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Have you considered building?

Building your own house can be a wonderful and fun experience – but it can also be a long and expensive process. However, most people cannot afford to pay for the cost of home construction up front, and getting a mortgage can be tricky.

Let Lifestyle Finance guide you through this whole process.  We will give you options with different lenders and take you though step by step from start to finish.

What’s different about a construction loan?

Construction loans are a little different to “regular loans” in that they are usually interest only while the construction process is happening. You will only pay interest on the money that has been drawn from the Loan. So your repayments will slowly increase as your building progresses.

How do I make my payments to the builder?

The Builder will send you progress payments at various stages which providing you are happy with the completion of that stage, we will send your claim to the Financial Institution for processing and payment. This will generally take between 5-7 days providing a valuation is not required.

Most Financial Institutions will only require a valuation done at Base and Practical completion stage.


  1. Deposit
  2. Base
  3. Frame
  4. Lockup
  5. Fixing
  6. Practical Completion

What deposit will I need

Construction Loans normally have a variable rate and in general you can expect a maximum LVR of 90 – 95%. This means that 5 -10% of the market value of the completed house will be required as a deposit.

Variation costs

Your building costs should be included in your building contract but will alter if you decide to change anything. You should discuss this with your builder to avoid any unexpected costs and variations to the building contract.

Call us today on +61 (07) 4944 1302

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