Construction Loans
Build your dream home with confidence. From land to lock-up, we help you manage the construction loan process every step of the way.
━━ Construction LoansCONSTRUCTION LOANS AUSTRALIA
Set that dream project in motion with the best finance broker for your circumstances
- ✔Get construction finance for new buildings and renovations
- ✔Fast and simple, get the right deal today
- ✔Compare interest rates from across a panel of over 30 banks
- ✔Obtain competitive rates, fees and terms
- ✔Apply online in minutes with Stryve Finance
What To Know About Construction Loans
What are construction loans?
A construction loan is a loan taken out by a borrower to finance the construction of a new property.
The main difference between a standard mortgage and a construction loan is that with a standard mortgage, the property being purchased serves as security for the loan. With a construction loan, the property being built serves as security for the loan. This means that since there's no guarantee that the property will be finished or even sold once it's completed. Rates for construction loans are charged higher than those of regular mortgages.
Construction loans are also typically shorter-term loans than regular mortgages, because the lender wants to make sure that they're repaid before the property is completed and sold.
How construction loans work
How do construction loans work? When you take out a construction loan, the lender will typically provide you with the money in several stages as the construction progresses. This method is known as progress payments or progressive drawdown.
A construction loan can be a great option for home buyers who want to build their own home. It can also be helpful if you're buying a fixer-upper that needs some repairs or renovations before it's ready to live in. Another use for a construction loan is to finance commercial properties.
When considering a construction loan, it's important to work with a qualified lender who can help you navigate all of the options and requirements.
Benefits of construction finance
Draw down feature
You can draw down in each phase of the construction and only once you approve the inclusions and quality of workmanship.
Less interest payments
Construction loans are interest-only until the construction is completed. Interest only applies on the amount used.
Structure your loan
Additional payments into your construction loan are optimal to reduce the total loan balance. This offers convenience and flexibility.
Save
You pay a smaller stamp duty fee for a construction loan. You also have opportunities to receive grants and concessions since the government incentivises building houses as opposed to buying existing ones.
No dodgy builders
You are protected from sloppy construction and unqualified builders since lenders require licence and insurance policy. You’ll release the progress payments only every after stage completion.
Frequently Asked Questions on Construction Loans
Why work with Stryve Finance broker for your construction loan financing
From vehicles right through to equipment, we help you position yourself for success whether it’s personal and business-related.
Construction loans can be a complex and time-consuming process, so it's important to work with a mortgage broker who knows the ins and outs of construction lending.
Stryve Finance has years of experience in construction loan financing, and we can help you get the loan you need to get your project off the ground. We'll help you find a construction loan that fits your budget and timeline and answer any questions you have from start to finish.
Contact us today to learn more.
Get StartedWe offer flexible lending solutions for construction financing
See what our clients have to say about us
I could not fault Dylan throughout the entire experience working with him. Both husband and I are very new to the world of refinancing and home loans, etc and Dylan was so incredibly patient and clear with all information and options. He was incredibly professional, responsive and friendly and made the entire experience so easy. I will definitely be working with Dylan again in the future. Highly recommend working with Dylan to get you the best deal as painlessly as possible!
Jordan, ACT
I have dealt with a few banks and brokers during the course of a couple of mortgages. The experience I had with Dylan trumps all former experiences. He offers choice and guides you through the process. He takes away the headache and stress associated with mortgages and constantly keeps you updated. Dylan takes best customer practices to a whole new level and I seriously cannot thank him enough. If you're thinking about a mortgage or refinance - Dylan's your man - simple!
Donna, NSW
Dylan was absolutely fantastic to work with, made our remortgage and investment property loan run seamlessly. Always contactable even during January holidays and Covid. Always gives 100% and attention to detail early on made the process less stressful and gave us confidence
Kristy, NSW
Being a first home buyer can be a nerve-racking minefield but Dylan Bertovic from Stryve Finance made the whole process feel smooth. He checked-in regularly over a two year period (off the plan purchase) and was confident, clear and friendly in his approach. Dylan was a clear leader when other brokers failed to deliver. He was most definitely the most pleasurable person to deal with compared to everyone else in the experience. Also still managed to get us a very competitive rate considering our extremely tricky situation. He made our dream happen and for that we could not thank or recommend him enough!
Dimi, NSW
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