If you’re looking for the lowest construction loan interest rate deal, we break down what’s on offer from the banks.
ANZ's Blueprint to Build
Did you know you can get a 2.76% p.a. discount off the ANZ Home Loan floating rate for 2 years when building or buying a newly built home?
What you need to know: -
- Current discounted floating rate: 3.58%
- Duration of deal rate: two years from initial draw-down
- For owner occupier or residential investors on new residential housing, rental properties and home and land packages incl turnkey
- Available for homes built under government’s KiwiBuild program
- Deposit: low-equity loans accepted (less than 80% deposit), though low equity premium applies
- You could also be eligible for a $3,000 cash contribution. - If you’re a first home buyer or building a home with a Homestar rating of 6 or higher you could get a $3,000 cash contribution, as long as you keep your home loan with ANZ for at least three years.
Similarly, SBS Bank has put together a First Time Home Buyer Combo deal available to first home buyers who purchase or build their home with SBS.
So, what's available under their FirstHome Combo?
- Current discounted rate - 4.15% p.a. fixed for one year and a highly competitive floating rate which is currently discounted to 3.24% p.a. whilst building.
- Duration of deal rate: length of build
- For new residential housing, rental properties and home and land packages
- Available for homes built under government’s KiwiBuild program
- Available for homes bought with First Home Loan
- Deposit: a minimum of 5% for First Home Loans or 20% for normal mortgage lending
Also includes: -
- Some cold hard cash - $2000 cash, to help with associated costs of home purchase
- $1000 towards home and contents insurance policies with SBS Insurance
- Option of SBS Visa Credit Card, including interest-free for 24 months on a single balance transfer of up to $2000
- $1000 deposit into your KiwiSaver account if held with Lifestages KiwiSaver Scheme
With these great options available, now is certainly a prime time to buy new.
