Building / KiwiBuild

Construction loans, new build and section purchases, we can help you with them all.

These can be tricky with various criteria and processes to satisfy the lenders. It pays to talk to us about your situation. Normally you can borrow up to 90% of the total cost of the section and build (but refer to us about bank policy as it is changing all the time). You can use our online mortgage calculator to work out your repayment options, too.

Banks prefer you to have a full ‘turn key’ with high borrowing ratio (eg 90%) contract with a registered master builder. It pays to shop around a few reputable building companies once you know exactly what you want.

A 'turn key build' is usually one contract for the land and build. It has a deposit, usually 10%, then the remaining 90% is paid when the code of compliance issued (and title as well). Ideally you then need 10 working days to settle, that just gives us enough time to get rates, confirm structure and the bank to prepare loan documents. 

A 'turn key' approval is usually only valid for 12 months with some banks, others 3 months. So pay close attention to the time frame for completion. Refer to your lawyer for advice on the contract wording including 'sun set' clauses. 

A two contract build usually involves a contract for the land separately and the build separately. So these also come with slightly different lending criteria. 

Pay close attention to how long it will take a section to get a title as we need to line it up with approval expiry time frames. 


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