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Why choose our building option?

Designed for new builds
Our Standard Variable Rate Home Loan can be used for house & land packages, building your dream home or renovating. Available whether you have a contract builder or you’re an owner builder.
Save on interest
Instead of paying interest on your whole loan from the start, you’ll only be charged interest on your loan balance as it increases with each drawdown.
Pay as you go with progress drawdowns
Make progress payments to your builder at the end of each construction stage, after you’ve given the approval to pay – so you’re always in control.

With our handy building option,

you could save on interest.

With progress payments, you only draw down the money you need as stages of construction are completed. Even better, there’s no fee to use this option.

Tell me more

  • Funds only advanced in stages as your Contract Builder completes pre-agreed construction milestones.
  • You save on interest during the construction process period – as you only pay interest on the amount drawn.
  • Make Interest Only repayments until construction’s completed and your loan’s fully drawn down.

The Detail

Conditions, credit criteria, fees and charges apply. Based on Bank of Melbourne’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 33KB)

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

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.