Why New Build
More clients are now choosing to finance with NewBuild, not just because it offers lower deposit, or the ease of turn key style finance, but because their loan is fully "project managed" - simplifying their build!
You may love the convenience of fully managed finance, or the convenience of no mortgage repayments until you move in. You may have a lower deposit, or you may have been turned down by your bank because you can't afford the build process, or worse, you may have discovered your bank simply does not want you to build at all - it's simply too hard or time consuming for them.
NewBuild are the experts in residential construction finance in New Zealand, and we want you to build with less stress. The right finance will do just that.
Building a home is rewarding and exciting. It’s also a little scary. When deciding to build you need to make sure everyone you work with is on your side, helping you through the process.
NewBuild is a resource you can rely on to not only secure a loan, but manage all aspects of the construction finance and your home loan upon completion (our construction loan automatically turns into your home loan on completion).
NewBuild can reduce much of the stress and risk by acting as your ‘building finance project managers’ – from loan application to hand-over. Many forget how important finance can be to a successful build.
Get your finance right, and your build can become one of the best experiences you’ll ever have.
So what should you do first? It’s our opinion that once you have started to think about building as an option, you need to get your finance sorted. “Don’t buy your toys until you know how big your sandpit is". In other words, find out what you can afford, and how the finance will work for you before you start committing to the build.The Building Triangle
Building can sometimes feel like playing "donkey in the middle", where you are forced to mediate between the expectations of your builder and the requirements of your bank. In this game, there is only one winner, and all too often it's not the client.
For your building project to run smoothly, communication between all three parties is critical. In most cases, the banks and builders simply won't talk to each other leaving you to fight the different expectations between your builder and your bank.
Before you get to a build contract there's lots to know, and lots to do. You need to make certain your plans and specifications match exactly what you want from your builder, and that your contract price includes everything you think it does.
Omissions (items left out) are the hardest to spot, and your lender may not know what you have excluded from the contract, or even what your builder has knowingly or unknowingly excluded. These will cause you trouble down the road, so make sure you have everything to complete your home included in your contract, and disclose to your lender any items you have omitted, or any items your builder has omitted. Your contract should always be discussed with your solicitor. It's your responsibility to ensure you present a complete contract to your lender.You can prevent cost blow-outs by locking down your contract, ensuring no omissions or un-fixed items in your build contract.