{"id":2143,"date":"2022-02-23T13:55:26","date_gmt":"2022-02-23T03:55:26","guid":{"rendered":"http:\/\/103.250.212.193\/~mworksco\/?page_id=2143"},"modified":"2025-02-27T15:12:47","modified_gmt":"2025-02-27T05:12:47","slug":"construction-loans","status":"publish","type":"page","link":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/","title":{"rendered":"Construction Loans"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2143\" class=\"elementor elementor-2143\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2934a6b3 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"2934a6b3\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c17b3f3 animated-slow elementor-invisible\" data-id=\"3c17b3f3\" data-element_type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-97822ab elementor-widget elementor-widget-heading\" data-id=\"97822ab\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.mworks.com.au\/RSU\/services\/\">services<\/a><\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5803c1bc elementor-widget elementor-widget-heading\" data-id=\"5803c1bc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Construction <span style=\"font-weight:600;\"> Loans<\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d742914 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d742914\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-8b0bf2c\" data-id=\"8b0bf2c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4146bb5a elementor-widget elementor-widget-heading\" data-id=\"4146bb5a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Knowing your limits before beginning the construction process is crucial.<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-35fc3f34\" data-id=\"35fc3f34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d5dc990 animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"4d5dc990\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Available to those building new homes or undergoing renovations on a home, construction loans differ from home or commercial loans in that a portion of your loan funds are released at each stage of the construction journey; as opposed to being received in one lump sum. In short, a construction home loan covers the expenses you incur as you build your own home.<\/p><p>Knowing your limits before beginning the construction process is crucial. This is so you can adequately plan your construction, and because you cannot top up your loan until your house is complete. We can help you determine how much you can borrow so that you can begin planning for the future.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6336b40f elementor-align-left elementor-mobile-align-center elementor-widget elementor-widget-button\" data-id=\"6336b40f\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.mworks.com.au\/RSU\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">talk to us<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14426e19 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14426e19\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-73c18dd7\" data-id=\"73c18dd7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4b8b74d5 elementor-widget elementor-widget-heading\" data-id=\"4b8b74d5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">How much deposit do I need for a construction loan?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-15e7ef61\" data-id=\"15e7ef61\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58b13f4 animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"58b13f4\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Construction loans do have a minimum deposit at some lenders. To secure a construction loan, you\u2019ll have to put down at least 20% of the estimated value of the property. <span style=\"font-weight: 400;\">However, like ordinary home loans you are able to borrow more than 80% of the value of the construction loan, you will just incur lenders mortgage insurance (LMI) in this instance.\u00a0<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a39d8b4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a39d8b4\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-9646b7d\" data-id=\"9646b7d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a741e12 elementor-widget elementor-widget-heading\" data-id=\"a741e12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Is it difficult to get a construction loan?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5187d2c\" data-id=\"5187d2c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-08278df animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"08278df\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><span style=\"font-weight: 400;\">There is no reason why a construction loan should be any more difficult than a normal home loan. However, it helps to have all of your ducks in a row before applying, so that you don\u2019t encounter unnecessary hurdles &#8211; this is where it pays to have an experienced mortgage broker in your corner<\/span>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e340b58 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e340b58\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-bf1c0aa\" data-id=\"bf1c0aa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a13fc2 elementor-widget elementor-widget-heading\" data-id=\"4a13fc2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What are the qualifications for a construction loan?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e911de3\" data-id=\"e911de3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb079cb animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"fb079cb\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>To qualify for a construction loan, you must provide detailed income information and your financial verification documents, <span style=\"font-weight: 400;\">just like any ordinary application<\/span>. In addition, you\u2019ll need papers detailing the plans for construction. This could include:<\/p><ul><li>Council-approved plans and specs (or, if not yet approved, a copy of those plans which have will be submitted to the Council)<\/li><li>A signed and dated building contract which includes the building stages and schedule of payments<\/li><li>Variations and\/or quotes<\/li><li>Quantity Surveyor Report for building contracts under $1 million<\/li><li>Builders Risk Insurance<\/li><li>Your builder\u2019s Public Liability Insurance<\/li><\/ul><p>Applying for a construction loan can be time consuming due to the amount of paperwork and information you need to provide. That\u2019s where we come in. Our mortgage brokers can streamline the application process, make it easier for you to gather all the necessary information, and ensure a quick turnaround time from application approval to funding.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-437a39a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"437a39a\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a172dda\" data-id=\"a172dda\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fd28ec3 elementor-widget elementor-widget-heading\" data-id=\"fd28ec3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Can I use my land as a deposit for a construction loan?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-40204a3\" data-id=\"40204a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f0579c animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"5f0579c\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The answer is yes. If you own the land, that equity can be used as your deposit.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0cc2a25 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0cc2a25\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4c6eaec\" data-id=\"4c6eaec\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e9eed9 elementor-widget elementor-widget-heading\" data-id=\"8e9eed9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Construction loan interest rates<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cf082c1\" data-id=\"cf082c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-72e6346 animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"72e6346\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>A positive for construction loans is that you generally pay less interest. Why? Because you only pay interest on the amount drawn down as opposed to the fully approved loan amount <span style=\"font-weight: 400;\">\u00a0(i.e. you pay interest on the portion of the loan that is drawn down periodically)<\/span>. Many find this a huge benefit as it saves them money during the construction period, when funds might be a little tighter.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6186a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6186a6\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-fb0f149\" data-id=\"fb0f149\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0678507 elementor-widget elementor-widget-heading\" data-id=\"0678507\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">What are progress payments?<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-84bb6ef\" data-id=\"84bb6ef\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79c687f animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"79c687f\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>This is how construction loans are funded. Progress payments cover the costs for each stage of building your home and are sent to your builder after each individual stage has been completed. <span style=\"font-weight: 400;\">Most lenders will require the builders invoice for the stage completed (which must match to the building contract provided), and your approval before making payment directly to the builder on your behalf.<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10435559 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10435559\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-125e540a\" data-id=\"125e540a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-424400b1 animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"424400b1\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Do you want to take out a  <span style=\"font-weight:600;\">construction loan<\/span> ?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-275252dd elementor-align-center animated-slow elementor-invisible elementor-widget elementor-widget-button\" data-id=\"275252dd\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.mworks.com.au\/RSU\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">get in touch<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>services Construction Loans Knowing your limits before beginning the construction process is crucial. Available to those building new homes or undergoing renovations on a home, construction loans differ from home or commercial loans in that a portion of your loan funds are released at each stage of the construction journey; as opposed to being received &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\"> <span class=\"screen-reader-text\">Construction Loans<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"parent":558,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"class_list":["post-2143","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Construction Loans - MortgageWorks<\/title>\n<meta name=\"description\" content=\"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Loans - MortgageWorks\" \/>\n<meta property=\"og:description\" content=\"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"MortgageWorks\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-27T05:12:47+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\",\"url\":\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\",\"name\":\"Construction Loans - MortgageWorks\",\"isPartOf\":{\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#website\"},\"datePublished\":\"2022-02-23T03:55:26+00:00\",\"dateModified\":\"2025-02-27T05:12:47+00:00\",\"description\":\"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mworks.com.au\/RSU\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Services\",\"item\":\"https:\/\/www.mworks.com.au\/RSU\/services\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Construction Loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#website\",\"url\":\"https:\/\/www.mworks.com.au\/RSU\/\",\"name\":\"MortgageWorks\/RSU\",\"description\":\"Premier local mortgage broking firm servicing Sydney, NSW\",\"publisher\":{\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mworks.com.au\/RSU\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#organization\",\"name\":\"MortgageWorks\/RSU\",\"url\":\"https:\/\/www.mworks.com.au\/RSU\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.mworks.com.au\/RSU\/wp-content\/uploads\/Mortgage-Works-Logo-Transparent_White.png\",\"contentUrl\":\"https:\/\/www.mworks.com.au\/RSU\/wp-content\/uploads\/Mortgage-Works-Logo-Transparent_White.png\",\"width\":2019,\"height\":553,\"caption\":\"MortgageWorks\/RSU\"},\"image\":{\"@id\":\"https:\/\/www.mworks.com.au\/RSU\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Construction Loans - MortgageWorks","description":"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/","og_locale":"en_US","og_type":"article","og_title":"Construction Loans - MortgageWorks","og_description":"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.","og_url":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/","og_site_name":"MortgageWorks","article_modified_time":"2025-02-27T05:12:47+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/","url":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/","name":"Construction Loans - MortgageWorks","isPartOf":{"@id":"https:\/\/www.mworks.com.au\/RSU\/#website"},"datePublished":"2022-02-23T03:55:26+00:00","dateModified":"2025-02-27T05:12:47+00:00","description":"Looking to build or renovate your home? The mortgage brokers at MortgageWorks can help you secure a construction loan.","breadcrumb":{"@id":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mworks.com.au\/RSU\/services\/construction-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mworks.com.au\/RSU\/"},{"@type":"ListItem","position":2,"name":"Services","item":"https:\/\/www.mworks.com.au\/RSU\/services\/"},{"@type":"ListItem","position":3,"name":"Construction Loans"}]},{"@type":"WebSite","@id":"https:\/\/www.mworks.com.au\/RSU\/#website","url":"https:\/\/www.mworks.com.au\/RSU\/","name":"MortgageWorks\/RSU","description":"Premier local mortgage broking firm servicing Sydney, NSW","publisher":{"@id":"https:\/\/www.mworks.com.au\/RSU\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mworks.com.au\/RSU\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/www.mworks.com.au\/RSU\/#organization","name":"MortgageWorks\/RSU","url":"https:\/\/www.mworks.com.au\/RSU\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/www.mworks.com.au\/RSU\/#\/schema\/logo\/image\/","url":"https:\/\/www.mworks.com.au\/RSU\/wp-content\/uploads\/Mortgage-Works-Logo-Transparent_White.png","contentUrl":"https:\/\/www.mworks.com.au\/RSU\/wp-content\/uploads\/Mortgage-Works-Logo-Transparent_White.png","width":2019,"height":553,"caption":"MortgageWorks\/RSU"},"image":{"@id":"https:\/\/www.mworks.com.au\/RSU\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/pages\/2143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/comments?post=2143"}],"version-history":[{"count":0,"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/pages\/2143\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/pages\/558"}],"wp:attachment":[{"href":"https:\/\/www.mworks.com.au\/RSU\/wp-json\/wp\/v2\/media?parent=2143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}