Why choose a Building Loan?
Designed for new builds
Features designed specifically to fund the building of your new home.
Funds advanced progressively
As your builder completes pre-agreed construction stages, potentially saving you on interest during the build.
Schedule progress payments
We can help with the scheduling and identifying expenses so payments are made to the builder after each stage.
With a Bank of Melbourne Building Loan,
you could save on interest.
Make progressive payments, drawing down only the money you need as the construction of your new home is completed.
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- Draw down money as you need it, with loan funds advanced in stages as your builder completes previously agreed construction milestones.
- You could save on interest, since it is only payable on the amount advanced on the loan.
- Make Interest Only repayments until the loan is fully drawn down when construction is completed.
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The Detail
Credit criteria, fees and charges apply. Terms and conditions available on request. Before making a decision, it’s best to read the terms and conditions.
Residential Loan Agreement
General Terms and Conditions.
Loan Accounts
Charges for specific services and accounts.
Start your journey online
Learn how much you could borrow, without knowing the loan type.
Receive indicative approval in under 10 minutes.
A home loan expert will call to talk you through your options.
Talk to us
Credit criteria, fees and charges apply. Terms and conditions available on request.
Before making a decision, it’s best to read the terms and conditions:
Residential Loan Agreement – General Terms and Conditions (PDF 1MB)
Loan Accounts – Charges for specific services and accounts (PDF 848KB)
Please read these documents and keep a copy. You can request a paper copy at a branch.
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 22 66.