Construction Loan Broker: Sunshine Coast and Toowoomba
Finance for your build, arranged by a local broker who stays on the file from slab to handover.
Synergy Mortgage Brokers is a construction loan broker with offices in Maroochydore and Toowoomba City. We compare construction and land loans across a panel of more than 20 lenders, build the application around your fixed-price building contract, and coordinate each progress payment with your builder and lender. Directors Brendan Philp and Marcus Bernard lead the team.
- Construction loans compared across more than 20 banks, regional and non-bank lenders
- House and land packages, knockdown rebuilds, renovations and land-first purchases
- Progress payments coordinated with your builder and lender at all five build stages
- Generally no cost to you: the lender pays our commission when your loan settles
Who we are
Synergy Mortgage Brokers is a South East Queensland brokerage, not a national call centre. Brendan Philp has led the business since early 2022 and holds a Bachelor of Commerce (Business Law) and a Diploma of Finance and Mortgage Broking Management. As mortgage brokers, we are bound by the best interests duty under the National Consumer Credit Protection Act: the loan we recommend has to suit your build and your finances, and we document why.
How does a construction loan work?
A construction loan (some lenders call it a building loan) is released in stages as your home is built, rather than in one lump sum at settlement. The lender pays your builder directly at each stage after an inspection, and you pay interest only on the amount drawn so far. Once the home is complete and valued, the loan usually converts to a standard principal and interest home loan.
The five progress payment stages
- Deposit and slab: site preparation, footings and the concrete slab
- Frame: wall and roof framing
- Lock-up: external walls, roof cover, windows and doors
- Fixing: internal linings, cabinetry, plumbing and electrical fit-off
- Completion: final fit-out, painting and the handover inspection
What do lenders need before they approve a build?
A signed fixed price building contract from a QBCC-licensed builder, council-approved plans and specifications, the builder's QBCC Home Warranty Insurance certificate, and evidence that anything outside the contract (driveway, fencing, pool) is funded. The lender values land and proposed home together on an as-if-complete basis, which is why approval takes longer than a standard purchase and is usually measured in weeks, not days.
How our construction loan process works
Step 1:
Work out what you can build
Before you sign with a builder, we assess your borrowing capacity for land plus build so you know your realistic project budget. Contact us on 1300 324 588 to book in Maroochydore, Toowoomba or by video.
Step 2:
Compare lenders for your type of build
Some lenders are comfortable with a construction loan in Toowoomba on acreage, others prefer estate blocks; some have tighter rules on knockdown rebuilds or owner builders. We compare our panel on rate, fees and policy fit.
Step 3:
Settle the land, if you are buying the block first
We can arrange a land loan that later rolls into the construction loan with the same lender, or a separate loan where that suits. First home buyers can check grant eligibility on our first home buyers page.
Step 4:
Formal approval on the building contract
Once your fixed price contract and plans are ready, we lodge the full application, manage the valuation and answer the lender's queries.
Step 5:
Progress payments through to handover
When your builder issues a stage invoice, we help get it to the lender, follow up the inspection and confirm payment. After handover we check the loan has been converted as agreed and issue a review.
What we help with
House and land packages
Common across Sunshine Coast estates such as Aura and Harmony and the newer stages around Toowoomba. Depending on the contracts, it may be one loan or a land loan followed by a construction loan.
Knockdown rebuilds
The lender values your block as vacant plus the new home. Demolition costs and where you live during the build both go into the application.
Owner builders
Fewer lenders finance these, and those that do lend a smaller share of the cost and want detailed costs plus a QBCC owner builder permit.
Renovation and land loans
Structural renovations are funded in stages like a new build; smaller cosmetic work is often cheaper through a top-up on your existing loan. Vacant land loans are available on their own.
Why choose Synergy for your construction loan?
- Two offices, one file: Maroochydore and Toowoomba, with the same broker from first meeting to final progress payment
- More than 20 lenders compared, including non-bank lenders with different rules on acreage, owner builders and self-employed income
- Best interests duty applied to every recommendation, with the reasoning documented
- Experience placing construction loans for self-employed borrowers
How pricing works
Our service is at no cost to you. Lenders pay us a commission when your construction loan settles, disclosed in the Credit Guide we give you before any application. Some products or situations carry a fee, and if one applies we tell you before you proceed. The commission never decides which lender we recommend; the best interest duty does.
The lender's own costs vary. Construction loans commonly carry a valuation fee, an inspection fee at each stage, and sometimes a different rate during the build than after completion. We put those side by side so you compare total cost, not the headline rate, and we quote rates only once we know your deposit, income and build.
Ready to talk through your build?
Frequently Asked Questions
Can I get a construction loan for a house and land package on the Sunshine Coast?
Yes. House and land packages in estates such as Aura, Harmony and Palmview are among the most common construction loans we arrange. If land and build are on separate contracts, we usually settle the land first and add the construction component with the same lender once your fixed price building contract is signed.
What deposit do I need for a construction loan?
Most lenders want at least 5 to 10 per cent of the combined land and build cost, and you generally avoid lenders mortgage insurance at 20 per cent. Eligible first home buyers may be able to use the federal Home Guarantee Scheme to build with a smaller deposit. The figure depends on the lender, the block and your income.
Can I use the First Home Guarantee or the Queensland First Home Owner Grant for a new build?
Often, yes. The Queensland First Home Owner Grant is currently $30,000 for eligible buyers building or buying a brand new home valued under $750,000 on contracts signed on or after 20 November 2023, and the Queensland Government has said it will continue beyond 30 June 2026. The federal Home Guarantee Scheme can also apply to new builds. Rules change, so we check the current settings for you.
What happens if my build runs over time or over budget?
Most lenders set a build completion period, commonly 12 to 24 months from first drawdown, and can often extend it if the builder confirms a revised timeline. Variations outside the fixed price contract are usually yours to fund, so hold a buffer outside the loan. If a variation is unavoidable, we talk to the lender early about a loan increase.
Do I pay interest on the full construction loan from day one?
No. During the build, you pay interest only on what the lender has drawn down to your builder so far: the slab payment first, then more after frame, and so on. Once the completion payment is made, the loan generally converts to principal and interest repayments on the full balance.
Can I refinance after the handover?
Yes, and it is worth a review. A lender chosen for how well it handles progress payments is not necessarily the right fit once the home is finished. Refinancing soon after completion can trigger a clawback of our commission, which is our issue rather than yours. We diarise a 12-month review for every construction client.
Your Journey Starts Here.
Contact us to talk through your build with Synergy Mortgage Brokers.
General information only, not financial or credit advice. Brendan Philp, Credit Representative 541982.
Enquiry form
Use our user-friendly home loan calculator to estimate your potential mortgage payments and plan your budget with confidence.
