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  • Deposit for new builds

    Hello everyone...could some one here please tell me what banks requirement is for new builds or house and land package is it 10% deposits or 20% Thnks

  • #2
    would think it would be 20%

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    • #3
      20% if construction hasn't started, if you take over something mid-way or later it is 20% for a home buyer and 40% for 'ze evil investors.
      Free online Property Investment Course from iFindProperty, a residential investment property agency.

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      • #4
        Thanks Nick and JBM. How about non bank Lenders do you know ?

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        • #5
          No, but a good broker should. PM me if you'd like an intro to a friend who has been working on setting up a new construction specialist brokerage service.
          Free online Property Investment Course from iFindProperty, a residential investment property agency.

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          • #6
            Originally posted by Hed003 View Post
            Thanks Nick and JBM. How about non bank Lenders do you know ?
            Sovereign helpful, the others not.
            www.ilender.co.nz
            Financial Paramedics

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            • #7
              Originally posted by Nick G View Post
              20% if construction hasn't started, if you take over something mid-way or later it is 20% for a home buyer and 40% for 'ze evil investors.
              This doesnt seem to be quite right, the discussion paper specifically mentions new build finance for all

              51. The LVR policy already includes an exemption for mortgage lending to fund the
              construction of new dwellings, which is designed to mitigate any negative effect of
              the policy on housing supply. This exemption will continue to apply under the
              proposed policy settings, and is available for both investors and owner occupiers.
              Food.Gems.ILS

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              • #8
                That's the BNZs take and I assume them's the rules because one bank won't turn away business the others can accept.
                Free online Property Investment Course from iFindProperty, a residential investment property agency.

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                • #9
                  Thanks.perhaps in a week or 2 we will know for sure

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                  • #10
                    Originally posted by Hed003 View Post
                    Thanks Nick and JBM. How about non bank Lenders do you know ?
                    maybe a local building society..... back before SBS become a bank I done a couple construction loans with them ..

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