, architraves, skirtings, cabinetry and specified fixtures installed. | Due when the stage is complete |
| 6 | Practical completionContract works completed to the agreed practical completion requirements. | Due when the stage is complete |
| Total build contract | $396,000 |
GST included. The $39,600 build deposit is part of the $396,000. The amount due at each stage is set by the building contract, which you receive before you sign.
The numbers so far
| When | Land | Build |
|---|---|---|
| Deposits, after cooling-off | $30,000 | $39,600 |
| Land settlement | $270,000 | — |
| Build stages, base to completion | — | $356,400 |
| Total | $300,000 | $396,000 |
$696,000 in total, GST included. The $356,400 build balance is paid across the six stages above.
For investors. There is no rent until the home is finished, and loan interest may start at land settlement. Allow for that holding cost in your numbers. This is general information, not financial advice.
Ready when you are.
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