23 Apr How does financing a new build work?

Financing a new build typically starts with a construction mortgage, along with a few upfront costs.

To get started:
• A $15,000 deposit / service fee is required to reserve your build slot and start the permitting process.
• A 10–20% down payment based on your total estimated build cost is required a month before construction begins to help cover labour and materials for the start of your build.

These two amounts are the total funds needed to start a new build.

During construction: Once construction is underway, your construction mortgage follows a draw schedule set by your lender. Funds are released at specific build milestones and inspections, which is when the majority of the project is paid for.

Alternative financing option: There is also the option to transition to a traditional mortgage after the home is built, with 5–20% down, if you bundle your land purchase and home build with us. This can simplify financing for some clients and should be discussed early with your lender.