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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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Sharmaine
New Zealand
I am happy with my advisor. He moved to Squirrel and followed him but i have yet to get to know the company itself.S
Angus
Auckland, New Zealand
Both Alex and Eleanor were fantastic. I have used a mortgage broker in the past - with mixed results. They both were amazing. Would 100% use again. Very happy with the outcome.A
Katie
Whangarei, New Zealand
Jessica was amazing! While other advisors told me I wasn't in a financial position to buy my first house, Jessica worked with me to make it happen. Thanks to her, I am now in my own home. Thank you so much Jessica, I loved working with you!K
Vishal
Auckland, New Zealand
Alex was very helpful. Being first home buyers, we had endless number of questions. He was always patient, forthcoming and calm. I am happy to say Alex helped us more than our solicitor did. Thank you Alex and Squirrel for helping us buy our first home.V
Miriam
Auckland, New Zealand
Excellent service from Eleanor. Great communication and follow up. I got the results I wanted with no fuss. I would happily use Squirrel Mortgages again.M
Christian
Auckland, New Zealand
Very good. Brad made a small mistake but it was rectified quickly. Still he was a pleasure to deal with with fast and efficient communication and would recommend him and Squirrel to others.C
Paul
Wellington , New Zealand
Worked with Squirrell with commercial funding where we were having issues elsewhere and JB made it happen. Communication was excellent. Thanks youP
Millie
New Plymouth, New Zealand
I found my adviser very knowledgeable and helpful. Wouldn't hesitate to recommend him to friends and familyM
