We can help you build your next home or buy off-the-plans

Why Not Build

Your Dream Home?

Talk to a Mortgage Broker

Are you thinking construction?  Looking to build your next home?

Building a new home is an exciting opportunity to create a shiny new home that is exactly how you want it. Construction finance has extra steps and there are many different types of building contracts but don’t let that put you off.

That’s where we come in.

We’ll walk you through how the bank will treat each type of construction contract that you come across. Talk to us about:

  • Fixed-price contracts
  • Turn-key contracts
  • Buying off-the-plans
  • KiwiBuild properties
  • Labour only contracts
  • Factory-built houses

We’ll manage the finance process for you. We’ll ensure you get the best mortgage for your situation, no matter how much deposit you’ve got, what kind of building contract you have or what income you have.

A bit lost with construction?

We do not charge you for our services so give us a call or have a look at our helpful information below. It is always free for you to chat with us and get any help and advice you need!

Our mortgage brokers can…

  • Calculate affordability
  • Find the best bank for you
  • Give you step-by-step guidance
  • Help you get up to 95% LVR
  • Get KiwiBuild pre-approval

We don’t charge you for our services.
So don’t miss out on your dream home, contact us today to begin making your dream a reality.

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Can you get KiwiSaver help?

When you are buying your first home, one of the first things to confirm is whether you have access to KiwiSaver and/or a HomeStart Grant. We have a range of articles spelling out everything you need to know about these options. The use of your KiwiSaver increases your deposit, which can make borrowing significantly easier and cheaper.

Don’t forget: for all questions, you can always contact your local mortgage broker directly. It only takes 2 minutes to call the adviser and you will have an answer immediately.


Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.

The exceptions to this:

  • If a mortgage is paid off or discharged within 27 months, a fee may be incurred.  See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?
  • Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.
  • If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided.  The maximum charge we will typically invoice for is $2,500.

The commissions paid are below.  These commissions are accurate at the time of writing – 21st June 2022

Westpac0.60%0.20%N /a
Sovereign Home Loans0.60%0.20%N/a
ASAP Finance LimitedFee ChargedN/aN/a
Avanti FinanceUp to 0.80%N/aN/a
CressidaFee ChargedN/aN/a
DBRFee ChargedN/aN/a
First Mortgage TrustFee ChargedN/aN/a
Heartland Bank (Reverse Mortgage)1.50%N/aN/a
Liberty Financial0.60%0.15%N/a
NZCU (Personal Loans)1.00%N/aN/a
SBS Bank0.80%N/a$150
Southern CrossFee ChargedN/aN/a
The Co-operative Bank0.70%N/A$150

Not signficantly more complicated at all!  It still comes down to the 2 key mortgage questions: can you afford the new home and do you have enough deposit / equity?

The only extra step is that the bank will need to check the build contract to make sure it is acceptable to them.

A progress-payment contract typically involves settling on (purchasing) a section and then paying invoices at key points during the construction phase.  For example; once the foundations are laid, when the framework is up etc…

Progress-payment contracts are typically cheaper than turn-key contracts as you pay for the interest on the mortgage throughout the build process.

For more information on progress-payment contracts versus turn-key contracts, see our article here.

Turn-key contracts are a sale and purchase contract where purchasers settle on a new house when it is fully completed and ready to move in.  Typically a deposit is paid (usually 10%) to confirm the contract.  The remaining is paid upon settlement.

For more information on progress-payment contracts versus turn-key contracts, see our article here.

Using a mortgage broker generally means no direct costs to you but there will be a couple of unavoidable costs there. These may include:

  • A Registered Valuation ($800 – $1,200)
  • Solicitor Costs ($800 – $1,500)
  • LIM report ($150 – $400)
  • Builder’s Report ($100 – $500)
  • Weather Tightness Report for Monoclad houses ($300 – $1,000)
  • Finance fee for non-bank lending (~1%)

Prices can vary. Always request a quote before ordering a report.  For a list of property professionals that you’ll likely work with, see our article here.

The banks typically try for 5 working days.  The timer starts when we receive all the required documentation and submit your application.  Sometimes turnaround can be as low as 2 days or sometimes it can be slightly longer.  If your application is urgent (required in less than 10 working days), let us know as soon as possible and we will mark it as urgent.

It’s important to get us all the documents before we can submit the application.  This includes proof of income (payslips or year-end financials) ana bank statements (click here to learn how to correctly export your bank statements).

Why Choose Us?

Because when it comes to your first home, you deserve the very best…

 Stress-free process

We act quickly to reduce the hassle and hold-ups of the financial approval process

 Expert advisers

We’re highly experienced and trained to help you through the mortgage approval process

Friendly service

We’re here for you and we genuinely care about helping make your dream a reality

In This Book You’ll Learn:

Understanding the Basics of Construction

The Different Types of Construction

Steps and Requirements for Construction

Tips for Selecting a the Right Builder

Navigating the Construction Process including Key Stages and Milestones

Protecting Your Investment through Home Maintenance, Warranties, and Insurance

What Past Clients Say…

Want to DIY but need a little more help?

Purchase our book online to become the next successful first home buyer

Our paperback book “The Successful First Home Buyer” walks you through the entire process of preparing to buy your first home.

The goal? By the end of the book, you will present to the bank as the perfect buyer!  Follow the To-dos at the end of each chapter and make the entire home-buying process easy.

Send us a message:

Get in touch with Mortgage Lab. Simply send us a message via the form and we’ll be in touch shortly.