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This loan provides funding for building property or extensive renovations in a way that has you pay the lowest repayments during construction.The loan requires a fixed price building contract from a registered builder.The loan is drawn down in instalments to pay the builder. During construction the repayments are usually interest only, payable on only the amount of the loan that has been drawn down. Once the building is completed, the loan will then convert to whatever loan you have negotiated with your lender.


  • Competitive variable interest rates.
  • Facility to draw money when necessary whilst building.
  • Interest only payments during the building period.
  • Additional payments can be made.


  • Requires a fixed price building contract leaving little room for change whilst building.
  • Some lenders charge a fee for every time you draw money whilst building.
  • If interest rates rise your repayments will rise.
  • If you are an owner builder, you will be required to present detailed costings including quotes and all relevant insurances which may be time consuming

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