In simple terms, a Construction Finance loan provides progress payments throughout the build of your home (unlike a standard mortgage where it’s paid out all at once). In addition, you can discuss with your lender to won’t pay interest on the full loan amount until the home has been completed. This saves you money.

If you’re deciding between an existing home and a newly built home, the good news is that banks require generally 10% less as a minimum of a deposit on a newly built house. (Whereas a standard mortgage on an older house requires at least a 20% deposit). You may also be able to access some of your KiwiSaver for your deposit, and in some cases receive a KiwiSaver HomeStart grant.

To get the best deal on a mortgage, it’s a really smart idea to talk to a mortgage broker. They get paid by lenders, and have options to negotiate with all lenders on your behalf.

It’s also wise to look for one you can trust. Hawkin’s Homes have partnered with Swift Mortgages. They have over 20 years of industry experience and are experts in accessing the most suitable home loan available from all lenders. They can help guide you through the process and make everything simple.

Call the owner of Swift Mortgages, Izaz Hussein on 021 369 033 for free, friendly and independent mortgage advice.