We’ve made the purchase process of your new Section & Build package as stream-lined as possible.
What is a SECTION & BUILD package?
The townhouses and stand-alone houses at Kenepuru Landing are being sold as Section & Build packages. This means we have pre-matched the house designs with the lots, as a series of Section & Build packages for you to choose from.
A Section & Build package requires a construction loan from your bank. Your bank will wish to see a Sale and Purchase agreement for the section, and a build contract, both signed by you. Your bank will settle (pay in full, minus your deposit) the section price upon the land title being issued. Then the construction of your new home will begin. The bank will then pay the builder staged progress payments as outlined in the build contract. At the completion of the house build (once the Code of Compliance is issued) your bank will convert the construction loan into a typical house mortgage (with your consultation).
What is a TURN-KEY package?
We are currently offering 4 Pakiri Townhouses as Turn-Key packages*
This means, instead of getting a construction loan from your bank to fund the build of your home, the builder will fund it for you; you will just need to pay the initial 5% deposit up front. The whole deposit will be held in the builder’s lawyer’s trust account and is protected by the Builder’s Home First Guarantee. Your bank will wish to see a signed Sale and Purchase agreement for the Turn-Key property in order to approve your mortgage loan. At the completion of the house build (Code of Compliance issued) your bank will settle the property in full according to the mortgage option you choose.
The time is right to build a new home
With a housing shortage and a tight rental market, building a new house is a cost-effective path into home ownership, especially with first-home buyers’ access to KiwiSaver funds. The problem of finding land is solved at Kenepuru Landing, because the section and the house come as one package.
If you’re interested in purchasing a property at Kenepuru Landing, please complete the form on the Register to Buy page. On this form you’ll also have the opportunity to choose your preferred house and lot package.
When we receive your form, we’ll get in touch to answer any questions you may have, and help you through the next steps.
TIMELINE & PROCESS
Project launch to public: 18 Oct 2018
- Allocation of each section and build will be based on the order of receipt of the Registration form, and subject to the vendor’s approval.
- If your allocation is successful, we will then request further details required for the Sale and Purchase agreement and build contract.
- A Sale and Purchase agreement will be sent to you for purchase of the land only. This will be accompanied by a build contract for the house to be built. Both contracts will need to be returned to us within 5 working days to retain your allocation.
- Upon signing the Sale and Purchase agreement and the build contract, you’ll then have 12 working days’ due diligence to confirm both contracts.
- If you’re happy to proceed after the 12 working days due diligence period you’ll then need to confirm to your lawyer and our sales person that you’re happy to proceed. Upon this confirmation, you’ll be required to pay the stated deposit. This needs to be paid in two separate payments as follows:
- We’ll send you a deposit slip to pay $1000 deposit directly to the vendor’s solicitor trust account to secure the section.
- You’ll then pay the balance of the deposit directly to the builders trading account*. This enables the builder to produce full working and engineering drawings, which will be submitted to Porirua City Council for a building consent.
*Please note – your deposit is protected by the builder’s third party HomeFirst 10 year Guarantee
Oct 2018 – Mar 2019
- The builder will engage the architect to produce full working drawings.
- Working drawings will be sent for engineering sign-off.
- Construction drawings and associated documents are submitted to the local authority (Porirua City Council) for building consent.
- At this stage you’ll have the opportunity to choose your interior colour scheme from our three set colour schemes.
Stage 1a: Mar – Jun 2019
Stage 1b: Sep – Dec 2019
- Land titles expected to be issued.
- You will be required to settle (pay the balance of the land price minus the $1000 deposit you’ve already paid) 10 working days – or 20 working days if you’re using Kiwisaver funds – after the issue of the land title.
- Construction of your home will then begin subject to the build consent being issued by Porirua City Council.
- The proposed build period will be between 6–12 months (based on builder’s building programme).
- You will be invited to come on site at key building stages to see how things are progressing.
- On completion of your build and landscaping, and once the local authority is satisfied, a Code of Compliance certificate will be issued.
- Your bank will pay the final progress payment to the builder.
- You’ll be invited for a final walk-through to check that you are happy with everything.
- Handover. The builder will present you with relevant documentation including product warranties and maintenance information, and the keys.
- Enjoy your brand new home!
- You should be seeking a construction loan from your lender.
- The deposit for the section contract will be $1000 (held in the vendor’s solicitor trust account).
- The deposit for the build contract will be 7% of the total build price, payable directly to the builder.
- For your peace of mind, both contracts will be subject to 12 working days for the following clauses to be satisfied:
- finance, and
- solicitor’s approval.
- Once the 12 working days has concluded and if you choose to proceed with your new home, then this will be at the point at which you will be required to pay the deposit.