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TC3 Insurance Pre-approval, Required To Obtain A Build Loan!

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  • TC3 Insurance Pre-approval, Required To Obtain A Build Loan!

    I am wanting to obtain a build loan for a house to be constructed on vacant TC3 land. The land is yet to be purchased as I am having trouble finding an insurer that can provide a letter pre-approving insurance for a house to be constructed on TC3 land.

    Is there anyone who has or knows of anyone who has received insurance or pre-approved insurance for TC3 property where the insurance is not a continuation or renewal for a house being rebuilt or being transferred from a previously insured house.

    Any tips are greatly appreciated,
    Thanks much!

  • #2
    I have heard of people receiving insurance from Lloyds via a couple of the brokers - costs are pretty up there. Probably through a broker would be your best place to start though.

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    • #3
      I personally wouldn't go there buying TC3 and building on it, especially when there are plenty of new sections coming on board.
      We live in a new house built on now deemed TC3 land that borders the red zone (rental), the road at the end of our driveway is currently flooded as the river is higher than the road.
      We are fixing the foundations on a property in Rocking Horse Rd and the water table is down a metre, every time it rains presently the house floods.
      Don't give yourself unnecessary grief, if the insurers are not insuring its because they have weighed up the risks.
      You will end up over capitalising even if you can get insurance as a new slab foundation with piles will cost you nearly $200,000k before you put the house on top.

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