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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

Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.

This information is general in nature and 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, professional tax advice on any taxation matters before making a decision based on this information.

Key Fact Sheet for Home Loans


Applying for a Westpac Home Loan (PDF 403KB)

Deposit Accounts for Personal & SMSF customers - Terms & Conditions (PDF 620KB)

Premier Advantage Package Conditions of Use (PDF 120KB)

Construction Option Guide FAQs (PDF 158KB)