If you are planning to build your dream home
or renovate, this loan is perfect for you.

  • 4.41%
    variable rate p.a.*
  • 3.82%
    comparison rate p.a.*

Building or renovating?

Our construction loan is perfect if you:

  • Have bought land and are looking to begin building
  • Are completing extensive renovations to your exisiting property.
The construction loan offers a competitive interest rate that converts to our market-leading Offset variable home loan once the construction of your new home is complete.

What do I need before I apply?

Before you can apply for a construction loan you must have:

  • Finalised the purchase of your land
  • Selected a licenced Master Builder 
  • Building plans
  • Copy of the fixed HIA/MBA Building contract

The building contract needs to be a fixed price contract so cost of each building stage is preset. This ensures no hidden costs are incurred during the construction process that could complicate the finance arrangements. 

Construction home loan features

  • Available for owner occupier and investor
  • Reverts to Offset Variable on completion
  • Five progress claims and progress valuations
  • Interest only for the first 12 month during construction
  • Maximum loan amount is $1,000,000
  • Borrow up to 90% of the total land and building value

Online doesn't mean impersonal, let's talk!

Brodie has been with for over four years. As an experienced Lending Manager, Brodie can answer all your questions and help you start saving sooner.

Speak to one of our friendly and experienced Lending Managers, like Brodie, to find the right low rate loan package for you. Call 7am - 7pm Monday to Friday.

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Features, rates & fees brochure

Get all the information you need on different loan features, rates & fees in this easy-to-read loans guide.

From streamlined packages to fully-featured loans, you will find the low-rate home loan to suit your lifestyle.

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How are the funds released over the progress of the build?

Progress inspections and invoices
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.

Funds for the construction are released to the builder within five business days. This is to make sure the builder is paid for the work completed once each project milestone is met. 


Progress payments to your builder
The funds available for construction will be drawn down via progress payments which are paid directly to your builder.

This way you are only charged interest on the funds used and not the total approved loan amount, which reduces the interest you pay.

The different stages of a construction loan

Construction loans – How do they work?

If you are buying established property then it’s a fairly straightforward procedure. You save a deposit and then a lender will provide the money for your purchase. When you have the keys to your new property in your hands you start paying back the loan on a principle and interest or interest-only basis.
But what if you are building a new home, or carrying out extensive renovations?

Who is is an Australian owned, multi award-winning online lender. We have earned our track record with low interest rates and flexible finance products.

Since 2011 has been able to meet the needs of tens of thousands of customers around Australia; people just like you. We continue to innovate to stay ahead of the competition and give our customers the best of what new technology can bring to money management. 

Our awards

In 2017 and 2016, has received 5 star ratings for our variable rate home loans from Canstar. We also were named the 2015 Home Lender of the year in Mozo's Expert Choice Award plus many others, including Money Magazine's Cheapest Home Loan - Non-bank two years in a row.

See all our awards

Fast track your application

If you're ready to move fast on your home loan, we can get you there with our speedy, hassle-free online application process.

Get your loan from approval to settlement quickly with onTrack, giving you control over your application, 24 hours a day, 7 days a week.

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