Broadly speaking, a "turnkey" is a process of delivering the completed home rather than a type of loan. Most banks like to promote "turnkey" because they are not required to fund anything until the home is completed, bypassing all the work to assist in getting the home completed. But the key benefits of the turnkey process is paying a deposit (normally 10%) up front, and not starting the mortgage payments until the home is completed. This avoids the hard bit about a construction loan that requires you to pay your rent and a construction loan at the same time.

We've resolved this with a NewBuild loan. We've made your house and land package easier, simpler, and safer to fund.

For most people, owning a brand new home is the dream but paying rent (or mortgage) while you are building plus paying the construction loan interest is simply unaffordable for most. NewBuild has the solution - with a turnkey loan or a NewBuild progress payment loan (which behaves much like a turnkey), you only start your loan repayments when you move it. This takes so much stress away from the process of owning your new home and makes the dream possible.

We will help you with the best loan to get you into your new home. And whatever option you select, you won’t need to start your loan repayments until you move in.* (conditions apply)

Through NewBuild you have access to competitive floating and fixed interest rates. This can save you thousands on interest costs during your build. You are eligible for these rates with a NewBuild progress payment loan or a turnkey build. You may also qualify for $3,000 cash back if your build has a Homestar rating of 6 or higher (terms and conditions apply).

A competitive interest rate is just one of the many benefits of securing your finance through NewBuild. We will secure you sufficient finance, including reserves for those unexpected costs, to make sure you get all the way to the end of your build project with sufficient funds.