Planning to build your dream home or take on a major renovation? Construction loans fund the building process, releasing money in stages as the work progresses.
Unlike a standard home loan, a construction loan lets you draw down funds as each stage is completed, so you only pay interest on the amount you’ve used. As a result, it’s easier to manage cash flow and keep your budget on track.
Construction loans can seem complex, but we’re here to make them simple. From the first chat to settlement and beyond, we guide you through each step so you always know where you stand.
Why choose a construction loan?
Building lets you create a home that suits your lifestyle, from the floor plan to the finishes.
Because you choose the materials and features, you have more control over what you spend.
The lender releases payments in stages, so you only pay interest on what you’ve drawn down. That helps you manage cash flow while you build.
A new build or major renovation can add significant value to your property once you finish.
How construction loans work
First, we talk through your building plans, budget and timeline so we can tailor your finance options.
We then help you get pre-approval, so you know your budget before you sign with a builder.
Next, you’ll need detailed quotes from your builder. We review them with you to make sure they fit your finance.
Council approvals also need to be in place before the lender releases any funds, and we help you check that nothing is missing.
Once your quotes and plans are ready, we prepare and lodge your construction loan application.
After approval, the loan settles and your builder can get started.
During the build, the lender releases funds in stages as your builder completes each part of the work. Our team keeps track of the drawdown schedule and works with your builder so payments go smoothly.
When the build is finished, a final inspection confirms everything matches the plans before the lender makes the last payment.
Finally, we help you move your construction loan onto a standard home loan if that applies to you.
What to expect from your broker
Construction loans need careful handling, and our brokers know how to guide you through every stage.
Your advice is tailored to the details of your build, whether it’s a first home, a knockdown rebuild or a major renovation.
Instead of jargon, you get plain English explanations of loan structures and terms, so you understand every detail.
As your build progresses, we stay on top of the finance side and keep you informed, so deadlines don’t sneak up on you.
Ready to build?
Building a new home is exciting, and we’ll be with you every step of the way. Let us take care of your construction loan so you can focus on the fun part.
Before you start, check the hidden costs of buying and estimate repayments with our repayment calculator. Then call us or book an appointment to talk about your project.