Step 1
The surveyor certifies
An independent quantity surveyor checks the stage against the plans and the build schedule.
10 steps from plans to keys.
Every step online, every document signed electronically.
It starts with a 20 minute application. From there the factory takes over for up to 6 months, and repayments begin only once your home is handed over, spread across up to 10 years.
The 10 steps
Steps 01 to 08 carry you to the first draw, step 09 is the build itself, and step 10 is the day it all comes together.
01
Online application
About 20 minutes
Company and director details, identification, your plans, the builder's contract and a financial summary.
02
Link and verify
About 5 minutes
Connect the company's bank account through Basiq open banking, read only.
03
Risk assessment
Automated
We score the company, the directors and the project.
04
Valuation
Independent valuer
The home's value in place and its re-sited value, or the land and home on your company's land, plus the director's property.
05
Letter of offer
Your terms in writing
The facility limit, the draw schedule, the rate and every fee.
06
Legal advice
About 5 minutes to add
Add your solicitor. Every guarantor and co-owner of the mortgaged property takes independent legal advice.
07
Sign by DocuSign
About 30 minutes
The facility, the guarantees, the mortgages and any site deed, signed electronically.
08
Pay your equity
Before the first draw
At least 20% of the contract price from the company's own cash, plus the establishment costs.
09
The build, 5 draws
Up to 6 months
Each stage certified, paid direct to your builder, and titled to your company the same day.
10
Handover and repay
Up to 10 years
Installed, approved, insured and connected. Monthly principal and interest by direct debit.
Proposed terms. Read the full terms
- Signed with DocuSign eSignature
- Bank data through Basiq open banking, read only
- 256-bit encryption on every page
What happens at every draw
At each of the 5 stages, the same 3 things happen, in the same reliable order.
Step 2
We pay your builder
Once the stage is certified, the draw goes straight from Woolong to your builder.
Step 3
Title passes to you
Title to the stage passes to your company, and is secured to Woolong the same day.
A sample build, 9 weeks
DrawWeek 1Week 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9Amount
1 Order$42,000
2 Frame$126,000
3 Fit-out$126,000
4 Delivery$84,000
5 Handover$42,000
Sample schedule on a $420,000 facility. The build tranche allows up to 6 months, your builder's schedule sets the real dates.
While the factory builds, interest simply joins the facility. Repayments begin at handover, once your home is ready to earn.
Step 01 takes 20 minutes.
Grab your plans and the builder's contract, and let's begin.