Question 1

Why build or buy a new home?

Accepted Answer

A newly constructed home comes with a very significant financial benefit: low to no maintenance costs. New homes come with modern plumbing, new appliances, modern heating, and air, a newly constructed home can leave you worry-free for many, many years.

Question 2

Steps on building a new home

Accepted Answer

Choose the land or house + land package
Finding the land in the area you can afford and want to live in is the 1st step. Keep in mind what size home you’re looking for. Mike Greer Homes makes it easier with Turn Key and House + Land Packages.

Find the ideal builder
There is only one choice - Mike Greer Homes - we build great quality homes.

Laying the foundations
During the base stage, the builder will take care of all the earthworks like levelling before pouring any concrete. Essential facilities like electrical and stormwater systems, as well as underground plumbing, will also take place during this phase.

Putting up the frame
The skeleton of your home is erected, installing both internal and external structural supports. This means walls, electrical wiring, plumbing, the frame of the roof, insulation, guttering, sheeting and more are all part of this essential construction phase.

Lock-up
You’ll be able to ‘lock up’ your home at this stage, and with the remaining walls installed you’ll get a really good sense of what your finished property will look like. Windows and doors will be fitted, allowing you to lock them.

The ‘fix’ stage
This is the stage where additional tradespeople (like plumbers, carpenters, cabinet makers and electricians) can safely begin fit-outs in your home. They will install power outlets, lighting fixtures, as well as essentials like tiles, shelves, cabinets, architraves and more.

Final build
This is the final stage in the construction process of your new home, all the finishing touches take place. This includes paintwork, built-in systems (air conditioning and ducted heating), electrical and plumbing ‘fit-offs’. Only after settlement will expensive appliances are installed.

Post-build
After all these stages are complete, it’s time for the post-build inspection. Your builder will organise a inspection and you’ll be able to walk through your finished home for the first time before signing off, settling your final payment and receiving the keys.

Question 3

What does exchange of contracts mean?

Accepted Answer

This is when your solicitors and Mike Greer Homes’ solicitors exchange the contract of the purchase of the property. Once this has been concluded, you will be required to purchase the property and a date for completion will be agreed.

Question 4

How long will it take to complete the purchase?

Accepted Answer

This will depend on where in the build process your home is when you sign a unconditional contract, but our expert Mike Greer Homes Sales Consultant will be able to give you an estimated completion date.

Question 5

What does it mean to be ‘qualified’ for a mortgage?

Accepted Answer

Lenders need to complete certain checks, such as looking at your income and credit history, to ensure a mortgage is affordable for you. This will help them determine how much you can borrow.

Question 6

What is a fixed home loan?

Accepted Answer

With a fixed rate home loan, you sign up to a fixed interest rate on your home loan for a set amount of time. You can choose terms from six months to five years.

If interest rates rise, your repayments stay the same because you’ve locked in your rate. However, if it falls, you won’t be able to take advantage of lower rates without breaking your fixed term.

Kiwibank

Question 7

What is a variable home loan?

Accepted Answer

With a variable rate home loan (also known as a floating rate home loan), the interest you pay on your home loan can go up or down.

If interest rates fall, you’ll pay less in interest and pay off your home loan faster as we keep your repayments the same. However, if it rises, your repayments may increase so you need to have the room in your budget to cope with higher repayments.

Kiwibank

Question 8

What is an offset home loan?

Accepted Answer

An offset home loan (also known as an offset mortgage) is linked to selected Kiwibank everyday or savings accounts. The balance in these accounts is used to offset the amount of interest you pay on your offset loan.

For example, if you have a home loan of $200,000 and have $10,000 in your linked accounts, you’ll only pay interest on $190,000. The smaller the difference between your offset loan and account balance(s), the less interest you'll be charged.

This is available to individuals or couples if they’re married, in a civil union or a de facto relationship.

Kiwibank

Help & Advice

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