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Squirrel welcomes more bank options and 100% build finance
Squirrel has access to more lenders than any other broker. We write over $1 billion of home loans each year. We do that with less advisers meaning our advisers are on average some of the biggest individual advisers in the industry. That scale gives us influence, and gives you, our clients, more options.
If you were unaware of our lending panel, we added Kiwibank, TSB and BNZ a few years ago. We have now added ICBC and China Construction Bank (CCB) to bring the number of banks we deal with to 12 along with a multitude of non-banks.
100% build finance
We also have access to the only 100% build finance product for builders in New Zealand. This allows Master and Certified builders to fully fund land and construction where they have an end buyer. This turns new-builds into a turn-key where buyers only need a $5,000 deposit and the rest on completion.
We’re working with several of New Zealand’s top building companies to develop the turn-key market, which is far easier for buyers than trying to manage construction loans.
As a buyer, you still need to have access to your 10% deposit, however in this scenario you don’t part with your money until the completion of the build. This could give you the ability to maximise your savings or Kiwisaver over that time and come out with a bigger deposit. Remember, new builds are exempt from the Reserve Bank rules which means smaller deposits are required for both first home buyers and investors.
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The opinions expressed in this article should not be taken as financial advice, or a recommendation of any financial product. Squirrel shall not be liable or responsible for any information, omissions, or errors present. Any commentary provided are the personal views of the author and are not necessarily representative of the views and opinions of Squirrel. We recommend seeking professional investment and/or mortgage advice before taking any action.
To view our disclosure statements and other legal information, please visit our Legal Agreements page here.
