Building & Section Loans

Low Deposit Option

Build exactly the home you want to live in - move in and enjoy ...
Building & Section Loans

Building may be a good option at the moment - with as low as 5% deposit required. Yes .. building does bring a whole new ball game to the table - but there are lots of building options and working with 24seven Mortgages - we will assist you with all aspects of your lending.

Building & Section Loans


These are a type of build that is constructed so that it could be sold to a buyer as a completed product. A developer will fully project manage the build, they will own the land and finance the build ready for a customer to move in. These can be bought off plan, normally a 10% deposit is required, and balance paid on completion which is after a code of compliance is issued.

Building under Construction

This is where the future purchaser holds or buys a section and decides whether they will project manage or whether they engage someone to do this, which can be two separate parties or this can be a builder.
Typically there are two types of contracts:

Labour Only

  • A labour-only contract means the builder is only responsible for actual building work, and the purchaser manages the rest of the process including consents, supervising the building work, organising sub-contractors and materials, insurance and the health and safety plans.
  • Fixed Price Contract

  • A fixed-price contract is where the builder will manage the whole building project including getting consents, liaising with architect/designers as well as organising subcontractors and their prices.

Spec Home

This is where a developer will build a home without a particular buyer in mind or under contract.It is built according to their specifications and designed to appeal to the maximum market. This is a completed fit-out; ie finishings, fittings and appliances.

NOTE: Most lenders will generally prefer fixed-price contracts over labour-only ones, as they offer more cost certainty and less likelihood of overruns.

24seven Mortgages are pleased to be associated with R & M Builders

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