Find out if you qualify
DO I QUALIFY?

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.

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 existing 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.
 

ARRANGE A CALL

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 construction that could complicate the finance arrangements.

The different phases of a construction loan

1
2
3

Before you apply you'll need:

1

Finalised purchase

Finalised purchase

2

A licensed builder

A licensed builder

3

Building plans

Building plans

4

Building contracts

Building contracts

5

Builder's insurance

Builder's insurance

Once your loan is approved the 6 construction stages are:

1

Deposit

Deposit

2

Slab down

Slab down

3

Frame up complete

Frame up complete

4

Lock-up

Lock-up

5

Fixing

Fixing

6

Practical completion

Practical completion

Once construction is about to finish, and before final payment, you’ll need:

1

A copy of your Occupancy Certificate

A copy of your Occupancy Certificate

2

A copy of your home building insurance

A copy of your home building insurance

3

Your signed authorisation, so the builder can fix anything that isn't up to scratch before the final payment is made.

Your signed authorisation, so the builder can fix anything that isn't up to scratch before the final payment is made.

Final payment

Once the final payment has been made we’ll convert your dream home loan construction to a dream home loan offset variable.

Meet some of the team

Our friendly, Australian based, Lending and Customer Care experts will ensure you have a quick and hassle-free experience.

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