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If you're looking to build a home, renovate or knock-down and rebuild, you may want to consider a construction loan which gives you the flexibility to draw down funds progressively to pay your builder at key stages of the build.
A construction loan enables you to draw down on your loan progressively (called progress payments) to pay your builder at key stages of your build, rather than drawing down the whole loan amount upfront. You only pay interest on the funds you've used.
Make interest only repayments during the building phase. You won't need to make principal and interest repayments until construction has finished and you have fully drawn down your loan.
With our ANZ Standard Variable rate construction loan you could save on interest by linking it to an offset account. The money you have in your offset account will offset the amount you owe on your loan, and you'll only be charged interest on the difference.
You can use a construction loan for a new build, a knock-down and rebuild or a major structural renovation (such as moving walls, adding a room or changing the roofline). If you're looking to buy a new block of land, check out our land loans.
You may be able to get pre-approvaldisclaimer for your construction loan before choosing your builder or signing a building contract, so you know the funds you'll have available and can set a budget to stick to.
Your first request to draw down on your loan to pay your builder will need to be made within six months of receiving your Letter of Offer.
From the date of your first drawdown, you'll have 24 months to complete the build. It's important to keep to these timelines. See frequently asked questions for more details.
Check out ANZ's Guide to construction loans for the key things you need to know about how construction loans work, how to pay your builder and how to make repayments on your loan.
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Principal & interest |
Comparison ratedisclaimer |
Interest rate with special offer discountdisclaimer when borrowing 70% or less of the property value.disclaimer
Get a competitive interest rate and basic features (no offset).
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Principal & interest |
Comparison ratedisclaimer |
Discounted standard variable rate when borrowing 80% or less of the property value.disclaimer
Talk to us to find out if a further discount could apply to your standard variable rate, depending on your situation.
ANZ Standard Variable
In under 5 minutes, you can get your application started for pre-approvaldisclaimer, a new home loan, refinancing, or topping up your existing home loan.
Tell us a bit about yourself and the loan you'd like, then we'll call you back within 24-48 hours to help keep your application moving.
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These fees may apply, depending on how you choose to manage your ANZ Standard Variable rate loan:
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Fees |
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ANZ One offset account |
$10 per month |
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Fees |
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Late payment fee |
$20 |
Settlement fee |
$160 |
Production fee |
$160 |
Lodgement fee |
$160 |
Search fee |
$50 |
Government charges |
As per individual state or territory fees |
Loan security fees including Lodgement Fee, Production Fee, Settlement Fee and Search Fee still apply however will not be charged on establishment of a loan. Government fees, including government search fees, may still apply.
For further details refer to ANZ Personal Banking General Fees and Charges (PDF 155kb).
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Facts and figures |
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Minimum new loan amount |
ANZ Standard Variable- $20,000 ANZ Simplicity PLUS - $50,000 |
Maximum loan amount |
Subject to ANZ's credit assessment criteria For further information, see maximum loan as percentage of property value on compare ANZ home loans page. |
Maximum loan term |
30 years |
Maximum interest only term |
ANZ Standard Variable:
ANZ Simplicity PLUS:
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Progressive loan draw down |
Up to 24 months |
Lenders' mortgage insurancedisclaimer |
Usually required if LVR is more than 80% |
If you love your location but your home just isn't cutting it like it used to, you may want to consider knocking down your home and building a new one. A construction loan gives you the flexibility to pay in stages as you build so you can focus on making your home design choices.
Provide us with your details and one of our home loan specialists will get in touch. They can discuss issues including:
As well as any other home loan queries you may have.
Call back time is 1-3 business days.
Begin your home loan application journey by providing details about:
One of our home loan specialists will then be in touch to progress with your application.
Call back time is 1-3 business days.
The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions, Product Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product.
Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.
Applications for credit are subject to ANZ credit approval criteria. Terms and conditions, and fees and charges apply. Australian credit licence number 234527.
The estimate is based on the accuracy of the information provided. It is also based on a loan term of 30 years, payment type principal and interest and either an ANZ Simplicity PLUS rate for home loans or an ANZ Simplicity PLUS rate for residential investment property loan depending on the type of property you have selected. Rate includes a special offer discount when borrowing 80% or less of the property value (which is subject to change). Eligibility criteria apply to special offer discounts for ANZ Simplicity PLUS home loans, including $50,000 or more in new or additional lending. Offer can be withdrawn or changed anytime. The estimate might be different if payment type is interest only or if a different interest rate discount applies. It does not constitute an offer of credit. To apply for an ANZ Home Loan you must complete an application. All applications for credit are subject to ANZ credit approval criteria. ANZ does not store the information you provided to generate this document.
The calculation of estimated maximum home loan borrowing power excludes Lenders Mortgage Insurance. The value of the security property is also considered in any credit assessment criteria.
Minimum loan amounts apply to different loan types. For more information, visit anz.com or contact us.
ANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.
ReturnThe rate shown is the Simplicity PLUS Home Loan index less the applicable special offer discount for loans with a Loan to Value Ratio of 60% or less. Rates are subject to change. Eligibility criteria apply to special offer discounts, including $50,000 or more in new or additional ANZ lending. Offers can be withdrawn or changed anytime.
ReturnComparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly payments, including any applicable interest rate discounts. These rates are for secured loans only.
WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
For interest only variable loans, the comparison rates are based on an initial 5 year interest only term. For fixed rate interest only loans, the comparison rates are based on an initial interest only period equal in term to the fixed period.
ReturnProperty value is ANZ's valuation of the security property and may be different to the price you pay for a property.
ReturnA $10 servicing fee applies per month per ANZ One offset account. Please refer to ANZ Personal Banking Account Fees and Charges (PDF) for fees and charges that apply.
ReturnThe interest rate shown includes an interest rate discount from the index rate. For ANZ Standard Variable, this discount is for loans with a Loan to Value Ratio (LVR) of greater than 80% and for loans with a LVR 80% or less. For ANZ Fixed, this discount is for loans with a LVR greater than 80% and for loans with a LVR 80% or less.
ReturnThe rate shown is the Simplicity PLUS Residential Investment Property Loan index less the applicable special offer discount. Rates are subject to change. Eligibility criteria apply to special offer discounts, including $50,000 or more in new or additional ANZ lending. Offers can be withdrawn or changed anytime.
ReturnRates shown apply during the interest only period of your loan. Choose from 1-5 year interest only terms for owner occupied on an ANZ Standard Variable (Land Loan up to three years) and ANZ Fixed (Land Loan up to three years) and choose from 1-5, 7 and 10 year interest only terms for residential investments on an ANZ Standard Variable (Land Loan up to one year), ANZ Fixed (Land Loan up to one year) and ANZ Simplicity PLUS. If you choose to make interest only payments on ANZ Fixed, your fixed period and interest only period will be the same. After the interest only period, your rate will switch to the applicable variable rate for a principal and interest loan. At the end of the interest only period, minimum repayment amounts may increase to cover principal and interest. Interest only loans are not for everyone and you should consider if this is the right strategy for you.
ReturnLenders Mortgage Insurance (LMI) is paid by the borrower and protects ANZ in the event that the borrower defaults and a shortfall arises following the sale of the security property. ANZ usually requires LMI where the Loan to Value Ratio (LVR) is above 80% (depending on the type of property). For some property types, LMI might be required when LVR is less than 80%.
ReturnANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.
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