Squirrel HomeBuild is the easiest way to finance your new home

Thinking about building new? Find out everything you need to know about HomeBuild, the finance product exclusive to Squirrel.

With no payments required until the house is complete, HomeBuild helps to remove the common hassles and stresses that can come with building a new home.

Talk to a HomeBuild expert
Toddler building a home with building blocks

The smarter way to build

For years, homebuyers have had to contend with financing an existing property or paying rent or another mortgage at the same time as making payments against their construction loan. Who can afford to do that? With HomeBuild, no payments are required until the property is finished which makes loan servicing a heck of a lot easier.

Builders love it too, because the interest is capitalised in to the loan, meaning they still get paid throughout the process like they normally would.

Is Squirrel HomeBuild right for you?

Our HomeBuild product isn't the solution for all situations. In a nutshell, (ha) it's for owner-occupied properties with reputable builders. It requires good processes and reliable fixed price contracts with little or no provisional cost sums and the registered valuation must equate to the total project piece.

Our experienced advisers can help work out whether HomeBuild will work for you. If it isn't the right solution for what you're wanting to achieve, there are plenty of other build contracts we can suss out for you which you can get schooled up on here.

5 star review about Squirrel's mortgage services found on Shopper Approved
Vector image of houses

Benefits of using Squirrel HomeBuild

It works with low deposits

Squirrel HomeBuild is available for loans up to 95% of the total cost, making it possible to build with a measly five percent deposit. It doesn't get much easier than that.

No payments during construction

If you're renting, it means you can still pay the landlord while your brand spanking new house is being built. If you already own property, you don't need to worry about trying to service two mortgages at once. Sweet deal.

No progress valuations needed

This saves you a packet too. With most construction loan contracts, progress valuations are required at various stages of the project, which can add up in cost pretty quickly. Save that money for your new barbecue.

Let's take a look at an example

Say a buyer finds a house and land package near Auckland for $790,000.

Land cost: $360,000
Build cost: $430,000
Minimum deposit (5%): $41,150
Loan amount from Squirrel: $781,850

The buyer settles on the land and puts in their deposit. The initial loan is $320,500. The staged payments are $35,833 per month for 12 months (funded by the bank) until the build is finished. But rather than pay the interest throughout the build (starting out at $1,600 per month) the interest accrues inside the loan facility.

This means the buyer ends up with a total loan at the end of $781,850 which is 95% of the end value. Of course, the Buyer may have a bigger deposit which is great and lowers the loan amount and accrued interest.

Construction workers building a new house in New Zealand

Find out if HomeBuild is the right solution for you

Filling in our handy online form will give us enough info to have a quality conversation with you about what you want to achieve. Don't worry, your information won't go any further than us, and we'll always ask your permission before taking the application any further.

Why Squirrel?

Advice you can trust

Our experienced mortgage brokers are on salaries rather than relying on commission, which means our advice is reliable and unbiased.

Simplify things

It might seem like a minefield of forms and jargon but it doesn’t have to be. Our expert advisers can cut through the clutter and find the right solution for you.

Save money

Having the right home loan solution in place will save you thousands. We can also help you get mortgage-free faster.

We've got a few industry awards under our belt

Plus over 700 five star reviews from our clients.

We'd love to help you get into your new home.