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Why choose our construction option?

Progress payments

You’re in control: draw down your loan in stages (i.e. slab, frame, lockup, fit out, completion), only once you’ve approved the inclusions and quality of finish.

Manage cash flow

Interest Only payments are available during construction, to help with cash flow. 

Minimise interest

Only pay interest on funds drawn down – not the whole amount upfront – which means lower repayments for you.

Structure your home loan

Option available on our Flexi First Option, Rocket Repay, Fixed Options Home Loans and our Bridging Loan.

 

Frequently asked questions

The construction option, also known as a building loan, is a lending option that gives you funds to pay your Licenced Builder (or fund your Owner-Builder project) throughout each stage of your build or renovation process.

 

Things you should know

Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

 

Construction Option Guide FAQs (PDF 158KB)