Construction Loans

Fit Finance Construction Loans

Construction Loans

It’s everyone’s goal to own their dream home, and when you build it rather than purchasing a previously built home, you can guarantee that it has all those small features that you personally want. Building a home is not cheap however, especially when you factor in the land price you have already paid. Home construction loans are your best friend when dealing with these costs, helping you handle the financial strain of home building.

Construction loans work a little bit differently to a regular loan, as they are primarily contracted as interest only during the construction and will switch to principle and interest repayments upon completion of the build. The money from home construction loans is usually advanced directly to your builder upon completion of each stage of the build following the builder’s contract.

To ensure that the work is completed in accordance with approved plans, your construction loan broker may insist on having a valuer or building stage inspector check the work before advancing.

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   Based on 273 reviews 
    
 
 
 
   
 
 
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   Henry Pham Vu 
 
 
 
 Trustindex verifies that the original source of the review is Google. Simon has provided financial solutions to my family for over a decade. Would confidently recommend him to anyone seeking reliable and personalised financial guidance.
  
 
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   Thang Thai 
 
 
 
 Trustindex verifies that the original source of the review is Google. I’m very grateful to Fit Finance and Simon for their support and guidance with my home loan. They helped me find the best solution and handled my application efficiently, making it possible for me to achieve the result I wanted. Their service was prompt, professional, and trustworthy. I would happily recommend Fit Finance to anyone looking for reliable home loan advice and assistance.
  
 
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   Niall OHare 
 
 
 
 Trustindex verifies that the original source of the review is Google. Tim from Fit Finance helped us buy our first home. Given it was our first, we didn't know the first thing to do when it came to the whole process. Tim was always available to answer any questions and queries I had, which put us at ease immediately. I would 100% recommend Tim and Fit Finance to all my colleagues, friends and family going forward.
  
 
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   Sonia Wu 
 
 
 
 Trustindex verifies that the original source of the review is Google. We recently engaged Fit Finance for the purchase of a commercial investment property.  Eric was fantastic to work with.  What really stood out was that we were provided with options for finance & Eric went through the pros & cons of each bank with us.  Communication was quick & he dealt directly with other parties involved.  The whole process was swift & smooth - our finance was ready to go well before the settlement date.  Highly recommend & we will be using Fit Finance (Eric) again in the future.
  
 
      Posted on Google  
   
   Gary Liu 
 
 
 
 Trustindex verifies that the original source of the review is Google. I’ve worked closely with Eric Peng across a number of transactions and have complete confidence referring my clients to them.

His communication is clear, structured and proactive — which is critical in a fast-moving property environment. He set realistic expectations upfront, provide transparent advice around borrowing capacity, and keep all parties updated throughout the process.

What I value most is their ability to position clients properly before they enter negotiations. Pre-approvals are thorough, timelines are managed well, and there are no surprises late in the process. That level of preparation gives buyers confidence and vendors certainty.

My clients consistently provide positive feedback about their professionalism and responsiveness.

If you’re looking for a broker who is organised, strategic and dependable, I would not hesitate to recommend them.
  
 
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   Kirsty B 
 
 
 
 Trustindex verifies that the original source of the review is Google. Can’t recommend Chris at Fit Finance enough!! He helped us secure our first investment property. Chris helped during the entire process, from refinancing existing loans and providing really helpful advice, negotiating our current rate with our bank and being available after normal business hours to help get contracts over the line. This process would have been impossible for us without him. Thanks so much!!
  
 
      Posted on Google  
   
   Elizabeth Bui 
 
 
 
 Trustindex verifies that the original source of the review is Google. Worked with Simon and would definitely recommend him! He was very friendly, very efficient and made a stressful process super easy.
  
 
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   Emily D 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great job as always.
  
 
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   Mason Nasavanh 
 
 
 
 Trustindex verifies that the original source of the review is Google. Friendly and efficient, Give Simon Pham a call. Highly recommended.

Fit Finance, You’re Local Finance Partners

At Fit Finance, we work alongside you to ensure that your construction loans are set up to work with the building contract you have in place, whether it follows the standard building stages, or a different stage plan as dictated by you. The standard building stages are:

Preparation & Deposit

Includes plans, permits, connection fees, insurance etc.

Base

Includes concrete slab, footings, pad, and base brickwork.

Frame

The house frame is complete and approved.

Lock-up

The windows and doors, roofing, exterior and insulation are all done.

Fixing

Kitchen cupboards, appliances, bathroom, and toilet are installed. Plumbing and electrics are done. Your home is finally plastered and painted.

Completion

Fences up. Site tidied. The builders receive their final payment.

Contact a construction loan broker at Fit Finance to discuss how our financing solutions can benefit you. Fill out the form below or call us on (07) 3040 6988.

Things to Consider

At Fit Finance we believe in transparency of information, and our broker team want you to have as much knowledge as possible before you apply for one of our home construction loans. As such, we have put together the below information and definitions to help you understand the processes and requirements of construction loans.

Standard Building Contracts

A standard building contract usually details progress claim amounts in line with the following percentages for each stage:

Building Stage	Typical % of contract
Base	10%
Frame	15%
Lock up	35%
Fixing	20%
Completion	15%

A financier will usually request the following additional information:

Fixed price building contract (preferred but not essential)
Approved plans
Specifications

Definitions

Building Plans

Usually completed by an architect, draftsman or the builder. A detailed set of drawings outlining what is to be built.

Fixed Price Contract / Construction Tenders

A contract that specifies what work the builder will undertake for a fixed amount. There are no rise and fall clauses associated with changes in labour or material costs.

Progress Payment Schedule

A schedule that outlines the percentage or amounts that the builder is to be paid upon reaching various milestones. Home Building contracts generally include the following milestones: Base / pad, Frame, Roof, Lock up, and Final. Monthly progress draws for the construction of a residential property are unusual.

Specifications

A detailed listing of the items to which the builder has agreed to include in the minimum fit out of the property e.g. door handles, power points, drive way access and landscaping.

To discuss the various options, please call us on (07) 3040 6988 or request a call back by enquiring below.

Speak to a Fit Finance Loan Broker

Utilising years of experience and a panel of over 40 trusted lenders, the broker team at fit finance are ready to be your companions on your finance journey and handle all the hard work so you can remain focused on the build at hand. Reach out today to find out why we are the right fit for your finance needs.

Construction Loans