House and Land Packages in Auckland

House and land packages are a new and innovative way to access new builds in Auckland.

As the demand for our terraced homes in Auckland continues to increase, so has the cost of land and construction. This means lenders are looking at how they lend money to people who are buying in new developments like ours. Solution Street is always looking for new and innovative ways to help people buy property in the most affordable way possible, and that’s why we are pleased to now be able to offer our homes as home and land packages in Auckland.

We have excellent relationships with all the major banks and mortgage companies, and we are proud to say that they like what we build and the way we operate. That’s why our customers are now enjoying the cost savings of a house and land package when they buy one of our homes.

Roughly 80% of new-build homes are sold as a house and land package, but why?

The developer or builder of the house take advantage this method because it means they do not have to carry the total cost of the land and the house construction through to final completion. With one of our land and build packages in Auckland, the lender (bank or mortgage company) pays for the land before construction starts. Then, payments are made as the construction of the house reaches certain milestones.

This is great news for our clients, because we aren’t carrying costs right through the build process, and so we are able to pass significant savings on to you!

What you need to know about the house and land package option:

Because the lender (bank or mortgage company) is paying money to Solution Street earlier in the build process, they will expect payments from you earlier too.

With the house and land option, there are two agreements to settle on: the land purchase and the house build. The deposit for the land is held in a third-party solicitor’s trust account, the deposit for house build is used by Solution Street to fund the construction of your home (this is underwritten by the Registered Master Builders Association of NZ as part of your Master Builders guarantee).

Because the land is paid for much earlier in the process you are avoiding the possibility of your lending rates or criteria changing – this is a huge win for purchasers as it removes the risk of changes to lending criteria on mortgage pre-approvals that you may find throughout a turnkey build.

For a Solution Street home, there are 7 progress payments through the build process. These occur at specific milestones in the build and your lender will factor these into your mortgage agreement.

For more information on purchasing a house and land package, please contact us