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Construction Loans

Construction Loan

It is always super exciting when you look at building a brand new home. Just as your builder needs the right tools for the job, the right type of home loan is vital for you. 

Unlike a traditional home loan, a construction loan allows you to draw down the loan at various stages of the build. So, it’s essential you know what to expect at each stage, which is why we’re with you every step of the way during your build, right up to completion.

Best of all, we don’t charge you a fee for our home loan services, as we are paid by the lender when your home loan settles.

Frequently Asked Questions

A construction loan is a type of home loan designed for building a new property or undertaking major renovations. Funds are released in stages as construction progresses, rather than as a lump sum.

Payments are made in stages (also known as progress payments) to your builder at key milestones. You typically only pay interest on the amount drawn down at each stage.

Yes, most lenders require a deposit, usually similar to a standard home loan. The exact amount depends on your financial situation and the lender’s criteria.

Approval timelines can vary, but once approved, funds are released progressively throughout the build. The overall process depends on your builder’s schedule and project timeline.

Yes, in most cases you can choose your builder, but they must be licensed and approved by the lender. We can guide you on lender requirements to avoid delays.

Once construction is finished, your loan typically converts into a standard home loan, and you begin making regular principal and interest repayments.