Building a new home doesn’t cost as much as you might think.

 

Homes by Orange house plans start from as low as $195,102 for a new home from the Ready-to-go plan range.

With a build price starting at $1,363 per square meter, our quality homes are some of the most competitively priced on the market.

So why would you buy a used house, when you can have a brand new home built just for you, at a comparable price?

 

So, where do you start?

Come and talk to us. We can chat about sections and house plans, and talk through some of your finance options.

 

Finance your build with as little as 5% deposit.

We can help you get a foot in the door of your new home with a low 5% deposit through our partnership with NewBuild.

NewBuild specialises in Residential Construction Lending. Their proven method simplifies the process –making building your new home more affordable.

 What’s in it for you?

  • NewBuild help take the headache out of financing your build and will offer ways to structure a loan that suits your situation best.

  • Build with as little as 5% deposit (10% for investment properties), all funded via Sovereign / ASB at competitive bank interest rates.

  • Have no mortgage payments during the build. This is “Client Turn-Key” contract, meaning you only pay once the build is complete.

  • Your construction loan is fully managed, which takes much of the stress of building away.

You’ve got to love that!

Check out some of the handy hints below, or come and see us to find out more.

  • Find out if you qualify here
  • Wondering what the interest rates are like? Find out here.
  • Got more questions about New Build finance? Visit their website here

 

A bank construction loan.

Banks are likely to look kindly on a fixed-price contract with a reputable building company like Homes by Orange (versus small independent building firms), as it reduces their exposure to risk.

The more customer-centric banks will guide you through the entire process, making it really easy for you.

 

Jo’s tip: Security is some form of asset which has value if sold at a future date, for example: your parents’ house. You can sometimes secure your lending against an asset rather than using a cash deposit.

 

All lenders will want to know your:

  • Annual income (before tax)

  • Number of dependents

  • Credit cards and their limits

  • Overdraft (if you have one)

  • Fixed expenses in your budget such as hire-purchases

  • Equity in your current home (if you have one).

 

Some banks will offer you benefits such as:

  • Conditional approval for a year so you have plenty of time to find the right section and plan your build.

  • Interest only during construction to help reduce your outgoings during the build.

  • Up to 12 months repayment holiday (subject to conditions) to help manage your cash flow during construction. This is especially handy if you’re trying to build and pay rent or an existing mortgage at the same time.

 

How does a construction loan work?

  • Once you have completed the detailed design for your home with us, you may need to get a valuation done for the bank showing how much the home will be worth when it is completed. This helps determine the amount you can borrow and gets the ball rolling with the lender. We can help point you in the right direction at this stage.

  • When building is underway, the construction loan is paid in agreed stages, something usually taken care of by your lender.

  • The building will need to be inspected by the local council and certified at each stage to say the work has been done (and therefore has a certain value at that stage). This is another thing you don’t need to worry about, as we take care of this for you. The money is usually paid direct to the builder or supplier, rather than to you, and your deposit is used first.

Note: If you’re borrowing quite a lot of money, you may need to get interim valuations done by a registered valuer.

 

How do I use my KiwiSaver?

If you need a little bit more to secure your dream, consider using KiwiSaver savings. You may be able to withdraw some of your KiwiSaver savings (provided you leave a minimum balance of $1,000 in your account) to put towards building your first home.

Note: You must have been a KiwiSaver member for three or more years and you can only withdraw money to purchase your first home - not an investment property.

If you have owned a home before, in some circumstances you may still be eligible to withdraw your savings, if you're in the same financial position as a first home buyer.

 

KiwiSaver HomeStart grant

After three years of contributing to KiwiSaver, you may be entitled to a KiwiSaver HomeStart grant. For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership. However, for purchasing land, building or purchasing a new home, the grant is doubled to $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.

The maximum value of grants payable is $20,000 for the purchase of a new property. To be eligible for a KiwiSaver HomeStart grant you must:

  • Have been contributing the required minimum amount to KiwiSaver for at least three years

  • Be 18 years or over

  • Be purchasing or building your first home

  • Have a household income (before tax) of less than $80,000 per year (for one person), or less than $120,000 per year (for two or more people)

  • Have a deposit that is 10% or more of the purchase price, including the addition of the grant.

  • Be planning to live in the house for at least six months from the settlement/completion of the property.

Can financing your new home be easier? We know it can.

We’ve put together this handy guide to help you understand your options, and see how financing your new Home by Orange can be both affordable and easy.

Our House Plans

We’re confident that we have some of the best house plans for the Nelson region. Check them out.

Favourite Plans

A selection of flexible, proven designs, loved by many. 

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Designer Plans

Modern, architecturally designed homes without the price tag. 

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Ready-to-Go Plans

Affordable quality homes that are faster to build. 

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“The quality of house you get for the price, and how you can do your own design was no problem.”

William 

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