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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
Sounds great. How do I sign up?
The first step is to talk to one of our new build specialists about your next turn-key project.
Auckland - North: Marilize Visser
Waikato/Bay of Plenty: Paul Davey
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Christopher
Auckland, New Zealand
Emma Wallace is an absolute superstar, she kept us informed, responded in a timely manner, and was super clear about what she needed from us and what we could expect from her. The most painless part of buying the house was dealing with SquirrelC
Svend
Christchurch, New Zealand
Thanks Eleanor for the help with our mortgage for new property down in CHCH. Eleanor was great when we secured our first home in Auckland, and had another great result when we sold up and moved to Christchurch using Squirrel again.S
David
Christchurch, New Zealand
I was referred from my partner who saw an ad for squirrel, the best advice ever. Absolutely no hassle from Jess and she also got me a better Rate!!D
Ben
Auckland, New Zealand
Brad was fantastic, really responsive and answered all of our many questions despite our situation changing regularly. Thanks for all your help!B
Paul
New Zealand
Eleanor was fantastic, very patient and extremely helpful. I will definitely recommend her as a first point of contact for anyone I know that is looking at getting a Mortgage, and will be back in touch with her next time I am looking at purchasing.P
Paul
New Zealand
Brad Luiten was fantastic to deal with. Pretty well beat the odds of us not getting a home, so we're wrapped with the outcome.P
Chris
New Zealand
Very professional and personal service from Emma. Listened to and understood my specific needs to tailor a suitable offering to help me achieve my goals. Always willing to help and provide advice. Much appreciated.C
Isaac
New Zealand
The service provided by Sunil was awesome and professional at the same time. He knows what he is doing and he made sure the it benefitted the client. Just superb.I
