Building or renovating

Whether you're building or renovating, an ASB home loan can help. Before you get started, talk to us about your finances and which options will work for you.

Apply online Contact us

Three ways an ASB loan can help with your project

12 months to draw down your loan

You may have up to 12 months to draw down your entire loan. This flexibility works well with most options.

Simple progress payment loan options

Option to only draw on your loan as your build progresses.

Lending specialists available 7 days a week

Help is at hand when you need it. Our specialists can answer your finance questions and give you peace of mind.

Power tips for your project

Whether you want the freedom to design your own dream home from the ground up, the convenience of a house and land package or you're renovating your existing home, an ASB home loan can make it a reality. 

Check these guides for handy tips and how to's. 

Ways to build

There are lots of ways to create your dream home, and pros and cons for each approach. 

Home building guide

Buying a section

An empty section can be a blank slate for your perfect home. Here are some buying tips.

Section buying guide

Building contracts

Turn-key, fixed price and labour-only building contracts explained.

Building contracts guide

Financing your build or renovation with an ASB home loan

Whether you're building or renovating, an ASB home loan can help. Before you get started, talk to us about your finances and which options will work for you.

And if you’re signing a building contract, be sure to talk to a lawyer and to us first. The lawyer can check that the contract is fair and doesn’t have hidden surprises or risks. We can check that the contract will work with our loan terms and with your available funds. That way you can be sure everything’s in order before committing. 

Financing your turn-key contract

Buy a home and land package off the plans, and take possession of your new property once it’s complete and ready to move in. You normally pay an initial deposit, with the remainder due when you take legal possession of the finished house. 

Your deposit could be from your savings, borrowed against the equity of your existing home or even from your KiwiSaver savings, if you qualify. 

When your home is ready and has its code of compliance certificate, you can draw down your home loan, pay the building company, take legal ownership and move in. 

Financing your build or renovation under a fixed price building contract

Fixed price contracts for building or renovating usually set out a schedule of progress payments, which you pay when your project reaches certain milestones. Common milestones are when you give the go ahead for the project, when earth works are complete, when framing is up, when the roof is on and of course when the project is complete. 

Progress payments are normally made following a registered valuer's inspection to verify construction progress. When you have a fixed price contract with a registered master builder or certified builder, you may be able to drawdown progress payments against invoices without the need for a registered valuer’s inspection. 

We need a registered valuation at the beginning of the project, and a registered valuer’s completion certificate when the work is finished. The valuation needs to be from an approved registered valuer using our panel valuation service - we can organise this for you.

Financing your build or renovation with a labour-only contract

With a labour-only contract you normally pay for the labour and materials for your project as agreed with your builder, until it’s complete. This is a flexible way to manage your project, but it could leave you with cost over-runs if anything unexpected happens. It could also mean you pay more if your house takes longer than expected to build or if costs increase during construction.

Remember to stay close to your project, make allowance for cost over-runs and make sure you check your builder’s background and experience. 

For more information, talk to an ASB home loan specialist. 

Are you eligible for a KiwiSaver HomeStart grant?

If you're a first home buyer and a KiwiSaver member you could be eligible for the KiwiSaver HomeStart grant. It gives you up to $5,000 to help buy an existing home, or up to $10,000 to help pay for a newly built home. 

If you’re buying a house with one or more other people, like your partner or your friends, and you’re all in KiwiSaver, you could all receive a grant. Terms and conditions apply, so check here to see if you and your property could be eligible.

Insurance while you build or renovate

Before you start work, think about protecting yourself against the possible risks of building.

  • Contract works insurance can cover you against things going wrong while your home is being built. 

  • Public liability insurance is your builder’s responsibility. It covers accidents that affect other people or their property. 

  • Home insurance protects your house from the unexpected once it’s built, and is usually required for your home loan. If you’re renovating you probably already have insurance in place, but it’s a good idea to review your cover before you start and again once your renovations are complete. 

  • Contents insurance protects your belongings and furnishings. It's portable, so you can insure your things now, ready for when you move in.

Check your numbers before you start

Make progress toward your home ownership goals with these tips and tools. 

Home loan interest rates

Min 20% equity

12-month fixed rate
18-month fixed rate

24-month fixed rate

36-month fixed rate
48-month fixed rate

60-month fixed rate
6-month fixed rate
18-month fixed rate

24-month fixed rate
36-month fixed rate
48-month fixed rate
60-month fixed rate
6-month fixed rate
12-month fixed rate
Housing variable rate

Rates may change. Loan processing fee of up to $400 may apply. After the fixed rate period the Housing Variable Rate will apply. For those with less than 20% equity see here for rates.

We're here to help

Apply online

Start your home loan application online. We'll be in touch to complete the next steps with you.

Get started

Give yourself 5-10 minutes.

Meet in person

One of our team can meet at a time and place that suits you, or you can make an appointment to meet at an ASB branch.

Find a Home Ownership Manager near you.

Log in to book an appointment.

Give us a call

You can pick up the phone and call one of our home lending team, weekdays 8am-6pm and on Saturday 8:30am-5pm.

0800 100 600

+64 9 306 3000 for overseas

Manage loan online

Existing customers can view and manage loans, apply for a top up and more.

Log in to Home Central

Home loans Building or renovating your home? | ASB