Reno or extend
You already live there. You often stay in the house while the work happens. A lender treats this as a different loan to a vacant-block build. There is no cash walk for this yet.
Book a session
Construction
You are either buying a finished home, or you are building.
Those are different loans. Start here so you do not walk into the wrong form.
A finished house is one contract and one settlement. A build pays out in stages, while you usually keep paying rent. This page is the map. The cash walk is only for one of the doors below.
The fork
Pick the path that is actually yours.
Two equal doors. Both go somewhere useful. Neither is a maze.
Path 1
Finished home
Established, or just built and ready to move into. One contract. One settlement. The full loan lands that day. You usually get the keys. Duty is on the house price. After that, repayments are the normal principal-and-interest picture.
Stay on this path ↓ Path 2Building
Money comes out in stages, as the builder invoices. You pay interest only on what has been drawn. You usually keep paying rent. You are not in the house for a year or two. If it is two contracts, duty is often on the land only.
See the three build types ↓
Finished home
One contract. Keys on the day.
If you are buying a place that already exists, this is not a construction loan. Do not use the house-and-land cash walk. Use a strategy session, or the ordinary calculators, if you just want a first pass on repayments or duty.
If you are building
Stay put
You own the land
This door opens the walk
Three different jobs. Only one opens the walk.
Same word, “construction.” Three different cash pictures. Be honest about which one you are in.
Knock-down rebuild
You already own the block. No land purchase. You still get progress draws, and you may pay rent if you move out while it comes down and goes back up. Different cash picture. No cash walk for this yet.
Book a sessionHouse and land
Vacant block. Fixed-price builder. Two contracts. This is the only door that opens the NSW cash walk.
Open the cash walkAn off-the-plan apartment is not a construction loan. Different product. Book a session.
How the loan is different
Same bank word. Different animal.
Keep this on the page. Nothing here is tucked inside an accordion.
The question
Finished home
Construction
When the money is paid
Finished home
The full loan lands at settlement.
Construction
The lender pays the builder in stages, as invoices land.
What you repay while you wait
Finished home
Normal principal and interest. You are usually already in the house.
Construction
Interest only, and only on what has been drawn so far.
When you move in
Finished home
Usually settlement day.
Construction
Often a year or two later. Rent usually keeps running.
What stamp duty is usually on
Finished home
The house price.
Construction
Often the land only, if it is two contracts.
Who gets paid
Finished home
The seller, on settlement day.
Construction
The builder, in stages. You do not get a lump of cash to hold.
Start and finish clocks
Finished home
Not a build clock. You settle, you move.
Construction
Many lenders want the build to start within about 12 months of approval, and finish within about 24 months. Typical, not a promise, and not every lender.
Worked example
What the cash hole looks like, with real brackets.
A labelled example, not a client file. NSW vacant land $500,000 plus a $600,000 fixed-price build. First-home buyers. $107,000 already in an Australian account. Dated 2026/27. Estimate only.
At 90% LVR they are short about $19,687 after duty. At 95% they clear the equity line, but the builder deposit and the base stage still eat cash.
Package
$1,100,000
Duty on the land
$16,687
Cash after duty
$90,313
Short at 90% LVR
$19,687
First Home Owner Grant
$0
The grant is $0 on purpose: the package is over $750,000. At 95%, equity drops to $55,000 so the $90,313 after duty clears it. The 5% builder deposit is still $30,000 of their own money.
The next step
A page can name the door. I will tell you if it is walkable.
Thirty minutes on Google Meet. Finished home, reno, knock-down, or house and land. I will tell you which loan it actually is, including not yet.
Estimate only. Dated 2026/27. Not a loan offer, pre-approval, or credit advice. Confirm duty and grants on Revenue NSW before you exchange. Wombat Home Loans is a Credit Representative of Loans Only Pty Ltd, Australian Credit Licence 561324.