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How does a construction loan work?

A construction loan is drawn down in stages as the build progresses — typically at base stage, frame stage, lock-up stage, fixing stage, and practical completion. You only pay interest on the amount drawn, not the full loan amount. After handover, the loan typically converts to a standard principal-and-interest home loan.

How are progress payments calculated?

Progress payments are based on the percentage of work completed at each stage, as specified in the building contract. The bank will inspect the work (or use the builder's invoice) before releasing each payment. You need to ensure you have enough funds available for each progress payment, as the bank will not release more than the agreed amount per stage.

What grants are available for first home buyers building a new home?

First home buyer grants, transfer-duty concessions and shared-equity programs vary by state and territory and change over time. There is no single Australia-wide FHOG amount or payment timing. Check the current rules with your state or territory revenue office before relying on a grant in your build budget.

Should I get pre-approval before buying land?

Yes, obtaining pre-approval before buying land gives you confidence about your budget and shows sellers and builders you are a serious buyer. Pre-approval is typically valid for 3–6 months. For a construction loan, you will need final approval (unconditional approval) before the builder starts construction.

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Home›Build Knowledge Hub›Finance & Budgeting

Finance & Budgeting

Finance & Budgeting Guides

Funding your Australian home build — construction loans, grants, site cost budgets, and upgrade allowances.

6 guides 4 categories Independent & builder-neutral

From construction loans and first home buyer grants to site cost budgets and upgrade allowances, these guides help you plan the money side of your build before you sign — so the price you see is closer to the price you pay. Understanding how construction loans work, what grants you're entitled to, and how to budget for site costs and upgrades can save you thousands and prevent finance stress during your build.

Featured Guides

Start here — the most important reads in this learning centre

What is a Construction Loan?

How construction loans differ from a standard home loan, and how progress payments work.

5 min readRead

First Home Buyer Grants & Schemes

A state-by-state look at the grants and stamp duty concessions available to first home buyers.

6 min readRead

Upgrade Costs Guide — Full Cost Ranges

Typical upgrade cost ranges across kitchens, bathrooms, flooring and more — budget the extras up front.

8 min readRead

Construction Loans

2 guides

What is a Construction Loan?

How construction loans differ from a standard home loan, and how progress payments work.

5 min read

Construction Loan vs Standard Home Loan

The key differences that affect your repayments and build cashflow.

6 min read

Grants & Concessions

1 guides

First Home Buyer Grants & Schemes

A state-by-state look at the grants and stamp duty concessions available to first home buyers.

6 min read

Legal & Conveyancing

1 guides

What Does a Conveyancer Do?

The role of a conveyancer in your land purchase and build, and what they check.

5 min read

Budgeting for Site Costs & Upgrades

2 guides

Upgrade Costs Guide — Full Cost Ranges

Typical upgrade cost ranges across kitchens, bathrooms, flooring and more — budget the extras up front.

8 min read

What Are Site Costs When Building a House?

Site costs are one of the most commonly overlooked expenses — here's what they include.

4 min read

Related Learning Centres

First Home Buyers Contracts & Signing Costs & Upgrades Hidden Costs Building Process Checklists Upgrade Costs Guide

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The block you build on shapes your site costs, slab type and build complexity. Learn about soil classification, sloping blocks, retaining walls and estate selection.

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