Construction Loan
A construction loan made easy, so you have the freedom to design and build a property to suit your lifestyle.
Multi-award winning
Construction Loan
-
Build or renovate your dream home
-
Interest only during construction period
-
No monthly or ongoing fees
-
Offset sub-account available after completion
-
Unlimited additional repayments after completion
-
Access your account via Smart Money app
Why our construction loan could be the fit for you
Interest only during construction period
Pay interest only repayments on your home loan during the construction period so you can budget with confidence.
Add an offset
Once construction is complete, you will then have the option to add a 100% offset sub-account to your home loan.
Updates on progress
You’ll receive updates on progress and valuation before a portion of your loan gets released and with zero recurring fees.
No ongoing fees
Enjoy no ongoing fees on your construction home loan.
Need to know more? Here's the whole offer
Here’s your new offer
Repayment Type
Maximum LVR of 80%
Product | Interest rate from | Comparison rate |
---|---|---|
Construction | 6.69% p.a.- | 5.93% p.a.* |
Maximum LVR of 90%
Product | Interest rate from | Comparison rate |
---|---|---|
Construction | 6.89% p.a.- | 6.49% p.a.* |
Up to 30 years loan term | Yes |
---|---|
Available for construction | Yes |
Redraw available after completion | Yes |
Application fee | $0 |
---|---|
Ongoing fees | $0 |
Security assessment fee | $230 |
Government fees | At cost |
Settlement fee | $300 |
Construction admin fee | $120 |
Construction assessment progress fee | $650 |
Construction home loan eligibility
"We found that loans.com.au still had a very competitive rate and we were happy with the service"
Laura
Home loan customers
Join our other customers
“What a joy to deal with Liam and Emira from Loans.com. I started applying for my car loan last Thursday and by Tuesday afternoon the car dealer was paid. Liam and Emira were absolutely brilliant, professional and very informative. My mortgage comes off fixed next June and I know where I will be moving to. Thank you for everything.„
“The loan process was really easy and quick. Staff is really friendly and keep you updated. Highly recommended.„
“The fastest and easiest process I have ever had in regards to any finance. From first chat to settlement in 24 hours and constant communication the entire way! Trina is first class! Emira was SENSATIONAL! BEYOND RECOMMEND!„
“I have dealt with Jessica on a recent new home loan application and Jessica and the team was absolutely amazing to deal with. Super quick and kept with in the loop throughout the process. Second to none customer services!„
“The service and follow up provided by the loans.com.au team was impeccable. I could not have asked for a better service.„
“I was referred to loans.com.au and now I see why, they have exceptional customer service! I feel so fortunate to have had Rena and Trina handle my application. They were both incredibly friendly, kind, and efficient when it came to processing and approving my application. They genuinely care about helping others and made the entire process smooth and enjoyable.„
“I was very impressed with loans.com.au pragmatic credit policies and the excellent service I received from Emira and Trina in applying for and settling my car loan. They also have 2 very user friendly apps to help with the process. Very easy to deal with, I would definitely recommend them to anybody wanting a stress free and smooth experience.„
“Had good experience with Jasmine and Tiffany who supported me along the way from getting a pre-approval quickly, through the purchase and to the settlement. Not to mention competitive rates and borrowing power they provide.„
“Had a great experience with loans.com.au. Was the best rate/lowest fees I could find and the service was faultless. I won't be going anywhere else for vehicle financing in the future.„
“I am tremendously satisfied with Sonia and Harriet’s assistance with my loan applications. Loans.com was recommended by a family friend and Sonia portrayed immense knowledge and professionalism when working with me to get the best financial outcome. Sonia has exceptional expertise in her subject matter and was incredibly responsive, and together the team made sure I was able to meet my deadline without any stress. Fantastic experience – will highly recommend Sonia and her team at Loans.com!„
“In all my dealings with loans over the years, Stuart is hands down one of the best I’ve ever come across. His professionalism, responsiveness, and genuine willingness to help sets a new standard. I would absolutely recommend loans.com.au—and especially Stuart—to anyone looking for a hassle-free and professional mortgage experience. If I could give 6 stars in this review I would.„
“I am with Loans.com.au since 2014 and I have got multiple loans from new purchases and refinance of IP to OO loans. They have been exceeding my expectation every time. I love to deal with them directly and their lending specialist and support staff are second to none compared to other banks including the big 4. Highly recommend!„
As seen on...
It's fast & easy to get a loan with loans.com.au
Apply online
Simply fill out your loan application online by entering some of your details, or chat to one of our friendly lending specialists over the phone and they can complete your application for you.
Speak to a specialist
You will then have a phone appointment with one of our lending specialists to finalise your application, and help you progress through the loan approval process through to settlement as quickly as possible.
Fast track your loan with onTrack
- Gain 24/7 control of your application
- Get alerts straight to your phone
- Easy to download mobile app
Access at your fingertip
You now have access and complete clarity of your loan application on-the-go with onTrack mobile.
The easy to use mobile app will keep you up-to-date with the progress of your loan anytime, anywhere with alerts straight to your phone. It's now even easier to get your loan approved and settled fast, no matter where you are.
Settle
Your loan will settle, and you’ll enjoy your new loan rate.
onTrack
Fast track your loan with onTrack
- Gain 24/7 control of your application
- Get alerts straight to your phone
- Easy to download mobile app
Access at your fingertip
You now have access and complete clarity of your loan application on-the-go with onTrack mobile.
The easy to use mobile app will keep you up-to-date with the progress of your loan anytime, anywhere with alerts straight to your phone. It's now even easier to get your loan approved and settled fast, no matter where you are.
Construction loans
A construction loan is for anyone building or renovating a home, instead of buying an established property. They offer cashflow flexibility since they let you progressively drawdown money throughout the construction process, ensuring you only pay interest on the amount you use.
Related content
For the application and the finalisation of your construction loan, you’ll need Council-approved plans, a signed and dated building contract, a quantity surveyor report, builder risk insurance, and a copy of the builder’s public liability insurance.
With the completion of each stage of your renovation or build, we'll arrange an inspection of the property and then pay the builder directly for the completed work. Each progress payment is called a drawdown.The number of drawdowns will depend on the agreement between you, your builders, and your lender. Loan repayments in constructions loan are interest-only but once the entire renovation is completed, the construction loan will revert to principal & interest repayments, unless you request to extend the interest-only period.
When applying for the First Home Owner Grant, you need to:
- Check your eligibility.
- Collect the required documents.
- Complete your application online or lodge the application through an approved representative.
The First Home Owner Grant is typically provided after laying the slab for construction loans.
You could get a construction loan as an owner-builder, but the funds are still released during the stages of construction.
Building delays may affect when the builder gets paid but not the loan itself. If there is a delay during the frame-up stage, for example, the payment to the builder will also be delayed.
When construction is complete, your construction loan will become a standard home loan. You’ll begin paying off the principal loan amount plus interest until the loan term is finished.
Before construction begins, your builder will prepare a contract outlining each construction stage and associated costs. We then progressively drawdown your loan to pay the builders' costs at each stage. Generally, your construction loan will be interest-only repayments while your home is being built.
Related content
While the house is under construction, you’ll make interest-only payments on the amount paid to the builder. When the house is completely built, your construction loan becomes a standard home loan.
Yes. Whether it's a small property extension or a total knock-down and rebuild, a construction loan lets you draw funds from the loan progressively as your invoices arrive. This ensures you save money, as you only pay interest on the progress payments made until the loan is fully drawn.
Related content
There are typically five stages of building a house with a construction loan. We will finance the construction at each stage. Stages may differ from state to state, but the most common building stages are foundation, framing and brickwork, lockup, second fix, and completion.
Related content
The 6 construction stages are:
- Deposit
- Slab down
- Frame up complete
- Lock-up
- Fixing
- Practical completion
A progress inspection will be carried out by an independent valuer for each building stage. Once your builder sends the invoice to us, a progress inspection will be ordered.
Every house is different, but one thing is for sure, building a new home is exciting. Before you start, it's important to know how much it will cost so you know how much to borrow. Various guidelines exist to help you ask the right questions and calculate a construction budget.
Related content
Konnie
Lending Specialist
Real humans based in Brisbane, Australia
As an experienced lending specialist, Konnie and our team can answer all your questions to get you on track.
Smart friends
Real Good Rewards
As a loans.com.au customer, if you refer a new customer to us we’ll reward you.
Ready to build or renovate your dream home?
Find out of you are eligible for our construction loan.
How often should you refinance your home loan?
Whatever your situation is, refinancing can have benefits. Think carefully if it makes sense to refinance your home loan.
Choosing the best home loan for refinancing
Home refinance loans are not a one-size-fits-all solution. When looking for the best home loans for refinancing, make sure your refinance options have the following.
Should you refinance your investment loan?
Like any investment strategy, you need to consider all the potential risks involved. There’s a right time and place for refinancing your investment loan. Before you delve right in, you need to review your investment carefully.
Can refinancing your home loan save money?
What is home loan refinance?
Tips for a Successful Home Loan Refinance
Refinancing tips for investment properties
A step-by-step guide to the refinancing process
Guide to switching home loans
Is it good to refinance when house price is falling?
What are the costs of refinancing your home loan?
What you will need to refinance your home loan
Welcome to loans.com.au _
Just in case we lose you, may I ask for your contact details....
Loading Form