Construction Loans

Planning to build your dream home or a new investment property? But the finance side of things can sometimes feel a bit tricky. That's where our Construction Loans come in, designed to make the process smoother from start to finish.

Here's the lowdown on how they work:

Payments That Keep Pace with Your Build: Forget about getting one big chunk of cash upfront. With a construction loan, the funds are released in stages – we call them progressive payments. This happens as your builder hits pre-agreed milestones, like pouring the concrete slab, putting up the frame, getting to lock-up stage, fitting out the interior, and finally, when it's all complete. This way, you're only borrowing what you need, when you need it.

Keep Your Repayments Manageable During Construction: While your project is underway, you'll typically make interest-only repayments. This means you're only paying interest on the funds you've actually drawn down so far, keeping your outgoings more manageable during the building period.

Getting Started with a Smaller Deposit: Worried about needing a massive deposit? We can often help you get started with a loan-to-value ratio (LVR) of up to 90%. Of course, if your LVR is over 80%, you'll likely need Lender's Mortgage Insurance (LMI), which protects the lender. We'll walk you through all that so you know exactly where you stand.

Extra Cash? No Worries! If you happen to have some extra funds lying around, you can make unlimited additional repayments on our variable construction loans without any penalties. This can help you pay off your loan faster and save on interest in the long run.

Building your own place is a big deal, and we're here to make the financial side of things as clear and hassle-free as possible. Ready to lay the foundations for your new build? Let's have a chat about your construction loan options!