What is a Progress Payment Contract?
Date Published: 23 September 2020
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.
Related Articles
If you have less than 20% deposit, you are referred to (by the banks) as a Low Equity (or Deposit) Borrower. You are required to meet a different set of…
As of 2nd April 2024, the Official Cash Rate (OCR) for New Zealand is set at 5.5%. What is the Official Cash Rate? The Official Cash Rate (OCR) is an…
New Zealanders are no strangers to credit cards, but while these cards are a mainstay in many wallets, they can also be a stumbling block on the path to home…
It’s a question we get asked a lot. If we have an extra amount of money in our salary, should we use the money to pay down our mortgage or…