In response to recent changes by the RBNZ, Westpac has launched a new construction loan package. First home buyers can catch a break as finance is being made available up to 90% for ‘turn key’ new builds.
A key change is that it provides for a repayment holiday period for up to a maximum of 12 months with the lending being interest only during the construction period. Pre-approval lasts for 12 months, giving plenty of time to find a section and plan the build.
Hope your Fishing was good over the Holiday break. 😉