Construction Loans

Residential and commercial construction projects

Your independent lending expert

My Finance Agent is your FBAA Finance Broker of the Year for NSW & ACT

FBAA Finance Broker of the Year (NSW & ACT) 2023

My Finance Agent wins Best Professional Services in the Local Business Awards Sydney

Local Business Awards Winner Best Professional Services (Sydney) 2019 & 2024

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FBAA FINANCE BROKER OF THE YEAR (NSW &ACT) 2024

Australia's award-winning mortgage broker My Finance Agent

Build smarter with a tailored loan

Easy, supportive experience! So glad I reached out to the team. Much quicker than I expected for the process as well! Thank you again team. —Tay

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Best mortgage broker near me - My Finance Agent Sydney & Bathurst - All your lending needs

We guide you through the construction loan process, from start to finish.

BUILD OR RENOVATE WITH CONFIDENCE

Whether your project is residential or commercial, we work closely with you to first formulate a finance strategy, and then with your chosen lender and builder to create a detailed progress payment schedule, ensuring funds are available at each stage of construction. We can also assist with disbursing funds, if needed.

As construction progresses, you'll submit invoices from your builder to the lender. Some lenders may charge progress payment fees to cover their inspection costs. We work with you and the lender to keep these to a minimum.

Unlike many brokers, we continue supporting you with annual loan reviews to ensure your loan remains competitive. We are always looking for ways to improve your rate or terms.

Get a construction loan with Sydney's best mortgage broker

Why choose us as your broker?

Expertise and tailored solutions

My Finance Agent NSW Mortgage Broker of the Year

5.0 CUSTOMER RATING

150+ reviews

Ready to bring your construction plans to life?

You can rely on us to ensure that the loan process goes smoothly.

Paperless process

Forget about the stress of a paper chase. Our document management process is nearly 100% electronic for your convenience, privacy and peace of mind.

Smooth settlement process

We coordinate with you and your parties, as well as the vendor's representatives, to make sure everything goes smoothly.

Follow up care & appreciation

Where other brokers wave goodbye, we turn up with a housewarming gift. We also conduct post-settlement check-ins and annual reviews for the life of your loan.

Customised strategy

Owning assets can open up all sorts of wealth-building opportunities. If you are interested in investing, retiring, growing a business, or simply paying off your mortgage sooner, we can help to devise a customised strategy.

Construction loans differ from standard property loans

We guide you through the complexities of construction loans, developing solutions tailored around your financial goals and needs. With over a decade of experience, we handle even the most challenging deals with ease.

Loan structuring

We design loan arrangements that suit your situation. For example, we can help create a detailed progress payment schedule outlining when funds are released at various stages of construction.

Eligibility

We will help you assess your eligibility and prepare documentation, including building contracts, builder's license, building plans, additional work quotes, council approvals and engineering reports.

Great rates

With access to over 60 lenders, including residential and commercial construction specialist lenders, we are committed to finding the best interest rate and loan options to suit your construction project and financial needs.

Application process

We streamline the construction loan process, helping with paperwork and guiding you every step. Our team ensures your loan application is stress-free from start to finish.

Construction Loan FAQs

We're here to answer all of your questions.

Eligibility criteria vary between lenders and depend on whether the project is residential or commercial. Generally, you’ll need at least a 20% deposit (or a lower deposit with Lenders Mortgage Insurance), a good credit history, stable income to cover repayments, approved building plans, and builder credentials (licensed, insured, with a proven track record). If you already own land or an existing property (for major renovations), you may be able to use it as equity to help meet the deposit requirements or secure the loan.
For pre-approval of a residential project, you'll generally need proof of identity, basic proof of income (such as recent pay slips or tax returns), details of your assets and liabilities, and an estimate of the construction costs. For a commercial project, you may also be asked for a detailed business plan outlining the project's viability, projected rental income (if applicable), and potentially a feasibility study. For final loan approval, you'll need all of the above plus council approved building plans and specifications, building contract, and builder's license and insurance details. Many lenders will also require quotes for additional building works, quantity surveyor report, soil tests and engineering reports, and so on.
The construction loan process begins with securing pre-approval, where the lender assesses your financial situation and eligibility. You will be asked to provide detailed documents, including council-approved building plans and a fixed-price contract from a licensed builder.

Once approved, the loan is structured in progressive drawdowns, where the lender releases funds in stages as each phase of construction is completed. Interest is typically only charged on the funds drawn down during construction. Once the building is finished, the loan converts to a standard owner-occupier home loan, investment loan or commercial property loan, and regular repayments begin.

We remain in touch to check that the loan is set up properly and running smoothly. We then conduct a loan review every year to ensure that your rate, terms and loan features are always market-leading for your situation.
Construction loans can take between 4 to 8 weeks, depending on the complexity of your situation and how quickly the required documents are provided. Pre-approval can happen within a few days, but full approval, which involves reviewing building contracts, plans, and financial documents, generally takes longer. Delays can occur if documentation is incomplete or if there are issues with the building contract or council approvals. Once all paperwork is in order, the lender will process the application and issue final approval.
The loan fees may include but not limited to loan application and establishment fees, Lenders Mortgage Insurance if your deposit is less than 20%. Some lenders charge fees for each drawdown or stage payment during construction and/or for valuations at different construction stages. Loan fees are often higher for commercial projects because of the larger loan amounts and more detailed assessments involved. An important part of our service is ensuring that all fees and charges are taken into account when comparing loans, as well as helping you manage and minimise lender costs.
The first step is reviewing your financial position, type of construction project, and goals. We suggest beginning with a consultation to explore your needs and loan options.

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Customised construction loan solutions for every project

Building is a significant commitment, and we're here to ensure it doesn't strain your finances - or relationships! We create strategic solutions to help you achieve your goals with confidence.