New Build Mortgages

mortgage for building a new home

First-time home buyers discussing mortgage options

New Build Mortgages for Your Dream Home

Are you in the process of building your dream home? Congratulations! Building a new home can be an exciting and fulfilling experience. However, it also comes with its challenges, like getting the right new build mortgages for your dream home.

At Oliver Broomfield, we assist in finding the right mortgage solutions for building a new home. Our services include:

  • Working with lenders who offer the best options for new build mortgages
  • Negotiating favourable terms and rates for your new build mortgages
  • Providing expert advice on budgeting and financing options
New build mortgage - construction site of a new home

With our focus on mortgage finances for all kinds of build loans—whether for your own home or a rental property — we will make the process of securing a new build mortgage as smooth and stress-free as possible!

Mortgage Solutions for Building a New Home

Building a new home requires careful planning and budgeting. As your mortgage broker, Oliver Broomfield helps you navigate the various options to finance your new build project. Some of these options include:

Construction Loans

Construction loans are ideal for building a new home from the ground up. These loans provide funds in stages, called progress payments, to cover the costs at each step of the building process. They also offer flexible repayment terms to match your changing financial needs during construction. We help you find the right construction loan and lender for your project. 

Home Equity Loans

If you already own property or have built up equity in your home, you can use that as collateral for a home equity loan. This loan allows you to borrow against your property’s value to help finance your new build. We assist you in finding the best home equity loan options with competitive rates and terms.

Construction-to-Permanent Loans

Also known as “one-time close” loans, construction-to-permanent loans combine financing for both the building process and the permanent mortgage into one package. This option allows you to lock in a fixed rate for your mortgage once the construction is complete, eliminating the need for a separate loan and application process.

Turnkey Build Loans

Turnkey build loans are an excellent option if you’re looking to finance your entire new build project. These loans handle everything – from purchasing the land to building the house to completion and managing all the paperwork. Turnkey loans offer a low deposit up front, then no ongoing repayments until completion which is helpful if you are also paying rent during the build period.

New build mortgage - construction site of a new home

What Information Do Banks Need For A Build Loan?

When it comes to new build mortgages, banks will need specific information to assess your eligibility for a home loan . This may include:

  • Sale and Purchase Agreement 
  • New Land Title
  • Registered Valuations   
  • Approved Plans, Permits, and Specifications
  • Construction Contract and Builders Risk Insurance 
  • Code of Compliance for the Construction
  • Confirmation of house insurance at completion of the build

Oliver Broomfield helps you gather all the necessary information from the real estate agent, valuer, developer, solicitor and insurancer and present it to the bank to maximise your chances of securing a new build mortgage. Book your free consultation today to begin the process of financing your dream home!

Happy new homeowners with keys to their first home

My job is to walk you through the mortgage process and ensure you get the right mortgage and have a financially stable future ahead of you.

You don’t need to commit this to memory, but below is an overview of what my process looks like for first time home buyers:

Meeting and Chat

Every mortgage and loan is different, so I take the time to understand you and your situation, so we can prepare the right supporting documents for the bank

Set up for Mortgage Application Success

One of the biggest parts of my job, is making sure your application is complete and attractive to the banks to approve the loan. Particularly with first time homebuyers this can be a tricky to do. Your application is custom built to highlight your individual circumstance and lending eligibility.

Summary and Action Steps

I get it, it’s a lot to remember. After our first meeting, I will send you a summary that you can refer to at any time, plus a list of the action points we need to take to get ready for the next step.

Home Ownership Budget

Indicative home ownership budgets will be presented along with quotes for homeowners’ insurance to demonstrate that the budgeting for a new home has been well thought out and established.

A Home Buyers Financial Assessment

There are several hidden costs that come with buying a home that aren’t included in mortgage payments. To ensure you are fully prepared for the transition, we do a financial assessment to compare your existing fixed costs and the added costs of a new home to ensure you have the right finances in place.

Options for Deposits

First time home buyers are in a unique situation to utilize many different options to raise funds for a deposit. This includes grants, kiwi saver, family guarantees, and much more. I will ensure no stone goes unturned to find the best deposit option for you.

First Time Home Buyers Checklist

Buying your first home and securing lending is a time sensitive process with many steps. To help keep things on track, I offer a full checklist of steps and timeframes that need to be met. You will never be unsure of where we are in the process.

This is just a brief summary to give you an idea of what the process looks like to prepare for a mortgage. If you are ready to get started or want to ask a few more questions, contact me today.

Mortgage Process for Building a New Home

Securing a mortgage to build a new home may seem overwhelming, but with the right guidance, it can be a smooth experience. At Oliver Broomfield mortgages, we guide you through every step of the process, including:

Assessment and Pre-Approval

We assess your financial situation to determine how much you can borrow for your build project. This includes reviewing your credit score, income, debts, and other factors affecting your loan eligibility. With this information, we help you get pre-approved for a new build mortgage, giving you a clear budget for planning your dream home.

Finding the Right Mortgage

We work with you to find the best mortgage solution for your new-build project. This includes researching and comparing different loan options, negotiating favourable terms and rates, and guiding you through the application process. We also assist in securing any necessary insurance coverages for your new-build.

Loan Approval and Settlement

Once we have identified a suitable mortgage option, we will help you submit all the required documents to the bank for loan approval. Upon approval, we guide you through the settlement process to ensure a smooth transfer of funds for your new build.

Construction Progress Payments

At Oliver Broomfield Mortgages, we work with you and the lender to ensure that progress payments are made at each stage of the construction process. This may involve providing documentation and invoices from the builder to release funds for specific stages.

Final Inspection and Loan Conversion

Once construction is complete, we help arrange the final documentation to meet the new build home loan conditions which includes the land title, code of compliance, completion valuation, and house insurance. After the lender has accepted all of these documents, we assist in converting your construction loan into a permanent mortgage with regular repayments.

Get Mortgage For Building A New Home

    Testimonials

    • Highly recommended, top quality advisor - very happy with the result. Oliver was able to provide multiple loan options for us to consider which gave us valuable choices and comfort levels and enabled us to make the best decision.

      Steven Holden Avatar Steven Holden
      21/09/2021
    • Extremely good Mortgage Broker, would recommend to anyone. He was very helpful in getting us our first home, and guiding us through the mortgage process. Highly professional and a pleasure to work with.

      Liam Burke-Barton Avatar Liam Burke-Barton
      13/12/2022
    • VERY happy with services, solutions and responsiveness from Oliver and his team. Happy to recommend him to anyone looking for financial services and advice.

      Michael Preece Avatar Michael Preece
      29/10/2023
    • Working with Oliver was great! We felt like we had constant support throughout the journey, which is quite overwhelming for a first home buyer. We would highly recommend working with him.

      Chris Morgan Avatar Chris Morgan
      28/02/2021
    • Oliver is truly the best broker we have ever used. He assisted us with new build home loans, commercial finance and finance. He is super knowledgeable, helpful and honest. We have used Oliver for many years. He helps you every step of the way.

      Lara Kamionka Avatar Lara Kamionka
      15/05/2022
    • Oliver was excellent in helping us purchase our very first home. Oliver is very approachable, has great knowledge and very welcoming. Oliver was great at answering our questions and making sure he was available to us if we needed to ask anything. I would highly recommend Oliver if you are in Auckland.

      cassandra louise Jobin Avatar cassandra louise
      02/07/2021
    • Oliver was unbelievable in helping us buy our first home. He was there every step of the way and was on hand to answer any questions we had. I don’t think we would have gotten our home without his help. Really nice to work with, highly recommend him.

      Shane Chambers Avatar Shane Chambers
      31/08/2023
    • I recently purchased my first home. It took 8 months to find the right house in the current market. Oliver patiently assisted me through the entire process. I found Oliver to be extremely knowledgeable, helpful and was very prompt on communication with the many queries I sent to him. I highly recommend his services.

      Hanna Marshall Avatar Hanna Marshall
      24/03/2021
    • We cannot fault Oliver & highly recommend his services to potential clients. We've been using Oliver for almost a decade now and always think of him first when considering our finance requirements. This 5 star review is long-overdue and have recently recommended his services to some friends who we're certain will in no doubt recommend him also. Thanks always Oliver for your support and assistance with everything, it's always much appreciated. Wishing you all the best and we'll be in touch again soon. Thank you, Ian & Grace

      Ian Barry Avatar Ian Barry
      04/12/2023
    • Oliver helped me with every step of my first home purchase. He's very responsive and helpful. Definitely saved me a lot stress and work 🙂 I'd recommend to anyone looking to purchase a house.

      mejsnarp Avatar mejsnarp
      26/02/2021