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Building a new home is one of the most exciting things you can do, and having the right construction finance in place makes all the difference. At digilend, we help clients across the Gold Coast, Brisbane and Greater Brisbane access Construction Loan options from banks and lenders across Australia, so you can focus on the build rather than the paperwork.
A construction loan is a type of home loan designed specifically for people who are building a new home rather than buying an existing one. Unlike a standard home loan where the full amount is released at settlement, a construction loan works through a progressive drawdown process. This means the funds are released in stages, known as progress payments, as each phase of the build is completed. You only pay interest on the amount drawn down at any given time, which can help manage your cash flow during the construction period.
At digilend, we work with a wide range of banks and lenders to find construction loan options that suit your situation. Whether you are looking at a land and construction package, a house and land package, or a custom home finance solution, we can help you understand what is available and what might work for you.
Most lenders structure construction funding through a progress payment schedule, sometimes called a progressive payment schedule or construction draw schedule. Payments are typically released at key stages of the build, such as the slab, frame, lock-up, fixing, and practical completion. At each stage, a progress inspection is usually carried out before the next instalment is released. This protects both you and the lender by making sure the build is on track before more funds are advanced.
Because you only charge interest on the amount drawn down at each stage, your repayments during construction are generally lower than they would be on a fully drawn loan. Many lenders also offer interest-only repayment options during the construction period, which can make things more manageable while your home is being built.
digilend works with clients across Ashmore, Southport, Nerang, Robina, Mermaid Waters, Bundall, Palm Beach, Merrimac, Surfers Paradise, Clayfield, Windsor, Miami and surrounding areas. We can help you explore a range of construction loan options, including:
Each of these situations has different requirements, and lenders assess them differently. That is why working with a mortgage broker like digilend can be so valuable. We take the time to understand your specific circumstances before exploring what construction loan options might suit you.
There are a few important things to be aware of when it comes to construction loans. Most lenders require you to have a fixed price contract in place with a registered builder before they will approve a construction loan. This gives the lender confidence in the total loan amount and the build timeline.
Lenders will also typically require that you commence building within a set period from the Disclosure Date, so it is important to have your council plans and development application sorted before you apply. Your builder will also need to provide a progress payment schedule that aligns with the lender's construction draw schedule.
The construction loan interest rate may differ from a standard home loan rate, and some lenders charge a Progressive Drawing Fee each time funds are released. It is worth understanding all the costs involved before you commit, and digilend can help you compare what different lenders are offering.
Once the build is complete, many construction loans convert to a standard home loan, sometimes called a construction to permanent loan. At this point, your repayments will move from interest-only to principal and interest, and you will begin paying down the full loan amount.
If you are thinking about building a new home and want to understand your construction loan options, the team at digilend is here to help. We work with clients across the Gold Coast and Brisbane to find construction finance that suits their goals. Book an appointment with our team today or check out our investment loans page if you are building as part of a property investment strategy.
Everything starts with a conversation. Reach out to us online, by phone, or by email. There is no pressure and no obligation. We just want to understand what you are trying to achieve, whether that is buying your first home, refinancing, or securing finance for your next investment.
We take the time to learn about your financial situation, your goals, and your timeline. This helps us build a clear picture of what you need so we can find the right solution for you, not just any solution.
Using our panel of lenders, we search the market to find loan options that suit your needs. We compare rates, fees, features, and lender policies to put together a strategy that works in your best interest.
We present you with our recommended options in plain language. No jargon, no confusion. We walk you through the numbers so you can make a confident and informed decision.
Once you are happy with the direction, we handle the paperwork. We prepare your application, gather the required documents, and make sure everything is in order before it goes to the lender. This helps avoid delays and improves your chances of a smooth approval.
We submit your application and manage the process from our end. We stay in regular contact with the lender and keep you updated every step of the way. If the lender needs anything extra, we handle it quickly so things keep moving.
Once your loan is approved and settled, our job is not done. We check in with you regularly to make sure your loan is still working for you. As your life changes, we are here to review your finance and make sure it keeps up.
At digilend, we believe great finance advice should be straightforward, personal, and built around you.
Mario is genuinely your true saviour. Mario has always been an exceptionally great, honest, respectful, trustworthy, genuine person while doing business with. He offers the available products in the market and explains the pros&cons of various products based on individual circumstances. He always thinks from clients perspective and gets the best deal for them as per their circumstances just like mine . I have dealt with Mario for more than 15 years and he has never let me down no matter what borrowing capacity/product was suitable to my needs at that moment. If you want the truth, no BS just talk to Mario.
Carol
I met Mario through my work practices and noted he was a finance broker. I never had an ongoing personal broker before as I never found a good one to trust. I decided to give him a crack and it was one of the better decisions I’ve made in life. He is down to earth, honest, organised, effective and goes over and above to get the best outcome for us. He even attends auctions, open homes and house calls with us and has become part of our inner sanctum. He even laughs at my jokes. I would highly recommend him to anyone who requires finance and property matters. Chris and Tanya
Christopher Fowke
Highly recommend. Mario and his team were a pleasure to deal with. Mario was very knowledgeable on the most suitable finance for me and he made the process so easy. I've since referred Mario to friends, and will definitely use Digilend again.
Jacqui
Mario helped my wife and I secure a commercial spot for our business, Mario was great to deal with and very professional highly recommended!
Sean Holdinghausen
When you go directly to a bank, you are only seeing what that one lender has to offer. A broker like digilend has access to a panel of lenders, which means we can look across multiple options and present you with a range of possibilities that suit your situation. We also understand the lending criteria of different lenders, which means we can help match you with lenders who are more likely to consider your application based on your circumstances. On top of that, we handle a lot of the communication and paperwork on your behalf, which saves you a significant amount of time and effort. Having someone in your corner who understands the process can make a real difference, especially if your situation is not straightforward.
The documents you need can vary depending on the type of loan and your personal circumstances, but there are some common ones that most lenders will ask for. These typically include proof of identity such as a passport or driver's licence, proof of income like recent payslips or tax returns, bank statements showing your savings and spending, details of any existing debts or liabilities, and information about the property if you have already found one. If you are self-employed, you may need to provide additional documents such as business financials. digilend will give you a clear checklist based on your specific situation so you know exactly what to pull together before we get started. Being prepared upfront can help things move along more smoothly.
Refinancing means replacing your existing home loan with a new one, either with your current lender or a different one. People refinance for all sorts of reasons. Some want to access the equity they have built up in their property, others want to consolidate debts, and some simply want to review whether their current loan still suits their needs. It is worth noting that refinancing is not always the right move for everyone, and there can be costs involved such as exit fees or application fees for a new loan. digilend can help you look at your current situation and weigh up whether refinancing could make sense for you. We will give you a clear picture so you can make an informed decision.
Yes, digilend works with self-employed clients regularly. We understand that being your own boss can make the loan application process feel a bit more complicated, because your income might look different on paper compared to someone who receives a regular payslip. Different lenders have different ways of assessing self-employed income, and some are more accommodating than others. We know which lenders are more likely to look favourably at self-employed applicants and what documentation you will typically need to support your application. Things like tax returns, business financials, and bank statements are often part of the picture. We will help you get your paperwork in order and put your best foot forward.
The deposit required can depend on a number of factors including the lender, the type of loan, and your overall financial situation. A deposit of 20% of the property purchase price is often seen as a common benchmark, but there are options available for people with smaller deposits. Some lenders may accept a lower deposit, though this can sometimes mean additional costs such as lenders mortgage insurance. There are also government schemes that may be worth looking into depending on your eligibility. digilend can help you understand what your deposit situation means for your options and what lenders may be willing to consider. We will always give you a clear picture of what is involved.
The timeline can vary quite a bit depending on your situation, the lender involved, and how quickly documents can be gathered and verified. Generally speaking, getting pre-approval can take anywhere from a few days to a couple of weeks, while full approval after you have found a property can take a similar amount of time. Some lenders move quicker than others, and having all your documents ready can help things move along. digilend will keep you updated throughout the process so you always know where things are at. We will also let you know upfront what to expect based on your specific circumstances so you are not left wondering what is happening.
In most cases, digilend is paid a commission by the lender when a loan is settled. This means that in many situations you do not pay us directly for our broking service. However, we believe it is important that you understand exactly how we are paid and any fees that may apply to your situation before we get started. We are required by law to be transparent about our remuneration, and we take that seriously. We will always explain how we are paid as part of our process so there are no surprises. If you have any questions about this at any point, just ask us and we will walk you through it clearly.
digilend can assist with a wide range of lending needs. This includes home loans for people buying a property, refinancing for those who want to review their current loan, investment property loans, car and asset finance, personal loans, and business lending. We work with a broad panel of lenders, which means we can look at options across different loan types rather than being limited to just one product or one bank. Every person's situation is different, so we take the time to understand what you are trying to achieve before we start looking at what might be available to you. If you are not sure whether we can help, just reach out and ask.
Absolutely. digilend works with clients right across the Gold Coast and Greater Brisbane region. Whether you are based in Surfers Paradise, Robina, Palm Beach, Southport, Nerang, Mermaid Waters, Bundall, Merrimac, Ashmore, Clayfield, Windsor, Miami, or anywhere nearby, we are here to help. We understand that people in these areas have different needs and circumstances, and we take the time to understand yours before we do anything else. You do not have to travel far or deal with someone who does not know your local area. digilend is right here in your community and ready to have a chat.
A finance and mortgage broker like digilend works as the go-between for you and a range of lenders. Instead of you having to contact multiple banks or lenders yourself, we do that legwork for you. We look at your situation, figure out what you need, and then search through a panel of lenders to find options that could suit you. We handle a lot of the paperwork, communication, and follow-up so you are not left doing it all on your own. Whether you are buying your first home, refinancing, or looking at a business loan, having a broker in your corner can make the whole process a lot more manageable.
The team at digilend is here to help you access construction loan options from banks and lenders across Australia. Whether you are planning a custom design, a house and land package, or a renovation, we would love to chat about what might work for you.
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