* If lending is over 80% LVR (loan-to-value ratio), it must be a new build with a single fixed price contract that specifies a completed, ready to live in property. Applications must include Master Builders Guarantee or a Certified Builders Guarantee, which includes ‘non-completion’ cover.
**No principal repayments will be required and interest costs will be added to the loan. The cost of interest capitalisation will be included in the approved total home loan amount and must not take the total LVR over 90%. The repayment holiday will end on the earlier of 12 months following the initial drawdown or one month following the final construction drawdown.
Westpac Contract Works Insurance is not guaranteed and will be underwritten on a case by case basis. The availability of any insurance is not guaranteed and is subject to the acceptance and approval of a complete application. Terms, conditions, exclusions and limits apply to insurance cover and more details can be found in the relevant policy document, which is available at www.westpac.co.nz/insurance or on request by contacting us on 0800 809 378. Westpac Contract Works Insurance is arranged by Westpac New Zealand Limited (“Westpac”) and underwritten by IAG New Zealand Limited (“IAG”). Westpac does not guarantee the obligations of, or any products issued by Lumley, a business division of IAG. Westpac may receive commission payments as a result of the arrangement of Lumley insurance policies. Fee discounts and waivers only apply to any new credit cards or insurance policies. Westpac’s current credit card lending criteria apply to all applications and transfers. Credit Card Conditions of Use apply. hotpoints® is a registered trade mark of Westpac Banking Corporation. Hotpoints terms and conditions apply. You can get a copy of the current disclosure statement for Westpac New Zealand Limited from any Westpac branch in New Zealand free of charge. Westpac New Zealand Limited.
Westpac’s current home loan lending criteria and terms and conditions apply. An establishment charge may apply. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria. All applications for finance are subject to Westpac’s applicable lending criteria. An establishment charge and Low Equity Margin may apply. The information in this guide and the terms, conditions and pricing for Choices home loans and the other services described may vary from time to time.