Construction - Owner Occupied
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How does it work?
Our construction loan is a great option for you if you’ve bought land and are looking to build, or if you’re completing extensive renovations to your property. So how does it work?
The different phases of a construction loan
Before you apply you'll need:
Finalised purchase
A Licensed builder
Building plans
Building contracts
Builder’s insurance
Once your loan is approved the 6 construction stages are:
Deposit
Slab down
Frame up complete
Lock-up
Fixing
Practical completion
Once construction is about to finish, and before final payment, you’ll need:
A copy of your Occupancy Certificate
A copy of your home building insurance
Signed authorisation, so the builder can fix anything before the final payment is made.
Final payment
Once the final payment has been made we’ll convert your construction loan to a standard variable loan, which will include both a redraw facility and offset-sub account.
Get started
Apply online today. Or, one of our friendly lending specialists can do the hard work for you and manage your paperwork over the phone.
Either way, we can settle your loan quickly so you can start saving thousands sooner.
Construction Owner Occupier Rates
Construction Owner Occupier-
Up to 80%
NA
4.22%
3.45% comp rate*
Want to see more home loan options? Compare our home loans
Top reasons to choose this loan
Interest Only during
construction
Ensure your interest rate doesn’t change during construction period
Progress claims &
valuations
Updates on progress and valuation before a portion of your loan gets released and with zero recurring fees.
No monthly or
ongoing fees
Save thousands over the course of your loan with zero recurring fees.
$0
Application fee
As an online lender, we save in overhead costs and pass those savings directly on to you. So, we don't charge you an application fee.
$0
Ongoing fees
In addition to our great low rates, we don’t charge you any ongoing fees.
$0
Annual fees
Similarly, no annual fees helps save you thousands over the life of your loan.
Home loan repayment calculator
Use our home loan calculator to estimate what your monthly mortgage repayments could be. Whether you're refinancing or just wanting to understand how much you can afford, all you have to do is enter how the amount you would like to borrow, interest rate, home loan term, payment frequency, and repayment type (either principal & interest or interest-only).
Your estimated repayments are
Looking for a home loan under 2%? Look no further. The Smart Booster will help you boost your equity and own your own home sooner.
Our online loan application process
At loans.com.au, we make borrowing simple. We’re here to help you from application through to settlement.
Apply online
Fill out our application online or talk to one of our Australian-based lending specialists to do the hard work for you.
Goodbye paperwork!
Login to onTrack and easily upload the required documents. Plus, you can track your application through to approval.
Settle & save
Our innovative online process gets you to settlement quickly, so you can start saving thousands sooner.
Frequently asked questions
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.
1) Deposit
2) Slab down
3) Frame up complete
4) Lock-up
5) Fixing
6) 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.
- Two (2) most recent consecutive payslips for each applicant
- Three (3) months bank statements showing regular salary credits, including most recent salary credits with the name of the employer evident
- Evidence of Salary Sacrifice or Packaging (if applicable)
- Evidence of Company Vehicle/Car Allowance (if applicable)
- Six (6) consecutive months of home loan statements showing consistent repayment history (if applicable)
If you have income paid to more than one account you'll need statements for all those accounts. Alternatively, you could provide your most recent Tax Assessment Notice and a letter from your employer that confirms your salary.
If you're self-employed, the paperwork will be slightly different. When you refinance a loan, you'll need to provide evidence of your ability to make repayments, so your lender will request two years of business and personal tax returns and ATO assessments.
To avoid paying Lenders Mortgage Insurance (LMI), borrowers need a 20% deposit in most cases.
Once your loan application has been submitted, you will be given access to our online portal onTrack. In onTrack, we will collect some more information from you and you can track your application. When your loan settles, you will be given your referral code in onTrack.
You can refer as many people as you like!
At loans.com.au, we help people into their dream homes and cars.
For the last 10 years, thousands of Aussies have trusted our experienced & locally based team with some of their biggest financial decisions - buying a home, a new car or refinancing to save on interest.
Our customers trust us to support them with low home loan and car loan rates, approved quickly through our easy-to-use online app.
loans.com.au is completely safe and financially backed by Firstmac, Australia’s 12th largest lender. Firstmac has been operating successfully for more than 40 years, and has $16 billion in mortgages under management, as Australia’s leading non-bank lender.
We are also actively involved in our local community with our loans.com.au Women, Children & Community Program designed to support Australian charities on their mission to raise awareness for important causes.
Read our storyRead some of our real good feedback.
The entire team were all very patient as it took a long time for us to find a property
Extremely happy with these guys. I checked them out initially for their low rates but was most pleased with the various team members who helped arrange my loans, especially Ray the lending manager - absolute legend and he deserves a raise - such a great guy who sorted us out all along the way and explained everything very clearly. The entire team were all very patient as it took a long time for us to find a property, including a few false starts at auction. No wait times on the phone with them either. 100% recommended, especially after my experience of being with a major lender for a long time and paying above market interest rates for my loyalty.
Lawrence I.
April 28, 2022
Friendly and efficient service
Seamless experience. Friendly and efficient service.
Garth W.
April 25, 2022
So easy and simple
The whole process from my initial phone enquiry to my loan being approved was so easy and simple. Ray was amazing. He put my nerves at ease and was able to give me sound financial advice. I would definitely recommend loans.com.au to my family and friends.
Melanie F.
April 22, 2022
