BUILD YOUR NEXT CHAPTER
Construction Loans
Building a home? Let's get the finance right from the start.
Building your own home is an exciting opportunity to create something that suits your lifestyle, your family and your future.
But financing a new build works differently from purchasing an established property.
At Millennial Finance Group, our mortgage brokers help you understand construction loans, navigate lender requirements and explore suitable finance options for your building project.
From purchasing land to making your final progress payment, we're here to help you build with confidence.
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CONSTRUCTION & BUILDING FINANCE
The right foundations start with the right finance.
Whether you're building your first home, purchasing a house and land package or planning a new build on land you already own, understanding your finance options is an important first step.
Unlike a standard home loan, construction finance is generally released in stages as building work progresses.
This means lenders may have specific requirements relating to building contracts, approved plans, valuations, progress payments and the construction timeline.
Our mortgage brokers help you understand how these requirements work, compare suitable lenders and prepare your finance application.
With offices in Bendigo and the Sunshine Coast, we support Australians planning new homes across a range of locations and building circumstances.
CONSTRUCTION LOAN OPTIONS
Finance for every stage of your build.
01. New home construction loans
Construction loans are designed to fund the building of a new home, with funds generally released progressively throughout construction rather than in one upfront payment.
We'll help you understand the loan structure, lender requirements and potential repayment arrangements during the build.
02. House and land package finance
Purchasing land and building a home may involve separate contracts and different settlement requirements.
Our brokers can help you understand the finance process for house and land packages, including how the land purchase and construction components may be funded.
03. Construction progress payments
Builders typically request payments at agreed construction milestones.
Lenders generally assess progress payment requests before releasing funds, and their requirements may include invoices, inspections or supporting documentation.
We'll explain the process and help you prepare for each stage.
04. Building on land you already own
If you already own land, its value and any existing debt may influence your construction finance options.
We'll help assess your financial position and explore suitable lending structures.
05. Construction loan repayments
Some construction loans allow interest-only repayments on the funds drawn during the building period, before transitioning to principal-and-interest repayments.
We'll explain the available options, their costs and what to expect when construction is complete.
OUR BENDIGO SERVICES
How we can help you…
BENDIGO RESIDENTIAL LOANS
Buying your first home, upgrading, investing or refinancing in Bendigo? We make it simple — no jargon, no overwhelm, just clear guidance and the right loan for your next move.
BENDIGO COMMERCIAL LOANS
From business growth to property and equipment finance, we’re your strategic partner — not just a broker. Smart lending that keeps pace with your plans in Bendigo.
BENDIGO AGRICULTURE
We are agriculture and finance professionals who work for you and support you. We help Bendigo farming businesses to grow, modernise, corporatise and transition across generations with finance that works.
BENDIGO ASSET FINANCE
Need a new ute, truck, or medical equipment in Bendigo? We’ll keep you moving with quick approvals and smart structures. Just real people, real solutions.
BENDIGO ONGOING SUPPORT
We don’t just set and forget in Bendigo. From refinancing to regular reviews, we stick with you long after settlement — making sure your lending stays the right fit.
WHY MILLENNIAL FINANCE GROUP?
Lending support from the ground up.
Building a home involves plenty of moving parts, from choosing a builder to coordinating contracts, valuations and finance.
Our role is to help make the lending process clearer.
We'll work with you to understand your project, explain your finance options and help you navigate the requirements of your chosen lender.
Because building your next chapter deserves a strong financial foundation.
HOW IT WORKS
From building plans to moving day.
01
Let's discuss your building plans.
We'll review your project, estimated costs, available deposit or equity and financial position.
02
Compare construction loan options.
We'll explore suitable lenders, loan structures and requirements for your proposed build.
03
Prepare your application.
We'll assist with the necessary financial documents, building contracts, plans and supporting information.
04
Support your construction finance journey.
We'll help you understand progress payments, loan conditions and the transition to your completed home loan.
Hear from our Valued Clients
HELPFUL TOOLS & RESOURCES
Start planning your next steps.
Get a head start with our free resources and online calculators to help you understand your borrowing capacity and repayment options.
Offset Calculator
Deposit Calculator
Borrowing Power Calculator
Savings Calculator
Repayments Calculator
Asset Finance Calculator
FREQUENTLY ASKED QUESTIONS
Construction finance, explained.
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A construction loan generally releases funds in stages as building work progresses. The lender assesses the project and approves payments according to the loan conditions and construction contract.
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Deposit requirements depend on the lender, project, land value, total borrowing amount and your financial circumstances. Existing land equity may also be relevant.
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Yes, repayments may begin during construction. Some loans offer interest-only repayments on the amount drawn, although arrangements vary between lenders.
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Yes, subject to lender approval. Finance arrangements depend on the land contract, building contract, project costs and your borrowing capacity.
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Once the lender's completion requirements are met, the loan generally transitions from its construction phase to the agreed ongoing home loan repayment structure.
LET'S BUILD SOMETHING GREAT
Your new home starts with a conversation.
Whether you're exploring house and land packages or ready to start construction, our brokers can help you understand your finance options.