Apply NowBuild your dream home.
We handle the finance.
Construction loans work differently to standard home loans — funds are released progressively as your home is built. Our brokers specialise in new builds, house & land packages, and knockdown rebuilds across Australia.
Progressive drawdown simulator
Interest charged only on drawn funds — not the full loan amount. Click a stage for details.
What paperwork do I need?
Exactly what to prepare at every stage — from pre-approval through to final handover. Tick off items as you gather them.
Pre-Approval
Before signing any contractGet conditional approval before committing to a builder or land. This confirms your borrowing capacity and gives you confidence to negotiate.
Must be dated within 30 days
Self-employed: 2 years business + personal
Savings, transaction, offset accounts
Must be current and not expired
Showing genuine savings history (3+ months)
Home loans, car loans, personal loans
If recently started a new job
Lease agreement + last 2 years rental income
Not sure what you need?
Our brokers will tell you exactly what your lender requires — free of charge.
Broker tip
Start gathering documents before you sign anything. Lenders can take 5–10 business days to process each drawdown — having your paperwork ready avoids costly delays that hold up your builder and can trigger variation claims.
What's included in my drawdown?
Click each build stage to see exactly what the lender inspects before releasing funds — and use the checklist to track your readiness.
Slab / Base Stage
0/5 required items verified · 0/7 total
Lender note
Lender sends a progress valuer to physically inspect the slab before releasing funds. Typically takes 3–5 business days from inspection request.
Broker tip
Ensure your builder has the engineer's certificate ready before requesting the drawdown — this is the most common cause of delays at this stage.
Lender inspection checklist
Site excavation complete
Footings / pad footings poured and cured
Slab poured and cured to specification
Plumbing rough-in under slab complete
Engineer's inspection certificate obtained
Council inspection passed (if required)
Site drainage installed
Tick items off as your builder completes each one
Ask a broker about drawdownsVariations & cost overruns
What happens when the build goes over budget — and how lenders respond. Select a scenario to see the exact process.
Minor variation
Low riskSmall upgrades like swapping floor tiles, adding a ceiling fan, or upgrading tapware. These are common and usually handled within the contract contingency.
Most lenders don't require notification for minor variations under $10,000 if they're within the original contract scope. Your builder handles these directly.
Always get variations in writing from your builder — even small ones. Verbal agreements cause disputes at handover.
Step-by-step process
Written variation with cost breakdown
Keep a copy for your records
No lender notification required
Paid at completion drawdown
Facing a variation right now?
Don't sign anything until you've spoken to your broker.
Fixed-price contract
Insist on a fixed-price HIA or MBA contract — not a cost-plus arrangement.
10% contingency buffer
Budget an extra 10% above your contract price for variations and site surprises.
Home warranty insurance
Mandatory in most states — covers you if your builder can't complete the work.
Vet your builder first
Check ASIC, state licensing authority, and ask for 3 recent client references.
What will my repayments be?
See exactly how interest-only repayments during the build compare to your full P&I repayments after completion.
Your Build Details
LMI may apply above 80% LVR
Select build stage
Monthly interest-only repayment
Slab stage · $72,000 drawn (10% of loan)
Interest-only repayments start low and increase as each stage is drawn. You're only charged on funds actually released to your builder.
Construction vs established — stamp duty comparison
With a house & land package, stamp duty is only charged on the land — not the build. See how much you save compared to buying an established home of the same value.
Your details
Stamp duty on land only
Based on land price of $350,000
$10,675
on $350,000
$29,025
on $800,000
You save $18,350 in stamp duty
by building instead of buying established in Queensland
Estimates only. Stamp duty rates change and concession eligibility varies. Confirm with your conveyancer or a Fairbanks broker before settlement.
Your construction loan timeline
From pre-approval to handover — see estimated dates based on your build budget. Click any phase for details.
Pre-approval start
May 2026
Build commences
Aug 2026
Estimated handover
Mar 2027
Total journey
44 weeks
Side-by-side builder comparison
Enter two builder quotes and compare inclusions, price, and timeline. Differences are highlighted automatically.
inclusion score
inclusion score
Cost per square metre
Builder A
$485,000 ÷ 248m²
Builder B
$512,000 ÷ 261m²
Builder A delivers $6 less per m² — that's $1,488 in effective savings on the same floor area.
Value analysis
Builder A scores 2 inclusion points at $485,000 — $242,500 per point. Builder B scores 5 inclusion points at $512,000 — $102,400 per point. Builder B offers better value per inclusion.
Before you sign a building contract
Tick off each item before committing to a builder. Critical items are marked — these are non-negotiable for lender approval.
Your readiness
More to verifyRegistration & Licensing
0 of 4 verified
Builder holds a current builder's licence in your state
Licence is in the same name as the building contract
Builder is registered with the relevant state authority (e.g. QBCC, VBA, NSW Fair Trading)
No disciplinary actions or licence suspensions on record
9 critical items still to verify
Get broker help with builder vettingFirst Home Owner Grant available for new builds
Building a new home? You may be eligible for the FHOG — up to $30,000 in QLD, $15,000 in SA, $10,000 in NSW, VIC & WA.
Construction loan FAQs
A construction loan releases funds progressively as your home is built — typically across 5 stages: slab, frame, lock-up, fixing, and completion. You only pay interest on the funds drawn down at each stage, not the full loan amount. Once construction is complete, the loan converts to a standard principal & interest home loan.
Most lenders require a minimum 5–10% deposit for a construction loan, though 20% avoids Lenders Mortgage Insurance (LMI). The deposit is calculated on the total completed value (land + build cost), not just the land price. First home buyers may qualify for the First Home Guarantee with as little as 5% deposit.
Yes — the First Home Owner Grant (FHOG) is specifically designed for new builds and is available in all states and territories. In Queensland the grant is $30,000, in NSW $10,000, in VIC $10,000, in WA $10,000, and in SA $15,000. Your Fairbanks broker will confirm the current grant amount for your state and help you apply.
A fixed-price (or fixed-sum) building contract locks in the total build cost before construction begins. Lenders require this because it gives them certainty about the final loan amount and completed property value. Cost-plus contracts are generally not accepted by mainstream lenders.
If costs exceed the fixed-price contract, you'll need to fund the difference yourself — lenders won't increase the approved loan amount mid-build. This is why choosing a reputable builder with a genuine fixed-price contract is critical. Your Fairbanks broker will advise on building a contingency buffer into your budget.
Absolutely. Construction loans are available for both owner-occupied and investment properties. Investment construction loans are typically interest-only during the build and can be structured to maximise tax deductibility. Your broker will recommend the right loan structure based on your investment strategy.
Pre-approval can be obtained in 2–5 business days. Formal approval after signing building contracts typically takes 5–10 business days, as the lender needs to assess the builder, plans, and fixed-price contract. Your Fairbanks broker manages the entire process and liaises directly with the lender on your behalf.