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Looking to build your dream home?

Building a new home is one of the most exciting journeys you will undertake, but it can also be one of the most stressful. At MOVE, we aim to simplify the finance process, so you can focus on what matters most - enjoying your new home.

If you are building for the first time and are unsure about the steps involved or simply have questions about the finance process, check out our FAQs or get in touch with one of our lending specialists.

Check out our home loans for new builds

To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account. A low rate variable loan designed to offer excellent features.

  • Borrow up to 95% (with LMI)
  • No ongoing monthly or annual fees
  • To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account.
  • Owner Occupied <80% LVR 5.94%p.a. Interest rate
  • 5.99%p.a.
    Comparison rate

To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account. A fixed rate loan designed to offer excellent features.

  • 1, 2, 3 & 5 year fixed options
  • Borrow up to 95% (with LMI)
  • To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account.
  • Owner Occupied 1 Year Fixed 5.89%p.a. Interest rate
  • 5.98%p.a.
    Comparison rate

A variable loan with 100% offset and no ongoing fees.

  • Borrow up to 95% (with LMI)
  • 100% offset account
  • No ongoing monthly or annual fees
  • Owner Occupied <80% LVR 6.14%p.a. Interest rate
  • 6.19%p.a.
    Comparison rate

A fixed rate loan with a 100% offset account.

  • 1, 2, 3 & 5 year fixed options
  • 100% Offset account
  • Owner Occupied 1 Year Fixed 6.09%p.a. Interest rate
  • 6.18%p.a.
    Comparison rate

Product Features:

Home Loans
Minimum Loan Amount : $100,000
Maximum Loan Amount : $3,000,000
Maximum Loan to Valuation Ratio (LVR) : 80% for Principal & Interest or 80% for Interest Only
Maximum LVR with LMI : 95% for Owner-Occupier or 90% for Investment
Maximum Loan Term : 30 years
Interest Type : Variable
Repayment Type : Principal & Interest or Interest Only
Interest Only Available : Yes, Interest Only available for Owner-Occupier construction loans (max 12 months) or Investment loans (max 5 years)
Repayment Frequency : Weekly, Fortnightly or Monthly
Offset Account : No
Additional Repayments Accepted : Yes
Redraw Facility : Yes
Establishment Fee : $600
Annual Package Fee : $0
Discharge Fee : $350
Available for Bridging : No
Split Fee : $50
Available for Construction : Yes

Product Features:

Home Loans
Minimum Loan Amount : $100,000
Maximum Loan Amount : $3,000,000
Maximum Loan to Valuation Ratio (LVR) : 80% for P&I loans or 80% for IO loans
Maximum LVR with LMI : 95% for Owner-Occupied Loans and 90% for Investment
Maximum Loan Term : 30 years
Interest Type : Fixed - 1, 2, 3 and 5 years
Repayment Type : Principal and Interest. Interest Only available for investment loans
Interest Only Available : Yes, Interest Only available for investment loans only
Repayment Frequency : Monthly
Offset Account : No
Additional Repayments Accepted : Yes
Redraw Facility : Yes
Establishment Fee : $600
Annual Package Fee : $0
Rate Lock Option : Yes
Discharge Fee : $350
Available for Bridging : No
Split Fee : $50
Available for Construction : Yes

Product Features:

Home Loans
Minimum Loan Amount : $100,000
Maximum Loan Amount : $3,000,000
Maximum Loan to Valuation Ratio (LVR) : 80% for Principal & Interest or 80% for Interest Only
Maximum LVR with LMI : 95% for Owner-Occupier or 90% for Investment
Maximum Loan Term : 30
Interest Type : Variable
Repayment Type : Principal & Interest or Interest Only
Interest Only Available : Yes, Interest Only available for Owner-Occupier construction loans (max 12 months) or Investment loans (max 5 years)
Repayment Frequency : Weekly, Fortnightly or Monthly
Offset Account : Yes
Additional Repayments Accepted : Yes
Redraw Facility : Yes
Establishment Fee : $600
Discharge Fee : $350
Available for Bridging : No
Split Fee : $50
Available for Construction : Yes

Product Features:

Home Loans
Minimum Loan Amount : $100,000
Maximum Loan Amount : $3,000,000
Maximum Loan to Valuation Ratio (LVR) : 80% for P&I loans or 80% for IO loans
Maximum LVR with LMI : 95% for Owner-Occupied Loans and 90% for Investment
Maximum Loan Term : 30 years
Interest Type : Fixed - 1, 2, 3 and 5 years
Repayment Type : Principal and Interest. Interest Only available for investment loans
Interest Only Available : Yes, Interest Only available for investment loans only
Repayment Frequency : Monthly
Offset Account : Yes
Additional Repayments Accepted : Yes
Redraw Facility : Yes
Establishment Fee : $600
Rate Lock Option : Yes
Discharge Fee : $350
Available for Bridging : No
Split Fee : $50
Available for Construction : No

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Frequently Asked Questions

A construction loan is a type of loan that is used to pay for the cost of building a new home.

What makes it different from a standard home loan is the payment scheme. Construction loans allow you to draw down the loan in stages as the construction progresses.

These progress payments are paid directly to the builder after each stage of construction. The usual stages of construction are:

  1. Finance approved

  2. Slab

  3. Frame

  4. Lock-up

  5. Fit out

  6. Completion

This helps you monitor the build and ensures that you’re only paying for work that’s been completed.

As construction loans are progressively drawn down, you only pay interest on the money that you use. For example, if $150,000 has been drawn down on a $300,000 loan at the frame stage, you’d only be charged interest on $150,000.

The complexities of building a new home can be overwhelming. To simplify the process, here’s an overview of the most common stages of the construction loan journey.

Stage 1: Finance approved

  • Our Lending Specialists will help you determine your borrowing capacity and assist you with getting pre-approval for your loan
  • You’ll need to supply documents as part of this process, such as building plans and permits, a copy of your fixed-price building contract and builders’ insurance
  • If you’re eligible for any government grants, you should apply for these now
  • An initial valuation is completed to determine the value of your property

Stage 2: Slab

  • Construction begins and foundations are poured
  • This is when the first progress payment is made and will be drawn from your initial deposit

TIP: It may be tempting to change your mind on your house plans or materials during construction but remember that any changes you make can affect the overall cost of your build and should be approved by us.

Stage 3: Frame

  • The exterior frame and walls are under construction
  • This is usually when the second progress payment is made and will be paid on invoice

Stage 4: Lock-up

  • The windows, doors, external walls and roof are installed to allow you to lockup your house
  • A progress valuation is completed to confirm construction is progressing as expected
  • This is usually when the third progress payment is made

Stage 5: Fit out

  • Internal fixtures such as power points, lights, flooring and other fittings are installed
  • This is usually when the fourth progress payment is made

Stage 6: Completion

  • Congratulations – you’re ready to move in!
  • A final valuation is completed, and a financial inspection and insurance certificate is provided before the final payment is made

Footnotes:

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