Build with confidence knowing you're covered during your build or renovation - both through your insurance and with the contracts you sign with a builder or architect.
Build with confidence.
Here are four key steps you'll want to take before your project begins.
Ensure you're covered
Having insurance in place before work starts is important for two reasons:
- If you require a loan later in the project
- In most cases you can't get insurance partway through a project.
In most cases your builder or building company will have contract works cover but it's important to check your building contract or talk to your builder. If you need to arrange your own cover contact your insurer or call us on 0800 809 378.
Do your legal groundwork
This is an important step. Consider doing the following:
- Check with your local authority about the latest building laws and legal requirements, as these can change
- Get independent legal advice from your lawyer on any contracts and remember that you can negotiate
- Sign a contract with your builder or architect before the job starts.
Get your contracts right
Your contract with the builder will normally set out agreed stages for payment, providing you're happy with the work. It should also let you hold back 10% until you're sure there are no problems to fix.
As with all parts of home buying, building, selling or renovating - talk through everything with a lawyer, financial adviser and related experts before you begin. Check out our list of useful contacts.
Keeping the following records can help the build go more smoothly and ensure you end up with the result you want:
- From day one, keep a diary and take photos of work being done. Having these records will make it easier to resolve issues with your builder
- Put changes or additions in writing for both you and your builder to sign and keep a copy. Changes could mean having to change your consents too
- Make sure you keep any guarantees and instruction manuals for the materials used in your home.
Things you should know.
Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.
Westpac insurance products are arranged by Westpac New Zealand Limited ("Westpac") and underwritten by various insurance companies. None of Westpac Banking Corporation ABN 33 007 457 141, Westpac, or any member of the Westpac group of companies guarantee the obligations of any insurer, or insurance product. More detail can be found on the webpage relating to the particular product.