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3 Most Common Completed Townhouse Myths

There’s a mysterious new type of property that’s selling like hot cakes right now…

And before 2023—it barely even existed.

What is it?

Recently completed townhouses.

If you’re going to consider buying a recently completed townhouse there are three common myths you should be aware of.

Let’s debunk them together.

Myth 1: All New Builds qualify you for free money from the government

The top two advantages of buying a new build property in New Zealand are that the bank may only require a 10% deposit and a large portion of that deposit can be made up of grants from the government (Kainga Ora First Home Grant), essentially free money.

But not all completed townhouses will qualify for these benefits.

If the townhouse is an ‘on sell’, which means someone has already settled the property, the bank will likely require the a 20% deposit.

If the townhouse received CCC more than 12 months ago, Kainga Ora will treat the property as an existing home meaning you’ll only be eligible for half the grant amount compared to what you would get for a new build that has had CCC granted very recently.

So make sure you stick with new builds that have been completed in the last 12 months and haven’t been settled by someone else yet.

Myth 2: Claims of ‘Move in ready’ listings

If you’ve been on Trade Me recently then you’ve seen that phrase a lot.

But just remember to ask if the title and CCC have been issued.

If not, you could have some significant waiting to do before the new build townhouse is actually ‘ready to move in’.

Myth 3: Building Warranty

The Building Act­­ gives you an automatic 12-month warranty period from the date of completion—not settlement. That means if you buy a property 11 months after it was issued CCC you’ll technically have only one month to report any issues to the developer. If you find yourself in this position make sure you negotiate a fairer warranty period to cover you before purchasing.

You’ll definitely want to find a developer who has a reputable remedial process.

To summarise, the ideal new build to look out for is the one that:

- Has just recently been completed

- Hasn’t been sold before

- Has title & CCC

- Has a clear remedial process and time left on warranty.



Hi I’m Hausia,

I help first home buyers make better buying decisions.

If you want access to arguably the best off-the-plans mortgage advisor in Lower Hutt, click ‘contact us’ below or head straight to his website here.

If you have any questions about something you've read in the blog, email

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