Building your dream home or completing a major renovation is an exciting step. But financing construction is different from a standard mortgage. You’ll need a loan that releases funds in stages, matches your builder’s payment schedule and suits your budget.
At Wellman Finance, we specialise in construction loans in Melbourne, helping homeowners and investors get the finance they need for building projects, without the stress.
What is a Construction loan?
A construction loan is designed specifically for building or major renovations. Unlike a traditional home loan, funds are released in stages (called progress payments) as different parts of the construction are completed.
This structure helps you:
Pay interest only on the amount drawn, not the full loan upfront
Align payments with your builder’s schedule
Keep your project financially manageable
Keep your project financially manageable
Typically, payments are released in stages such as:
Land purchase:
Preparation
Base stage:
Foundation or slab
Frame stage:
Structural framing
Lock-up stage:
External walls, windows and doors
Fit-out Stage:
Plumbing, electrical and internal finishes
Completion:
Final payment when the build is finished
Wellman Finance ensures the loan is structured properly so you can focus on the build while we handle the lender requirements.
Benefits of construction loans
Lower repayments during construction (interest-only on funds used)
Flexibility to pay builders as work progresses
Tailored loan options for owner-builders or investors
Smooth transition to a standard home loan after completion
How Wellman Finance can help
Securing a construction loan can feel complex, but we make it simple by:
Reviewing your plans, budget and financial situation
Comparing lenders that specialise in construction loans
Explaining requirements like council approvals and builder contracts
Managing paperwork and progress payment requests
Transitioning your loan smoothly once the project is complete
Why Choose Wellman Finance?
Local Melbourne mortgage specialists
Access to banks and specialist lenders offering flexible construction loans
Independent, client-focused advice
Step-by-step support throughout your build
We’re here to make sure your finance matches your building journey, on time and stress-free.
Start building with confidence
If you’re planning to build, renovate or develop, let Wellman Finance take care of the finance.
📞 Contact us today or apply online at wellmanfinance.com.au. to secure the right construction loan.
Wellman Finance – Helping Melbourne families and investors bring their building plans to life.
