Monthly Cash-back
100% of our trailing commission will be credited to your loan every month*, reducing your effective investment mortgage rate over time.
* for loans settled through our aggregator Finsure.
Compare construction loan rates from 45+ lenders, get expert guidance through the build process, and earn monthly cash back for the life of your loan.
Whether you are building a new home, undertaking a major renovation, or purchasing land to construct on, Mates Rates Mortgage Brokers compares construction home loans from 45+ lenders and credits 100% of our trailing commissions paid to us through our aggregator Finsure, back to your loan as monthly cash back. Same rates as the lender. No broker fees. Expert support at every stage of the build.
$14M+
Cash-back paid to borrowers
45+
Lenders compared
Since 2005
Australia’s original & best cash-back broker
Construction home loans work differently from standard mortgages in three important ways. Understanding these differences before you apply will help you plan your budget and timeline more accurately.
Unlike a standard home loan, you do not receive a lump sum upfront. Funds are released in progress payments at agreed stages of construction, such as slab, frame, lockup, and completion.
You only pay interest on the funds you’ve drawn down, not the full loan amount. Repayments start small and increase gradually as each stage is completed.
Lenders require a fixed-price building contract, council-approved plans, a project timeline and budget, a minimum 20% deposit, stable income, and a strong credit history.
A construction loan is ideal for new builds and major renovations, but it is not the only way to finance building work. Depending on your situation, one of these alternatives may suit you better or work alongside a construction loan.
If you have built up equity in your current property, you may be able to access it without refinancing. Fast and low cost if your lender allows it.
Switching to a new lender may give you a better rate and access to additional funds. Mates Rates can identify whether refinancing delivers a net benefit, including the cash-back credit.
If you have made advance repayments on your existing loan, you may be able to redraw those funds for renovation costs without needing a new loan.
Higher interest rates make this suitable only for smaller renovation budgets, but approval is faster and eligibility criteria are less restrictive than a construction loan.
Not sure which option suits your project? A Mates Rates broker will assess your situation and recommend the most cost-effective path, at no charge.
100% of our trailing commission will be credited to your loan every month*, reducing your effective investment mortgage rate over time.
* for loans settled through our aggregator Finsure.
Our fee comes from the lender’s upfront commission. You pay nothing extra for our broking service at any stage.
Our Lender Commission Leveller ensures no lender is excluded. You always get the most competitive construction loan rate available.
You get the same interest rate you would receive if you went directly to the bank, plus our monthly cash-back subsidy.
Our brokers understand the additional documentation required for construction loans and will ensure your application is complete before lodging to avoid delays.
We compare construction home loan rates across major banks and non-bank lenders to find the best structure for your project.
From the first enquiry through to the final stage payment, a Mates Rates broker manages every step on your behalf.
1
We start with a call to understand your project, your deposit or equity position, your timeline, and your borrowing capacity. We will tell you upfront what lenders are likely to approve.
2
We compare construction home loan rates across 45+ lenders, factoring in progress payment structures, interest-only periods, fees, and the monthly Mates Rates cash-back credit.
3
We prepare and lodge your application, including all required documentation, such as your fixed-price contract, council-approved plans, and project timeline. We liaise with the lender through to formal approval.
4
As each construction stage is completed, we coordinate the progress payment drawdowns with your lender. Your monthly cash-back credits begin with your first drawdown.
We arrange cash-back construction loans across every major loan type available in Australia:
Yes. Most lenders require a minimum 20% deposit and a loan-to-value ratio (LVR) below 80%. This is higher than for a standard home loan and reflects the additional risk lenders carry on construction projects. If you have equity in an existing property, you may be able to use it to meet the deposit requirement rather than cash savings.
Yes. If you have enough equity in your existing property to meet the deposit requirement, typically 20% or more of the construction loan value, you can use that equity in place of cash savings. A Mates Rates broker will assess your equity position and identify which lenders will accept it for your specific project.
It depends on the lender and your financial circumstances. Owner-builder loans are available, but the lending criteria are tighter than for licensed builder contracts. Most lenders will require evidence of relevant experience or qualifications, and some will cap the loan amount. A Mates Rates broker will identify the lenders most likely to approve your application as an owner-builder.
Yes. Some lenders offer low-doc construction loans for self-employed borrowers who cannot provide standard payslips. Eligibility depends on your financial circumstances, the loan amount, and your deposit. A Mates Rates broker will match you with lenders that have the most flexible self-employed criteria for construction lending.
Yes. Most lenders require you to start drawing down your construction loan within 12 months of the Disclosure Date, which is the date the construction contract was issued to you. Construction must typically be completed within 24 months of that same date. Delays beyond these timeframes can require lender approval or loan renegotiation, so it is important to build these timelines into your project plan from the start.
Potentially yes. Changes to the approved plans, budget, or building contract during construction can require your lender to reassess and re-approve your loan. This causes delays and, in some cases, may affect your approved loan amount. The best approach is to finalise all details before lodging your application, and to build a contingency buffer into your borrowing amount to cover unexpected costs without needing to renegotiate.
Book a free call with a Mates Rates broker to discuss your project. We compare construction loan rates from 45+ lenders, handle all the paperwork, and you earn cash back every month for the life of your loan.
Yes. Most lenders require a minimum 20% deposit and a loan-to-value ratio (LVR) below 80%. This is higher than for a standard home loan and reflects the additional risk lenders carry on construction projects. If you have equity in an existing property, you may be able to use it to meet the deposit requirement rather than cash savings.
Yes. If you have enough equity in your existing property to meet the deposit requirement, typically 20% or more of the construction loan value, you can use that equity in place of cash savings. A Mates Rates broker will assess your equity position and identify which lenders will accept it for your specific project.
It depends on the lender and your financial circumstances. Owner-builder loans are available, but the lending criteria are tighter than for licensed builder contracts. Most lenders will require evidence of relevant experience or qualifications, and some will cap the loan amount. A Mates Rates broker will identify the lenders most likely to approve your application as an owner-builder.
Yes. Some lenders offer low-doc construction loans for self-employed borrowers who cannot provide standard payslips. Eligibility depends on your financial circumstances, the loan amount, and your deposit. A Mates Rates broker will match you with lenders that have the most flexible self-employed criteria for construction lending.
Yes. Most lenders require you to start drawing down your construction loan within 12 months of the Disclosure Date, which is the date the construction contract was issued to you. Construction must typically be completed within 24 months of that same date. Delays beyond these timeframes can require lender approval or loan renegotiation, so it is important to build these timelines into your project plan from the start.
Potentially yes. Changes to the approved plans, budget, or building contract during construction can require your lender to reassess and re-approve your loan. This causes delays and, in some cases, may affect your approved loan amount. The best approach is to finalise all details before lodging your application, and to build a contingency buffer into your borrowing amount to cover unexpected costs without needing to renegotiate.
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