Dover Heights Renovation Finance: Budget and Payment Checklist

Before requesting finance for a Dover Heights renovation, turn the project into a documented scope, budget and payment schedule. Your broker needs to understand what will be built, how much funding is required and when payments are expected.

Our Dover Heights mortgage broker page explains the local service. This checklist focuses on preparing a renovation proposal, including questions to resolve before relying on loan funds.

Describe the work and its current stage

Explain whether the project involves cosmetic improvements, structural alterations, an extension or a rebuild. Identify the current stage: early design, quotes, approvals, signed building contract or work already underway.

Provide available plans, specifications, quotes and contract documents, and identify any approvals still outstanding. Ask your builder and relevant advisers to clarify gaps or differences between the drawings, quoted scope and proposed contract.

Prepare the total project budget

Separate the building contract from other expected expenses, such as design and consultant fees, approvals, demolition, landscaping, fixtures and temporary accommodation. Identify exclusions, allowances and items you intend to purchase directly.

Allow for a contingency based on the project and advice from your building professionals. Show the cash you intend to contribute and the amount you want to borrow. Do not treat an unapproved loan increase or an expected future valuation as available funding.

Match payment dates to the proposed funding

Provide the builder’s proposed deposit and payment schedule. Ask the prospective lender how funds would be released, what evidence or inspections may be needed and whether your contribution must be used at a particular stage.

Check how early expenses and any difference between a builder’s payment request and the lender’s release process would be covered. Ask your broker to clarify these points for the actual proposal before assuming that all funding will be available upfront.

Explain the existing mortgage and household costs

Provide current mortgage statements, income records, expenses and other commitments. Discuss whether the request involves a top-up, refinancing or another suitable funding arrangement. Review the proposed repayments and costs alongside your home loan options.

If you expect to move out, reduce working hours or carry additional costs during the build, include those changes in the budget. Explain whether the property will remain your home or have another intended use.

Plan for variations and completion

Ask your builder how variations will be priced, approved and recorded. Discuss how additional work or cost overruns would be funded; do not assume the lender will automatically increase the approved amount.

Ask what completion documents, inspections or other requirements would apply to the proposed loan. Keep an updated budget showing approved work, amounts paid, remaining costs and cash still available.

For broader purchase and renovation planning, see the Bronte checklist. If several properties support existing loans, use the Point Piper refinance planning guide to organise the current position.

Prepare the personal records in our application document checklist, explore the Eastern Suburbs finance guides or discuss your Dover Heights renovation on 02 9389 1077. We act as your broker; the selected lender makes the credit decision. General information only. Finance is subject to assessment and approval.