Building Your Dream Home: How Construction Loans Work

Unlike standard mortgages, construction loans are drawn down in stages (progressive drawdowns) to pay the builder as construction milestones are completed.

Stages of Construction Finance:

1. Preparation / Deposit: Paying for plans, permits, and initial site costs.
2. Slab / Foundation: Concrete slab is poured.
3. Frame: Walls, trusses, and roof framing are completed.
4. Lock-up: External walls, windows, and doors are installed.
5. Fix-out: Internal fittings, plastering, and cabinetry are completed.
6. Completion: Final inspection and handover.

MCT coordinates directly with your builder and lender to ensure smooth progressive payments without delays.