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We changed our mortgage repayments to interest only while we built our current house and then kept it that way while we were trying to sell it. Meant that things were a bit tight money wise for a few months, but it was a lot easier to deal with overall.
We had different lenders for the 2 mortgages though. That was just the way it was set up through our broker
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There are some builders that don't require progress payments, but not sure if that style of house suits you. I'll PM you the one I know of if you like
We sold our first house and rented while we built this house, so slightly different scenario. It was hard toward the end, especially when the loan was 85% drawn over the Christmas break period (grrrrr!) but we managed to knuckle down and save heaps before the first progress payment was needed and that kind of kept us above water. The excitement of the new house actually made us determined to stick to a really strict budget (and have no life lol) for the 8 months while we built. If you can do without, it will be worth it!
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