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The building process can be more affordable than most believe, or you may have been told by your bank. With the Reserve Bank exempting all builds from LVR restrictions, Marilize Visser, key account manager for NewBuild advises on the best ways to make financing your new build hassle-free by offering a “client turn key” loan – offering all the benefits of a “progress payment” construction loan and “turn-key”.
“Don’t allow your finance to be an afterthought,” says Marilize. “It can guide you on your affordability, and the best and simplest way to own a brand new home. Finance should be the top of your “to do” checklist, and it will speed up the process.
“At NewBuild, we specialise in residential construction finance. If you are looking to finance a new build, we will take you through the whole financing process, from loan application to managing your progress payments through to completion of your new home. Our expertise is in managing your finance and reducing your stress throughout the rather complex journey that building a new home can create.”
Advantages of NewBuild
In today’s home financing environment, Banks require a 20% deposit if you are buying an existing house (40% if you wish to own an investment property) and generally sometimes only a little less if you’re building a new home.
“At NewBuild, your deposit can be as low as 5% of your house and land package (20% for an investment property). This is all funded through a bank (bank funded via Sovereign/ASB at bank rates) at competitive bank interest rates,” explains Marilize.
Financing through NewBuild also means you can better afford to build. “With NewBuild there is no mandatory mortgage repayments required while you are paying rent during your build,” explains Marilize.
Marilize says any customer approaching NewBuild for a mortgage can follow one of two very easy steps: “You can either apply online, in the privacy of your own home, or get in contact with us and we can email you an application. The support documents required are outlined on our website or it will be included in the application email that we will send across to you.”
NewBuild vs banks
For new home owners trying to decide whether to finance with a mortgage broker or a bank, Marilize suggests three tips to consider:
For more information on NewBuild’s finance options, or to see if you qualify for NewBuild finance, visit our website: http://www.sentinelhomes.co.nz/pricing.html#newbuild
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