Building a new home offers great benefits.
There can be better value, smaller deposits, and the chance to create exactly what you want. However, construction finance involves extra steps and different contract types that can be confusing. That’s where we come in.
At Vega, our mortgage specialists are experts in construction lending. We’ll guide you through every stage, explaining how lenders treat various building contracts and securing the best loan for your needs.
What do I need?
Construction loans often require less deposit (as low as 10% for first-home buyers), offer more flexible rules under RBNZ exemptions, and remove the stress of bidding wars by locking in a fixed price.
To qualify, you’ll typically need a sale and purchase agreement, fixed-price build contract, consents, valuation, and Code of Compliance on completion. No matter your income, deposit size, or build plan, we’re here to help make your dream home a reality.
Main Construction Options
Pay a deposit upfront, then no payments until the build is complete, giving you time to save. These fixed-price contracts include everything (landscaping, painting, flooring) with no cost blowouts. Deposits are usually 10%, or even 5% in special cases.
Make progress payments as construction advances. This option gives you more control and flexibility to modify plans. You start paying interest from the first payment (usually land settlement), with your loan increasing as each stage is completed.
Buy before construction starts based on plans/specs. You pay a 10% deposit, with no auctions or bidding stress. It allows time to save during the build and offers brand-new features, warranties, and energy efficiency. RBNZ exemptions may apply, helping with easier lending.
No matter your income, deposit size, or build plan, we’re here to help make your dream home a reality.
Ready to start your new journey?
