Are you a first home buyer, purchasing land and intending to build?
You may be eligible for a Kainga Ora First Home Grant which provides first home buyers up to $10,000 to put towards settlement of the land or for the build of the property.
One of the requirements for the grant is that you must provide a signed, fixed-price building contract that shows the cost of construction and estimated start and finish dates. However, most building companies will require that you provide them with proof you own the land before they will finalise a fixed price building contract.
Another requirement is that you have not owned or do not own property when they pay the grant i.e., you must use the grant to purchase the land.
This can complicate the process and may lead you to believe that your application for the grant will be unsuccessful because you cannot provide the required documentation prior to settlement of the land.
We have successfully navigated first home buyers through this process and they have supplied their fixed price contract after settlement of the land and received grants to use towards progress payments for their build.
If you intend to apply for a grant, it is important to get the process underway well before settlement of the land.
Our property team are experts who can guide you through the application process. If you have any questions about the process, please contact our property team on enquiries@toddandwalker.com or 03 441 2743.
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