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Construction · off-the-plan · progress draws

Construction & Off-the-Plan Finance

Building, or buying off-the-plan. Both need more care than a standard purchase, and both fail in predictable ways if the finance is not lined up with the build.

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Construction

Construction & Off-the-Plan Finance — how it works

A construction loan draws down in stages as the build progresses, and you pay interest only on what has been drawn. That means the repayment climbs through the build, and each stage needs the lender’s valuer to sign off before the builder is paid. When a draw is late, the build stops.

Off-the-plan has a different risk: your finance approval can expire before the building is finished, and the valuation at completion can come in below the contract price. Both are manageable if they are planned for at the start.

What we look at

What you get from a broker here

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Draws matched to the builder

The loan schedule lined up with the building contract so no stage stalls.

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Fixed-price contract reviewed

Lenders want a fixed-price build contract. We check it meets their requirements before lodging.

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Interest during construction

What you will actually pay each month as the draws increase, mapped out in advance.

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Off-the-plan valuation risk

What happens if the completion valuation is short, and what to do about it now.

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Approval that lasts

Off-the-plan settlements can be a year or more away. We plan for re-approval rather than assume.

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Contract reviewed too

ORLA Settle reviews the building or off-the-plan contract at a fixed price.

The process

Four steps, start to settlement

Bring the contract

Building contract and plans, or the off-the-plan contract.

Lender matched to the build

Not every lender handles construction or long off-the-plan settlements well.

Approval and first draw

Land settles, then construction draws begin.

Draws managed to completion

We manage each progress payment through to the final inspection.

Before you start

What we will need from you

Fixed-price building contract and plans, or the off-the-plan contract
Builder’s details and licence
Photo ID
Payslips or two years of returns
Council approval where already issued

Not sure you have all of it? Start anyway — we will tell you what is actually needed for your situation rather than asking for everything.

Also useful

Development & subdivision Home loans First home buyers Calculators Areas we cover Commercial & development →

FAQ

Construction & Off-the-Plan Finance — your questions

How does a construction loan work?

In two parts. The land settles first, then the build draws down in progress payments as each stage is completed and inspected. You pay interest only on what has been drawn, so repayments climb through the build.

What happens if my off-the-plan valuation comes in low at completion?

You may need to cover the shortfall, because the lender lends against the valuation rather than the contract price. It is the main risk of a long off-the-plan settlement and worth planning for from the day you sign.

Does my approval last until the building is finished?

Often not. Approvals commonly expire well before a long off-the-plan settlement, so a fresh application near completion is normal. Your circumstances need to still support it then, which is why we flag it early.

Can I use any builder?

Lenders have requirements around licensing, insurance and a fixed-price contract. An owner-builder arrangement narrows the options considerably.

Can I make changes during the build?

Variations are common and they affect the draw schedule and sometimes the valuation. Tell us before you agree to one with the builder, not after.

Construction & Off-the-Plan Finance — see your real options

Free to you for most home loans, no obligation, and no branch visit.