Construction Loans with Prospect Finance Group
Not all mortgage lenders in Australia are the same—and the right choice can make a significant difference to your project.
At Prospect Finance Group, we invite you to compare your options before you commit. We offer a complimentary construction loan consultation, where we take the time to understand your goals, assess your position, and run a preliminary credit assessment. Our aim is to match you with a flexible construction loan tailored to your needs.
Key Features of Our Construction Loans
- Competitive interest rates from Australia’s leading lenders
- Flexible repayment options
- BPAY functionality for convenient lump sum or scheduled repayments
- Access to professional package discounts
- Low-doc options available for self-employed applicants (subject to lender policy)
- Interest-only options (typically during the construction period, with some availability for established properties)
What is a Construction Loan?
A construction loan (also known as a building loan) is a type of home loan where funds are released progressively to your builder at different stages of construction.
These stages typically include:
- Base stage
- Frame stage
- Lock-up stage
- Fixing stage
- Completion (handover) stage
This structure ensures you only pay for work as it is completed.
Preparing for a Construction Loan
Before applying, it’s important to have the following in place:
- Engage a licensed builder and discuss your requirements
- Enter into a fixed-price building contract
- Agree on a progress payment schedule with your builder
Progress payment structures may vary, and we can guide you through what works best based on your lender and project.
Are You Ready to Build?
For most construction or renovation projects, you’ll need to obtain planning and building permits from your local council. This is usually arranged by your builder or building surveyor as part of the process.
Get Started
If you’re considering building or renovating, we’re here to help.
Contact Prospect Finance Group for a tailored discussion, or request our detailed Construction Loan Guide for a step-by-step overview of the process.