Shortlisting
Leveraging our vast network, HomePay identify candidates with proven track records of excellence.
What is HomePay's builder accreditation process?
The residential construction industry has been plagued with extensive build delays and builder insolvencies in recent years leaving clients with uncompleted builds or long delays on completion.
HomePay was developed to help mitigate these exact risks.
HomePay's accreditation process is designed to ensure that only the most reputable builders are selected as partners. Drawing from HomePay’s extensive networks, HomePay only partners with builders who demonstrate a commitment to excellence, client satisfaction and efficient build times.
To become a HomePay accredited builder each builder must go through the following steps:
01
Shortlisting
02
Desktop Study
Desktop Study
A comprehensive evaluation is conducted, delving into the builder's background and performance.
03
Supplier Validation
Supplier Validation
Through HomePay’s established networks, we verify the builder's reputation and reliability.
04
Discussions with Surveyor/Inspector Networks:
Discussions with Surveyor/Inspector Networks
Where applicable, we engage in dialogue with industry experts to gain further insights on build quality, reputation & build timeframes.
05
Builder Interviews
Builder Interviews
Personal interactions provide us with deeper understanding and insight into the builder's ethos and practices.
06
Two-Day Business Audit
Two-Day Business Audit
A thorough examination of processes, systems, technology, and infrastructure ensures alignment with our quality standards conducted by a Certified ISO lead auditor.
07
Build Quality Audit
Build Quality Audit
We randomly select and assess a number of builds currently underway to ensure compliance to the National Construction Code and Australian Standards, ensuring top-tier craftsmanship. Conducted by industry professionals with over 15 years’ experience.
08
Financial Review
Financial Review
An in-depth financial review across multiple years checks for solvency and viability to ensure the builder is operating on a sustainable financial foundation. Conducted by qualified financial auditors.
HomePay’s accreditation process is a first for the industry and helps our clients mitigate many of the risks involved when building a new home – primarily by selecting the right builder. And best of all, we do not charge clients to use the product and our lenders offer competitive interest rates.
At HomePay it’s not just about the finance, it’s about the outcome.
Get startedFrequently Asked Questions
If I want to build via a HomePay loan who do I contract with? And is HomePay really free?
Everything remains the same as a normal home loan scenario.
You will contract with the builder directly and also with a HomePay partner lender for your home loan (who all offer market competitive rates!) - You won’t need to contract with HomePay at all.
And is HomePay really free you ask? 100% free in fact. HomePay charges our builders auditing fees to enable our team to continue to audit their business to ensure their performance and build times. This enables us to keep our service free so that you won't be charged anything by HomePay, ever!
What happens if my build is completed before the maximum allowable timeframe from loan settlement?
What a good problem to have! And this does happen to clients of HomePay accredited builders with our 2023 average under this timeframe! Currently the maximum allowable build timeframe before repayments are required is between 12 months from loan settlement.
In this scenario, you can either wait until your timeframe is finished to then begin repayments or you can start making repayments early. You remain in control and your mortgage broker can advise you on this.
I want to do a build with a HomePay accredited builder but don’t need to use a HomePay buy now, pay later loan?
No problem, HomePay is happy to include your build in our review framework with builders but we require you to submit your details to us before engaging a builder directly. This ensures we can keep across the builder and the progress of your build. You can do that here.
What does HomePay do during my build?
While you will get updates directly from your builder, in the background HomePay are also reviewing the status of all HomePay builds underway with all accredited builders to ensure they progress as efficiently as possible.
We only review builds that we know about so if you have gone directly to a builder or broker we recommend letting us know immediately about your build so we can add it to our review platform with the accredited builder. There is no additional cost for this.
Click on this link to let us know.
What happens if my build takes longer than the maximum allowable build timeframe from loan settlement?
Currently the maximum allowable build timeframe before repayments are required is 12 months from loan settlement. If your house is not completed within this timeframe you will then be required to start repayments on your home loan as normal.
While the potential for delays exists, HomePay's in depth auditing process ensures that our accredited builders have a proven history of being able to deliver builds within this timeframe, mitigating this risk to the greatest extent possible for you.
The proof is in the pudding with our 2023 build time average coming in under this timeframe for all of our accredited builders.
Importantly HomePay requires our builders to pay penalties to clients for all builds that go over this timeframe. Given your contract is directly between you and your builder we advise you to confirm this clause is contained in your contract with your builder before signing.
Please note that delays for normal items such as weather etc will not be included in this timeframe as there are some things that even a HomePay accredited builder cannot control!
Is there anything I can do to help prevent my build taking too long?
Respond to all requests from your HomePay accredited builder as quickly as possible such as choosing your selections (tap wear, colours, etc) efficiently. Put in the effort up front to prevent the need for any post contract variations.
Is HomePay a financial lender?
No, HomePay does not function as a financial lender, nor do we provide financial advice. Instead, we facilitate access to a "Build Now, Pay Later" loan product through our trusted financial lenders. These lenders offer this unique loan product with market competitive rates only to HomePay clients as a result of our stringent builder selection process.
Why is a “build now, pay later” loan product not common with other lenders that are not partnered with HomePay?
The construction industry has been incredibly volatile since COVID with many builders becoming insolvent or having extensive build delays. This is a great risk to lenders.
Non-HomePay lenders do not have access to HomePay’s builder assessment framework that connects HomePay clients with builders that are financially stable and capable of completing builds in a timely manner.
This precautionary measure aligns with the objectives of our financial lenders, who seek to avoid potential risks associated with insolvency or prolonged construction timelines.
Are other build now, pay later products the same as HomePay?
No, as often the devil is in the detail.
As of 2024 limited other products promote a build now, pay later concept. These products are often limited to a handful of builds in pre-defined developments and are limited to a specific builder who has not been through the HomePay accreditation process.
Loan interest rates may also not be competitive and often the delay in repayments only cover the construction cost, but what about the land!
HomePay delays repayments for both the construction and land loan which makes a big difference in what you need to fund out of your pocket during the build.
I’m a first home buyer and don’t understand what to do next?
Easy– click on the “get started” button below and fill out the enquiry form.
You can select to just get further information or to be contacted by us. If so, we will be in touch to recommend HomePay accredited builders available in your area and also a broker if you require one who can take you through the loan process in detail and answer any questions you may have.
You can also see the steps in the HomePay process here.
Get startedHow much of a deposit will I need?
HomePay’s lender will offer loans up to approximately 95% LVR but this will be dependent on your individual financial situation and whether you plan to live in the property or if it is an investment. You can also use other incentives to reduce your deposit such as First Home Owner Grants.
HomePay doesn't provide financial advice so your mortgage broker will advise you on exactly how much money you will need based on the estimated price of your home and some strategies you can use to help obtain your deposit.
Can I use HomePay to build a custom designed home?
No, HomePay is only available with standard designs offered by our accredited builders.
This is one of the ways HomePay accredited builders help minimise build times and ensure quality as they have been able to deliver these designs efficiently elsewhere.
HomePay accredited builders have a large range of professionally designed homes to choose from and to the those with a love for interior design: You will still have the ability to select colours and inclusions as normal so don’t worry!
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Make the dream of owning your own home a reality
We work with local builders who have demonstrated a record of quality constructions.
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