Construction Loans
Break ground without breaking the bank
We’ll secure the right construction loan to help you build the home of your dreams.
We’ve spent years helping clients secure construction loans to build houses that become homes
Construction loans are used to fund the construction of a new home or significant renovations. Unlike traditional mortgages, where the entire loan amount is disbursed upfront, construction loans release funds in stages as the project progresses (also known as “progress payments”). This means you only pay interest on the amount disbursed, not the total loan amount.
How can we help you?
We have access to a wide network of lenders; meaning we can shop around on your behalf to find the best terms and interest rates for your construction loan.
Applying for a construction loan involves extensive paperwork and documentation. We help you gather the necessary documents and guide you through the application process, saving you time and hassle.
We are skilled negotiators who can advocate for you during the loan negotiation process. We will help secure favourable terms, such as competitive interest rates and flexible repayment schedules.
We manage progress payments. This means we’ll handle the disbursement of funds to the builder at each stage of construction, ensuring that payments are made promptly and in accordance with the agreed-upon schedule. This service provides peace of mind, allowing you to focus on other aspects of the project.
We have access to more than 60 lenders including major banks, second tier & private lenders
Meaning we will find you the options that best suit your needs. Each lender has different application requirements, ever changing policy and risk appetites, so it pays to work with an experienced mortgage broker to find the right fit.
Want to know more about us? Meet the faces behind Achievement Finance.
Broker vs. Bank — Who should you choose for your construction loan?
The alternative to working with a Finance Broker is to go directly to a bank to secure your construction finance. However, you are then restricted to that bank’s specific loan products, interest rates and policies.
This could result in missed opportunities for you for potentially better (lower) rates or products available from other banks, as well as limited flexibility in customising the loan to fit your specific needs.
As your Brokers, we have access to multiple banks, which means we will present you with multiple loan options tailored to you, rather than favouring any single bank. Once the options are presented to you, you can then select your preferred bank, and don’t worry, we will provide you with guidance and recommendations to make this decision!
EXCELLENT
Based on 172 reviews
Posted on Google
Nelson PellegrinoI had a terrific experience with Terry and the team at Achievement Finance. They were very professional and helpful throughout the purchase of my first home, with great communication and advice along the way. They also helped me through the process of removing the guarantee from my parent’s house, which made things so much easier. Would definitely recommend Terry and the team!
Owner's reply
Thanks for your lovely review Nelson! It was a pleasure helping you with your home loan, and then being able to remove the parental guarantee so soon after - such a great outcome 🎉Posted on Google
Chris BeattyAchievement Finance recently helped me sort out both my home renovation and investment property refinancing, and the whole experience was genuinely impressive. Terry’s experience really showed — well considered options and everything explained in a way that made the decisions straightforward. I particularly liked the Credit Proposal document. It broke down the reasoning behind each recommendation clearly and made the whole process easy to follow. The Application/Approval dashboard software was brilliant — being able to see exactly where my application was at, in real time, was a great help with juggling other plans reliant on the credit. Danielle’s support throughout was exceptional. She was proactive, reassuring, and always on top of things, which made the entire experience smooth from start to finish. I highly recommend Achievement Finance.
Owner's reply
Thank you for your kind words, Chris. It was a pleasure working with you and we are very happy to hear you felt well supported throughout the home loan process. Hope all is going well with the renovations!Posted on Google
Mark AylmoreTerry and his team were very helpful and efficient in organising our loan
Owner's reply
Thank you Mark - it was a pleasure assisting you and Patricia with your home loan!Posted on Google
Sonia Ruiz PérezWe were recommended Terry at Achievement Finance by one of our closest friends, and it turned out to be one of the best recommendations we’ve ever received. It took us almost two years from the moment we first reached out to Terry until we finally purchased our home, and throughout that entire journey he was incredibly patient, supportive, and always available to answer our many questions. As first-home buyers from overseas, the Australian home-buying process was completely new to us, but Terry took the time to explain every step clearly and made sure we always understood our options. Terry is an outstanding professional with an exceptional work ethic and extensive knowledge of the industry. What impressed us most was that we never felt like just another client—he genuinely had our best interests at heart and always provided honest, and transparent advice. We couldn’t have asked for a better mortgage broker, and we are so grateful for all of Terry’s guidance and support. We would recommend Terry and Achievement Finance without hesitation to anyone looking for someone they can truly trust.
Owner's reply
Hi Sonia, thank you so much for your incredibly kind words! Buying your first home in a new country is a huge step, and we're grateful you chose us to be part of that journey. It was a pleasure helping you and Eric over the past two years and we're delighted to see all your patience and hard work pay off. Wishing you both every happiness in your new home! 🏡Posted on Google
mason staceyTerry was very helpful as a first home buyer with any questions didn’t hesitate to always ring up definitely gave a easier in-site to buying 👍
Owner's reply
Thanks Mason! Was a pleasure assisting you with understanding your borrowing capacity to purchase your first home.Posted on Google
AlexEmzLuke, Terry and the rest of the team made the process of buying my first property a breeze. They had great options that were best suited to my situation, and kept me in the loop every step of the way. Couldn’t recommend them enough!
Owner's reply
Thanks Alex 😄 Congratulations again on your new home! 🏠🎉Posted on Google
AidanAnother successful deal done thanks to Terry, Luke, Danielle and the team. Their knowledge and expertise are second to none, and the communication was excellent the whole way through, with regular updates keeping us informed at every step. Highly recommend.
Owner's reply
Hi Aidan, we appreciate your lovely review. It's always a pleasure working with you and Ishbel. Congrats again on this exciting new chapter!Posted on Google
Jeanine MurphyI recently completed a refinance through this company and was extremely impressed with the level of communication, professionalism, and support throughout the entire process. The refinance was quite complex, however the Terry and the team took the time to clearly explain every step, provide sound advice, and ensure I fully understood my options before making decisions. Their communication was excellent — prompt, transparent, and reassuring during what could have otherwise been a stressful process. I particularly appreciated their attention to detail, responsiveness to questions, and ability to navigate challenges efficiently. The guidance and advice provided made the process feel seamless and well managed from start to finish. I would highly recommend this company to anyone looking for knowledgeable, trustworthy, and client-focused refinance support.
Owner's reply
Wow such a lovely review, thank you Jeanine! We appreciate your kind works and it was a pleasure assisting you with your home loan refinance. We look forward to working with you again in future 😃Posted on Google
Jack SheppardGiven our loan was not a straightforward one. Terry and the team certainly made a complex situation feel achievable and as easy as it could be made for us. Throughout the whole process the team has taken the time to inform us of all we needed to know and really provided us with a great service. Thank you again for all your help guys.
Owner's reply
Thank you so much! It was a pleasure assisting you with your construction home loan. Wishing you all the best with your build 🏡Posted on Google
Lovina GowryBoth Terry and Danielle are very meticulous and have always been on the top of things. Finances are very complicated usually for non finance individuals like us and we want things easy - both of them are extremely effective and prompt. I would definitely recommend them.
Owner's reply
Thank you Lovina for your lovely review! Our job is to make the home loan process as streamline and stress-free as possible for you 😊 Wishing you all the best, and look forward to working together again in future.
Questions?
We have answers.
A construction loan is specifically tailored to finance the construction or significant renovation of a property. Unlike a standard mortgage, where the total loan amount is provided upfront, a construction loan disburses funds gradually as the project progresses. This phased approach ensures that funds are available at each stage of construction, from laying the foundation to completing interior finishes.
A progress payment schedule, (also known as the loan drawdown process), outlines when funds are released during the construction process. Payments are typically tied to specific milestones, such as completing foundation work or reaching the framing stage. Before construction begins, the borrower, builder, and lender agree on the schedule. As each stage is completed, the borrower requests a drawdown, and the lender inspects the progress before releasing the funds.
Yes, your broker can assist you in managing the progress payments to the lender. Brokers often play a vital role in coordinating communication between borrowers, lenders, and builders throughout the construction process. They can help ensure that drawdown requests are submitted accurately and on time, liaise with the lender to expedite the inspection and approval process, and provide guidance on navigating any issues that may arise during construction. Having a broker involved can streamline the process and provide valuable support to borrowers throughout the loan drawdown process.
Yes, obtaining a construction loan often requires meeting specific criteria. On top of the usually requirements to obtain a loan, Lenders also typically require detailed construction plans and cost estimates from licensed contractors.
Unforeseen costs are not uncommon during construction, and how they’re handled can vary. Some construction loans include contingency funds to cover unexpected expenses, while others may require the borrower to cover these costs out-of-pocket. It’s essential for borrowers to discuss potential contingencies with their lender and builder upfront to mitigate the impact of unforeseen costs on the project.
Yes, it is possible to refinance a construction loan once the project is finished. Refinancing allows borrowers to replace their existing construction loan with a new loan, often at more favourable terms such as a lower interest rate or longer loan term. By refinancing, borrowers can consolidate their construction loan and any other debts into a single mortgage, simplifying their financial obligations. However, it’s important to carefully consider the costs and benefits of refinancing and consult with a finance broker to determine if it’s the right option for your situation.
$0. Our services come at no cost to you – This is because we are paid a commission by the bank of your choice once your loan has settled. This means you benefit from our expertise and support without an additional out-of-pocket expense.
In the (very) rare event that a fee-for-service is required, we will notify you upfront.
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