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. I had an excellent experience working with Terry and Luke on my finance. They were super responsive and kept me updated through the process. My finance was approved earlier than expected and I highly recommend Achievement Finance.
Owner's reply
Thanks Graeme, very happy to hear you've had a positive experience — we look forward to assisting you through to settlement! 🏡Trustindex verifies that the original source of the review is Google. I can't thank Terry and his team at Achievement Finance enough for all their help during my first home buying journey. He was patient, took the time to explain everything, and made sure I understood all my options. The support I received made the whole process so much easier, and I’m truly grateful for his dedication.Terry has been amazing not just for me but for my family as well, and I look forward to continuing to work with him in the future. Thanks again for everything!
Owner's reply
Thanks Sam for your lovely review! We are so happy for you as you enter this exciting new chapter of home ownership 🏠Trustindex verifies that the original source of the review is Google. Have know the family and the business for years and their service is always exceptional. Their knowledge of the industry, ability to make things simple and get a great deal is all part of the service. They also have fantastic customer service. I would highly recommend them!
Owner's reply
Thank you Basil — it's been a pleasure assisting you over the years!Trustindex verifies that the original source of the review is Google. We recently had the pleasure of engaging Terry and the team (again) to help with the purchase of our new house. Once again, we were so impressed with their expertise which made us feel confident going through the process. They are not only knowledgeable but very responsive and efficient. Highly recommend Terry and the whole team and their services! Thanks again!!
Owner's reply
Thanks for your kind review, Cassey! It’s been a pleasure assisting you with your finance for your new home! Wishing you and Jack all the best 🏡Trustindex verifies that the original source of the review is Google. I purchased my first house through achievement finance and i couldn’t recommend their services more. Terry and the rest of the team made the experience smooth and pleasant, leaving no question or worry unanswered.
Owner's reply
Thanks Jackson! Congratulations again to you and Neil on settlement the other day - we hope the move in is going well 🏠Trustindex verifies that the original source of the review is Google. Terry is always helpful and very knowledgable. He’s helped us immensely with our house, will always recommend!
Owner's reply
Thanks Damian, always a pleasure!Trustindex verifies that the original source of the review is Google. Absolutely amazing people to deal with, thanks so much guys! Luke and Sara
Owner's reply
Thanks Luke! So happy we could assist with your refinance 😃Trustindex verifies that the original source of the review is Google. Terry and the team at Achievement Finance have been amazing and made things so easy for us while refinancing our home. It could not have been a smoother process! Thank you guys :)
Owner's reply
Such a lovely review, thanks Sara, we appreciate it 😊 It’s been a pleasure to assist yourself and Luke.Trustindex verifies that the original source of the review is Google. I highly recommend Terry and the team at Achievement Finance. Their customer service is exceptional, going above and beyond to get the best results for their clients. Terry is friendly, approachable and willing to assist in any way that he can to make refinancing a hassle free experience. We have been working with the team for over 3 years and I truly appreciate their professional and efficient mortgage brokerage services.
Owner's reply
Thanks for your kind words & ongoing trust in our team over the years Jessica! We look forward to continuing to support yourself and Damian 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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