Construction Loans
Get the finance right before the first brick is laid
Building new or renovating an established home comes with a different loan structure to a standard purchase. We set it up correctly from day one.
Building on the Fraser Coast
Hervey Bay's newer estates continue to attract buyers building from scratch, while established Maryborough homes are more often the site of significant renovation work. Both scenarios typically call for a construction loan rather than a standard mortgage — and getting that structure wrong can mean cash flow stress partway through a build.
How progressive-draw finance works
Rather than handing over the full loan amount on day one, the lender releases funds in stages as your builder completes agreed milestones. You're generally only charged interest on the amount drawn down, not the full approved loan — which keeps repayments lower during the build itself.
What you'll need
- ✓ A fixed-price building contract from a licensed builder
- ✓ Council-approved plans and specifications
- ✓ Land already owned, or purchased as part of a house-and-land package
- ✓ A buffer for cost overruns — we'll help you plan for this, not just the headline figure
Talk through your build finance
Tell us a bit about what you're after and we'll be in touch within one business day.
Common questions
Construction loan questions
How is a construction loan different from a normal home loan?
Instead of receiving the full amount upfront, funds are released in stages ('progress draws') as your builder completes each stage — slab, frame, lock-up, fixing, and completion. You generally only pay interest on what's been drawn down so far, not the full loan amount.
Do I need a fixed-price building contract?
Most lenders require one before approving a construction loan, since it gives them (and you) certainty on the total cost. We can talk you through what your lender will need from your builder.
Can I get a construction loan for renovating an established Maryborough home?
Yes — construction loans aren't just for new builds. Substantial renovations can also use progressive-draw finance, depending on the scope of work and lender criteria.
What happens if the build goes over budget or over time?
This is exactly the kind of risk we talk through upfront — including how much buffer to build into your loan and what your options are if costs move. Better to plan for it than be caught out mid-build.
Planning to build or renovate?
Get your construction finance structured properly before you sign a building contract.
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