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Why choose Greater Bank for a Construction Loan?

Option for a competitive fixed (land only) or variable (construction and/or land) interest rate – you can split the loan.
Loan offset available.
Option for an everyday account with no transaction fees.
Select from a no ongoing monthly fee option with our Great Rate Home Loan or an annual fee with our Ultimate Home Loan.
Flexible repayment options, with the ability to make additional repayments without being penalised + (variable rate loans only).

How construction loans work

As your construction progresses, funds are released

These staged payments are called progress payments. Releasing money this way allows you to stay on top of the build and make sure you’re only paying for work that has been done.

You make interest only repayments until construction is done

You won’t be required to make principal and interest repayments while construction is taking place, leaving you money for unexpected expenses, or to rent while you’re building.

Great for major renovations

Construction loans aren’t just for building – if you’re seeing the potential in your current home, they can be used to make your major renovation dreams a reality.

Choose the right Construction Loan with our handy calculators.

Borrowing Power Calculator

Repayments Calculator

Home Loan Comparison Calculator

Stamp Duty Calculator

Home Loan Key Fact Sheet

Got a question about Construction and Land Loans?

Construction loans are home loans for those looking to build a new home or complete major renovations.

Construction loans are drawn down in periodic progress payments as the home is being built or renovated.

As a guide, there are usually up to five (5) progress payments for a new home at stages including - Slab poured, framework, enclosed structure, fixing/fit out and practical completion (lock up).

During the course of construction, loan repayments are calculated on the advanced portion of the loan amount.

  • A new repayment will be calculated each time loan funds are advanced and you will receive a letter advising of the details.
  • Interest is only charged on the loan amount advanced.

At Greater Bank, our Construction Loans offer

  • Variable Principal & Interest (P & I) OR
  • Variable Interest Only (IO)

Fixed Interest rates or Line of Credit facility are not available for construction loans.

View our current home loan interest rates here.

No. We know you’ve got enough on your plate already, so our lenders will do as much of the heavy lifting for you as possible.

Applying for a Construction or Land Loan with us is no different to any of our other loans, and can be done in one of the following ways:

  • Start a conversation with a lender today –

Enquire now Enquire now

At Greater Bank, we're able to lend up to 95% (with LMI) of the value of your property, where your intention is to build a home and live on the premises. 

If your intention is to build a dwelling and rent it out for investor purposes, we're able to lend up to 90%.

At Greater Bank, we can accept deposit amounts for Construction Loans as low as 5%* (plus costs). 

We're able to lend up to 95% of the value of your property with Lenders Mortgage Insurance (LMI).

* owner occupied borrowings only

Yes - absolutely.

Applying for a Land Loan with us is no different to any of our other loans, and can be done in one of the following ways:

  • Start a conversation with a lender today – 

Enquire now Enquire now

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Get in touch

Speak to our contact centre
Monday to Friday 8:00am – 6:00pm AEST.
Saturday 8:00am to 1:00pm AEST

Call 13 13 86

Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 90% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.