Mortgages
Developer payment and handover finance
Your off-plan property is nearly finished and a large payment is due at handover. Or you are on a post-handover plan and want to move it into a mortgage. We arrange finance against the completed property at its current value.
Paying the developer at handover
When the building is completed, the bank values the property, lends against that value and pays the developer directly. If prices in the area have gone up since you booked, the valuation can be higher than your purchase price. The bank still lends against the lower of the two for a purchase, but the gap counts toward your equity.
Start talking to us 2 to 3 months before the expected handover date. Developers set deadlines, and a bank approval with valuation takes a few weeks.
Refinancing a post-handover payment plan
Some developers let you pay the balance over several years after you move in. If the plan's instalments are heavy, a mortgage over up to 25 years can lower the monthly amount. The bank pays off the developer and takes over as lender.
Questions about handover finance
What if handover is delayed?
Pre-approvals expire after 60 to 90 days, so we time the application to the developer's completion notice. If it slips, we renew it.
Can I get more than I still owe the developer?
For a purchase, the bank lends against the lower of price or valuation, within the loan-to-value limit. If you have already paid most of the price, you may be able to release some equity at the same time. Ask us to check.
Find out what the banks will offer you
Two minutes of questions, then a broker comes back to you with the banks that fit and what they are likely to lend.