Construction Loan North Brisbane
Need a construction loan?
Building a new home or renovating, we'll help you structure the loan around your build contract and progress payments.
Meet our directors Tom & Steve Kelly, the local Construction Loan experts who work with North Brisbane buyers and investors.
What are the Construction Loan steps?
1. Schedule a free chat here
Before you sign the building contract, a free chat tells you what you can borrow and what the build will actually cost, including site works and landscaping outside the fixed price.
2. We find the right loan options
Lenders assess new estate stock, renovations and knock-down rebuilds differently, and valuation is often where these applications come unstuck. We compare 60+ to find the right one for your project.
3. Start your application, no pressure
If you decide to go ahead, we manage the drawdowns at each stage so progress payments don't stall your builder, and flag the rate your loan converts to at completion.
4. Construction Loan support!
The Kelly Brothers Finance team works with clients building and renovating across inner and outer North Brisbane. Call (07) 3847 9450.
Schedule a call today:
We negotiate with 60+ lenders for you, including the major Australian Construction Loan banks & lenders.
How do construction loans work?
A construction loan releases funds in stages as your build hits milestones — slab, frame, lock-up, fixing and completion — not as one lump sum. You pay interest only on what's drawn, so repayments stay low while you may still be renting.
It's approved upfront against your fixed-price building contract plus land value. Eligible new builds under $750,000 can also attract Queensland's $30,000 First Home Owner Grant.
What are the drawdown stages?
Most lenders use five progress payments — base or slab, frame, lock-up (walls and roof), fit-out, and practical completion. Your builder invoices at each stage, the lender verifies the work, then releases that portion.
You pay interest only on the cumulative amount drawn, so repayments start small and grow as the build progresses. We align the schedule with your builder's contract before settlement in The Gap and Enoggera.
How much deposit do I need to build?
Most construction loans want 20% of the combined land-and-build cost to avoid Lenders Mortgage Insurance, though some lenders accept 10% with LMI for strong applicants.
If you already own the land, its equity can count toward the deposit, which often means little or no additional cash. First-home builders may also stack the $30,000 grant and stamp duty savings on a new home.
Who manages the drawdowns and builder payments?
You do, but we manage the mechanics with you. At each stage the builder issues an invoice, you authorise it, the lender orders a valuation inspection, and funds are released directly to the builder.
We chase the lender when an inspection stalls so your build stays on schedule, and cross-check every draw against the contract. For larger multi-dwelling projects, see property development finance. Call (07) 3847 9450.
