Build Your Dream Home With the Right Finance
Construction lending is different from standard home loans. We know the lenders who understand it - and we structure your finance to keep costs low while your home is being built.
Progressive Drawdowns, Lower Interest During Build
With a construction loan, you only draw down what's needed at each stage - so you only pay interest on what you've used. We make sure the structure is right from the start.
Construction Loan Snapshot
From Plans to Keys - How We Manage Your Finance
Construction finance is complex. We simplify it.
Planning & Pre-Approval
We review your land, builder contract, and plans. We obtain pre-approval with the right lender before you commit to the build.
Loan Setup
We structure your construction loan with progressive drawdowns aligned to your builder's payment schedule. No surprises.
Build Stage Payments
As each stage is completed, we coordinate draw-down requests with your lender. Your builder gets paid on time.
Completion & Review
Once your home is complete, we convert to a standard home loan - and review the market to keep you on a competitive rate.
Construction Loan Eligibility
Construction loans have specific requirements. Most applicants qualify if they have:
- A registered builder with a fixed-price building contract
- Council-approved plans and permits
- A minimum 5% deposit (or more depending on LVR requirements)
- Stable income to service the loan during and after construction
- Land already owned, or a combined land-and-build arrangement
Construction Loan FAQs
Instead of receiving the full amount upfront, funds are released in progress payments at each stage of construction. You only pay interest on the amount drawn - not the full loan - which reduces your costs during the build.
Most lenders require a registered builder with a fixed-price contract. Owner-builder applications are possible but have stricter requirements - we know the lenders who consider them.
Cost overruns are a common concern. We recommend ensuring your contract is truly fixed-price, and we discuss contingency strategies with you before you commit.
Generally, construction loans are for new homes or major renovations. For granny flats and extensions, a renovation loan or equity release may be more appropriate. We'll point you in the right direction.
Typically 5 - 10 business days for formal approval, assuming documentation is in order. We prepare your application thoroughly to avoid delays.
Talk to an Ignite Broker Today
Whether you're ready to apply or just exploring your options - we're here to help with no obligation.
Book Your Free Consultation
A no-obligation chat with Ali or one of our team. We'll walk through your options and give you a clear picture of what's possible.
Or call 08 8379 3636