First home buyer finance, made for building
Building a new home is different to buying established property. Construction loans, progress payments and Government incentives all play a role — and getting the right advice early can make all the difference.
As an experienced Melbourne home builder, Homebuyers Centre supports first home buyers with finance guidance designed specifically for building, helping you move forward with confidence.
Resolve Finance: Construction finance specialists for first home buyers
Our finance partners, Resolve Finance specialise in first home buyer finance for new home construction, helping first home buyers navigate the unique requirements of building.
Working closely with your New Homes Consultant, Resolve Finance helps you:
- Understand construction loans and progress payments
- Navigate Government grants and eligibility
- Prepare for approval with confidence
Home building grants for first home buyers
First home buyers may be eligible for a range of Government grants and incentives when building a new home in Victoria.
This may help you reduce upfront costs and get you into your home sooner.
First Home Owners Grant in Victoria
The Victorian First Home Owner Grant (FHOG) is designed to support eligible buyers building or purchasing a new home.
Resolve Finance can help you understand whether you qualify and how it applies to your build.
My Home Plan
My Home Plan helps you get your money sorted so you’re build ready.
We’ll help you create a plan and keep on track so you can reach your goal of homeownership sooner.
Rent converter
If you’re currently renting, you may be closer to owning your first home than you think.
Our Rent converter shows how regular rent payments could translate into home loan repayments.
Let’s Chat: Finance – Your guide to homeownership
Buying your first home can feel overwhelming. Hosted by finance influencer @tashinvests, Let’s Chat: Finance breaks down construction finance in plain English, covering deposits, approvals, grants and repayments.
Award winning construction finance from Resolve
Purchasing your first home is an exciting time but can also be challenging. That’s why it’s so important to have a Resolve Finance mortgage specialist in your corner – they’re the experts in construction loans.
Resolve Finance ranks within the top 15 of The Advisers Top 25 brokerages for 15 years running, they’re your trusted companion guiding you with confidence through the entire home loan process.
Frequently asked questions
The deposit required can vary depending on your circumstances, the type of loan, and whether you’re eligible for Government grants or incentives. Many first home buyers are surprised to learn they may not need a full 20% deposit.
Resolve Finance specialists can help you understand your options and what’s realistic for your situation.
A construction loan is a type of home loan designed specifically for building a new home. Instead of receiving the full loan amount upfront, the funds are released in stages as your home is built, known as progress payments.
During construction, you only pay interest on the amount that has been drawn down at each stage, not the full loan amount. This often results in lower repayments while your home is being built.
With a standard home loan, the full loan amount is paid out at settlement and repayments are calculated on the entire balance straight away. Once construction is complete, a construction loan typically converts to a standard home loan and regular repayments begin.
Your lender releases funds at key stages of the build, such as slab, frame, lock-up and completion. Once each stage is finished, your builder issues a progress claim which is reviewed and approved before the lender releases the payment.
This staged approach ensures funds are only paid as work is completed and helps manage repayments by spreading them across the build, rather than paying interest on the full loan amount from day one.
Not at all. Even if you’re early in your savings journey, there may still be pathways available to help you work towards building your first home.
Tools like My Home Plan can help you understand where you’re starting from, what you’ll need, and how to build a clear plan to get there.
Yes. Family support doesn’t always need to come in the form of cash. In some cases, there are alternative ways family can assist, depending on your lender and loan structure.
A Resolve Finance specialist can talk you through what options may be available and what might work best for you.
The earlier, the better. Speaking with a finance specialist before you choose a home design or block of land can help you understand your borrowing power, eligibility for grants, and next steps — saving time and stress later on.
Explore Finance solutions for your new home
First Home Owner Grant (FHOG)*
If you’re buying or building your first new home in Melbourne, Victoria, you could be eligible for a $10,000 First Home Owner Grant*. This valuable boost can help you take that crucial first step toward owning your dream home.
Get in with our low deposit options
Managing your home and finances can be challenging, whether you’re a seasoned saver or just starting. Resolve Finance, our partnered specialist, is here to help.
First Home Guarantee (FHBG)*
If you’re considering becoming a homeowner in Melbourne and its surrounds, there’s never been a better time. Eligible home buyers in this area can now secure a property with a deposit as low as 5%*
This information does not consider your personal needs and financial circumstances, and you should consider whether it is appropriate for you. *Eligibility at the discretion of state and/or federal government. Lenders terms and conditions apply. For more information refer to www.sro.vic.gov.au.
My Home Plan is operated by Resolve Finance Solutions PTY LTD trading as Resolve Finance ABN 65 079 545 378. All financial services provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No. 385487. The building practitioner is ABN Group (Vic) Pty Ltd. Trading as Homebuyers Centre CDB-U 49215.