Build With Confidence
Construction loans provide tailored funding solutions for building or renovating properties, including commercial developments.
Vivid’s experienced team secures loan approvals, manages progress payments, and negotiates flexible terms with favourable rates that align with your project timeline and budget. With over 40 years of expertise, we guide you through every stage, ensuring a seamless transition from construction to completion—so you can build with confidence.
Understanding Construction Loans
Construction loans are structured to release funds in stages, ensuring payments align with key milestones in the building process. Each stage requires lender approval before funds are released.
Secure Approval Today
Ready to bring your project to life? Get pre-approval to confidently move forward with your construction plans, backed by professional finance guidance.
client testimonials
as verified by
Proven Client Satisfaction
Experience our commitment to client satisfaction through consistent excellence in service.
5 Stars
Average rating based on client reviews on Vivid Financial’s Google profile.
4.9 Stars
Average rating based on over 1,000 client reviews across Vivid group’s Google profile.
frequently asked questions
What do I need to qualify for a construction loan?
Qualifying for a construction loan requires several key documents, and our finance brokers will manage most of the process on your behalf. We work directly with your builder to gather everything needed, including approved construction plans, a signed building contract, and cost estimates.
Lenders will also assess your financial position, including income, employment history, credit score, and existing debts, to determine your borrowing capacity. At Vivid, we’ll guide you through the process, ensuring your loan is structured correctly and suited to your project, so you can focus on building your new home with confidence.
How are progress payments made?
Progress payments are released to your builder in stages throughout the construction process, typically after an inspection verifies that the work for each stage has been completed to the required standard.
The stages can include site preparation, framing, lock-up, and final completion. The payment for each stage is made based on the amount of work completed, ensuring you only pay for what has been finished. This structured approach helps you manage your budget effectively and ensures that funds are disbursed responsibly, keeping the project on track.
Your Vivid finance broker will assist in coordinating these payments and ensuring that all documentation and inspections are in place, so your project progresses smoothly from start to finish.
Can I use a construction loan for home renovations?
Yes, a construction loan can be used for home renovations or extensions, provided the work involves significant structural changes or improvements. This could include adding new rooms, extending living spaces, or making major upgrades to the foundation, roof, or plumbing systems.
Cosmetic or minor renovations that don’t affect the structural integrity of the home may not qualify for a construction loan, but other financing options will be available. We will assess your renovation plans and help determine the most advantageous loan structure to suit your needs. We’ll guide you through the process, ensuring your renovation is financed appropriately, and help secure the funds needed to transform your space into your dream home.
What happens if construction takes longer than expected?
A construction loan generally lasts between 12 to 18 months, depending on the scale and complexity of your project. However, if the build takes longer than anticipated, it’s important to plan ahead. Extensions may be available, but they typically come with additional fees or requirements, so it’s crucial to discuss this with your lenders early on. To avoid delays and unexpected costs, it’s essential to work with your builder to establish a clear and realistic timeline, factoring in potential risks and setbacks. Our brokers at Vivid will assist you throughout the process, helping you manage any changes and, if necessary, apply for an extension to ensure the loan accommodates the full duration of the project. We’ll ensure you’re well-prepared, minimising any impact on your financing and keeping your construction on track.
