CONSTRUCTION LOANS
Build your dream home with the right structure.
Navigate progress payments, building contracts, and valuations with personal mortgage guidance from Cornell Mortgages.
Clear guidance from land settlement through to final handover.
Construction Loan Readiness Check
Identify what information will be needed based on where your building project is currently up to.
HOW WE CAN HELP
Start with the right information.
Understand progress payments
Construction loans release funds in stages. We help you understand the drawdown process, so you know exactly when and how your builder will be paid.
Manage valuations
Lenders assess your property's "as-if-complete" value based on your building contract. We coordinate these valuations to ensure funding aligns with your build.
Structure your loan
Most construction loans are interest-only while you build. We structure your finance to help manage cash flow during the construction phase.
WHY WORK WITH US
Building a home is complex. The finance shouldn't be.
Understand your true buying capacity
We calculate your realistic borrowing capacity upfront, factoring in the land purchase, fixed-price building contract, and the additional buffer lenders often require.
Manage progress payments
As each stage of construction is completed (slab, frame, lock-up, fixing, completion), we assist in facilitating the progress payments between the lender and your builder.
Support through to handover
We remain your direct point of contact from the initial land settlement right through to the final valuation and handover of the keys to your new home.
Our Best Interests Duty
When providing credit assistance, we are legally required to act in your best interests and prioritise your interests where a conflict exists. Any recommendation must be based on your circumstances, objectives and needs.
YOUR PATH TO A NEW BUILD
Know what happens next.
Initial assessment
Review your borrowing capacity and deposit.
Pre-approval & Land
Secure funding and settle on your block.
Building contract
Finalize your fixed-price building contract.
Construction
Lender releases funds in stages as work progresses.
Handover
Final valuation and loan transitions to standard repayments.
BORROWING CAPACITY CALCULATOR
What could your income and deposit allow you to build?
Use our indicative borrowing-capacity calculator to explore a potential borrowing range and understand the factors that may influence your construction budget.
Indicative estimate only. This is not loan approval or a lender recommendation.
Before you begin, it helps to understand:
Fixed price contracts
Lenders generally require a fixed-price building contract from a licensed builder before they will formally approve a construction loan.
Contingency funds
It's important to have cash reserves for unexpected variations, upgrades, or out-of-contract items like landscaping and driveways.
Council approvals
Your lender will need to see council-approved plans and specifications before issuing the authority to commence construction.
Turnkey vs. non-turnkey
Understanding what is and isn't included in your contract is crucial, as lenders assess the property based on its completed, liveable state.