How construction loans differ
Unlike a standard home loan, a construction loan is drawn down in five staged progress payments: deposit (5%), base (10%), frame (15%), lock-up (35%), fixing (25%), completion (10%). You only pay interest on the drawn portion until practical completion.
That means the lender values land + build cost separately. A weak valuation on the build can derail a deal even if your deposit is fine.
Newbridge supplies the lender with our HIA Fixed-Price contract plus quantity surveyor report at contract — pre-empts 90% of valuation issues.
Who we’ve seen do this well
The list rotates quarterly based on actual customer outcomes. Current preferred brokers (specialising in Victorian construction):
- Two-Birds Finance (Brunswick) — strong with self-employed, 5%-deposit Home Guarantee Scheme.
- Mortgage Choice South Yarra — Big-4 panel, fast pre-approval.
- Lendi Berwick — non-bank lenders for casual income / shift workers.
Names provided by introduction at consultation. We don’t list contact details publicly because brokers prefer warm introductions.
What to bring to your first finance meeting
- Two recent payslips (employed) or two years of tax returns (self-employed).
- Three months of statements for every transaction account, savings, and credit card.
- HECS / HELP balance from myGov.
- Evidence of deposit savings genuine for 3+ months (most lenders require this).
- Any other property held + current loan balances.
Sit down with the Newbridge principal — no obligation, no sales pressure.