Turnkey is quite simple, you pay an initial deposit on the contract, usually around 10% then the remaining 90% once the house has received its Code of compliance certificate.
A bit more work is involved with Progress payment contracts, your approval is for the cost of the entire project then funds get released in stages as payments come due. The first stage is usually for the purchase of the section with your 20% deposit. Once construction has started you will be required to make payments at certain stages as they are completed, ie foundations, framing etc.
How much deposit is required is dependant on a number of factors, type of property purchase, the purpose of the property, ie owner occupied vs investment or first home buyer. Deposit requirements can be as little as 5% under the First home loan scheme to 40% for an investor. Talk to one the team to find out more and what would be applicable to your situation.
Kiwisaver is available for first home buyers or second chance if you meet the criteria.
Our team will assess your current & future financial situation to determine how much you can borrow, this amount is based on your income and outgoing financial commitments, each person's financial situation is different so it’s important that we fully understand your financial situation.
When buying a home there are additional costs that you need to consider, Solicitor/conveyancing costs, Valuation costs, builders and/or other expert property reports. This is a large financial commitment and investment so it pays to put some money into adequate reports and correct representation when purchasing a property to ensure there are no hidden costs later on.
Generally, I won't charge you any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, I usually receive a commission from the lender [which is explained in the commission section of this Disclosure Guide]. Any exceptions to this general position are explained below. If these exceptions will apply to you, I will let you know.
One-off fees
I may charge you a one-off fee if the following occurs:
(a) When I don't receive a commission from the lender: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I complete the services, and would be based on an estimate of the time spent providing the advice. This may arise in the rare event that you request that I provide services in relation to either a product that is offered by a lender that I do not hold accreditation with, or a product that is outside my usual arrangements with my approved lenders.
(b) When I have to repay commission to the lender: In the event that, in the 28 month period following the drawdown of your loan, your loan is fully or partially repaid or the terms materially changed, and a lender requires that I repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $2,500 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of my time spent providing financial advice to you in connection with the applicable loan. The fee I charge you will not exceed the amount of commission I have to repay to the lender.
You will be invoiced for any one-off fee and will be given 30 days to make payment.