Land
The land may settle before the build begins, requiring careful timing of deposits and remaining contributions.
Construction loans · Land, build and progress payments
Build with a loan structure designed for the journey — not just the finished home.
Construction lending involves more moving parts than a standard purchase. SPECK Finance helps coordinate the land, building contract, valuations, lender requirements and staged progress payments so you understand what is happening at each step.
01
How construction finance differs
A construction loan is generally drawn in stages as the builder completes agreed milestones. Interest is usually calculated on the amount drawn, rather than the full approved limit, during construction. Lender requirements, stage names and payment processes vary.
Plans and contract
The lender commonly needs a signed building contract, plans, specifications and evidence of costs.
Valuation
The valuer assesses the land and proposed completed property, subject to the lender’s instructions.
Progress draws
Funds are released at approved stages after the required invoices and inspections are supplied.
02
Prepare for costs outside the base contract
- Site works, soil conditions and engineering changes
- Driveways, fencing and landscaping
- Window coverings, floor coverings or appliances not included
- Utility connections, council requirements and variations
- Rent or existing mortgage payments during the build
- A contingency buffer for unexpected costs
03
Before signing
Have your building contract reviewed by an appropriately qualified legal professional and speak with your broker before committing to deadlines. Tell us about every expected cost so the funding position can be checked before work begins.
FAQ
Questions people often ask
Do I receive the full construction loan at settlement?
Usually not. Construction funds are generally released progressively at approved building stages.
Will the lender pay for contract variations?
Not automatically. Variations may require reassessment and may need to be paid from your own funds, depending on the lender and remaining approved amount.
Can land and construction use different lenders?
It may be possible, but the structure and security position can become more complex. It is important to plan the full transaction before the land settles.
Ready when you are
Let’s talk about your next step.
No pressure and no silly questions — just a clear conversation about your position and what may be possible.