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Refinance my mortgage
The smarter, fairer finance option for builders
At Squirrel, we like to turn traditional banking on its head. There's no reason why you should be slammed with extra fees and high interest rates to fund your build. That's why we've come up with a better way.
Talk to us about whether Turnkey is right for you
Benefits of using Squirrel Turnkey lending
- Fair pricing leaves more in your back pocket
- Simple streamlined process means less paperwork
- Get better margins on turnkey
- Faster build times
- More buyers
Not a builder? Find out about turnkey lending for buyers here.
Three reasons why you should be thinking about turnkey:
1. It increases the size of your available market.
A number of buyers can't do house-and-land packages: First home buyers with less than 15% deposit, upgraders with an existing mortgage and retired buyers who need to sell first.
2. Turnkey reduces the risk and speeds up your build.
You control the build process and progress payments rather than leaving it with the buyer and their lender.
3. Chances are, you'll get a higher price.
With turnkey, your buyer also has less risk, finance is easier and they won't have to fund it themselves.
We are committed to helping the New Zealand build industry improve processes, reduce costs and build more new homes.
Two options for Squirrel Turnkey lending
Presold turnkey
Where a builder has a buyer for a property we will fund up to 80% of the agreed purchase price on the sale and purchase agreement (excluding GST.)
No registered valuation is required which saves you money. In most cases we are happy to work with the agreed price provided the buyer is unconditional and has paid a deposit.
Spec built turnkey
Squirrel will fund up to 70% of a registered valuation or 70% of land at purchase price for a residential house under construction that has not yet been sold.
If you get a sale part way through, we’re happy to increase it to 80%.
Progress payments minimise paperwork
Squirrel will advance your funding against our standard progress schedule*:
| Progress | Funds advanced |
| Excavation | 7.50% |
| Floor down | 7.50% |
| Framing complete | 15% |
| Roof on, wrap and cavity | 10% |
| Enclosed | 25% |
| Lined | 15% |
| Prepaint | 10% |
| Completion | 10% |
*We are happy to agree to an adjusted schedule with builders if your build process is different.
What do you need to provide Squirrel?
For progress payments, we only require a photo of the build and a photo of the latest council inspection.
How do you know if you’re eligible for Squirrel Turnkey lending?
- You will belong to a reputable industry body (Master Builders or
Certified Builders) - Your business will have been trading for a minimum of 2 years
- Good credit history
- Part of a group builder or demonstratable good systems and
controls
Squirrel's credit policy:
- Maximum loan per house build of $1,000,000
- Maximum lending per builder of $2,000,000
- Maximum LVR 70% of registered valuation or 80% of sale price
Choose the right type of lending for your project
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Scott
Putaruru, New Zealand
Tim was awesome. I'm a customer experience manager and have no suggestions for improvements. Well done!S
Svend
Lincoln, New Zealand
Eleanor and the support team was great refixing a portion of mortgage. Have used squirrel since our first house continues to provide great serviceS
Harry
Auckland, New Zealand
Jess Molony represents everything you want in a trusted advisor. She is knowledgeable and patient, has great communication skills and is highly responsive by phone and email ~ I am very satisfied.H
Victoria
Dunedin, New Zealand
Emma was great organising my mortgage, made it stress free and easy would definitely recommend and would use again the the need arises.V
Jordan
Auckland, New Zealand
Our broker was super helpful, from the first call all the way through to settling on our house. Super easy to talk to and contact, friendly and had so much knowledge that we really needed as first time buyers.J
Anthony
Hamilton, New Zealand
Awesome service a big Thank you to Aatish Balsara he was a pleasure to deal with and gave excellent advice.A
B
Te Awamutu, New Zealand
Simply brilliant! Two words are really all that is needed to express the service and outcome provided by Jessica Carr, our wonderful advisor. When we thought hope was lost, Jessica found hope and came through for us. Thank you Squirrel!!B
Patty
Auckland, New Zealand
I am very grateful for the services I have received from Basil Frank. He is professional and efficient.P
