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!
EXCELLENTTrustindex verifies that the original source of the review is Google. Terry has been great in helping us choose the right loan for our first home purchase, as well as supporting us throughout the loan application process. He has also offered different options to align your loan with our risk profile and repayments, making the process smooth, simple and clear. He will be definitely involved in our next purchase. Thanks Terry for all of your support
Owner's reply
Thanks Gabe! Congratulations again on the purchase of your first home 🏡 It was a pleasure assisting you and Jemma with your home loan finance. All the best and we look forward to working with you again soon.Posted onTrustindex verifies that the original source of the review is Google. The team at Achievement Finance are great people, easy to communicate with and offer great financial services.
Owner's reply
Thank you so much Bianca! Appreciate your lovely review.Posted onTrustindex verifies that the original source of the review is Google. Can’t thank Terry and the team at Achievement Finance enough. They are great at what they do, professional, responsive, and incredibly helpful throughout the entire process. Everything was explained clearly and made easy from start to finish. Highly recommend.
Owner's reply
Thank you so much Bec. It's been fantastic assisting you with your home loan. Wishing you all the best with your renovations and we hope you have a very Merry Christmas!Posted onTrustindex verifies that the original source of the review is Google. me and my partner were very nervous about the whole process of looking into buying our first home. Terry, Luke and the Team at Achievement Finance helped us so much and understanding everything no matter how many questions we had. They made the whole process run smoothly without us having to stress over anything! we couldn't recommend Terry and the Team more, they were amazing!!
Owner's reply
It was our pleasure, Holly! We're so happy for you and Cain as you start this exciting new chapter of home ownership 🏡 Have a lovely Christmas & New Year and we look forward to working with you again soon.Posted onTrustindex verifies that the original source of the review is Google. I had a great experience organising my home loan with Achievement Finance. Terry explained everything really clearly, recommended the best options to suit my needs and kept me updated the whole way through. Thank you for making the process simple and stress free 😄
Owner's reply
Thanks Chiara for your kind words 😄 We are so happy we were able to assist you with your home loan refinance and equity release. All the best with the upcoming renovations!Posted onTrustindex verifies that the original source of the review is Google. Everyone at Achievement Finance has been a great support in helping with our financial goals. Their team is professional, approachable, and always willing to explain things clearly, which made the whole process feel straightforward and stress free. I really appreciated the personalized approach; they took the time to understand my situation and offered solutions that actually fit my needs. Overall, I found them reliable and transparent. I’d happily recommend Achievement Finance to anyone looking for trustworthy financial guidance
Owner's reply
Thanks for such a lovely review Naomi! It was a pleasure assisting you. All the best with your home renovations 😀Posted onTrustindex verifies that the original source of the review is Google. I recently worked with Terry and the team at Achievement Finance when purchasing my first home in Perth and I couldn’t be happier with their service. From day one they offered clear advice on first-home buyer loans and helped me understand how much I could borrow and the incentives available in WA. They negotiated with multiple lenders on my behalf to make sure I got the best rates and made the paperwork for the loan application simple and kept me updated at every step. Making sure I got the best rates and the lowest fees. During settlement they provided guidance in conversation with settlement agents and the bank. They also assisted in setting up my accounts to maximise efficiency and guided me on how to best manage my finances to make the process as smooth as possible. Thanks to their guidance I secured finance much sooner than expected and felt confident throughout the process. If you’re a first-home buyer in the Perth area looking for a trustworthy mortgage broker, I highly recommend Achievement Finance.
Owner's reply
Couldn't wipe the smiles off our faces with this one! Thanks Matt - appreciate you taking the time to leave such a lovely review. It's been a pleasure helping you secure finance for your new investment property 🥳🏡Posted onTrustindex verifies that the original source of the review is Google. Your hard work allowed us to secure our dream block of land in our dream suburb. From start to finish, we felt as if we were in the best hands. Much love & respect to Terry & the entire team. 🙌
Owner's reply
Thanks so much Dan! Over the moon for you both and we can’t wait to see the amazing family home you build 🏡🛠️Posted onTrustindex verifies that the original source of the review is Google. The best of the best! Thankful to have Terry and the Achievement Finance team along on our land buying journey every step of the way. 10/10 would recommend!
Owner's reply
Thanks Aniva! It's been a pleasure to assist you with securing finance for your land. Congrats again! 🎉🥂Posted onTrustindex verifies that the original source of the review is Google. Very thankful for Terry and the team for assisting me in this process. The professionalism, care and support throughout was beyond amazing.
Owner's reply
Thank you Jamie Lee for your lovely review! It was a pleasure assisting you with your refinance - we look forward to working together again in the 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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