Applying for a Build on Own Land Loan

Before applying for the Build on Own Land (BOL) Loan, you should ensure that you meet the minimum requirements.  To know if you meet the minimum requirements you should answer the following questions at the time of your application:

  • Do you own land on which you can build, OR are you in the process of buying the land, OR do you have legal permission to build on land owned by someone else who has a Registered Title for the land?
  • Do you earn an income that allows you to repay the loan?  (click here to check with our Mortgage Calculator)
  • Are you now contributing to the NHT?
  • Have you made at least 52 weekly contributions, 13 of which were made during the last 26 weeks?
  • Are you able to account for your contributions and have paid up, with interest, any outstanding contributions due in the last 3 years?
  • Are you between the age of 18 and 65 years?

If you answer ‘Yes’ to all of the questions above then you would have met the minimum requirements for applying.  You should then contact your NHT Office for a list of the documents that you will need for your loan interview.

Once you have all the required documents and information you should call and schedule an appointment with us for your loan interview.

Once you are successful with your loan interview and there is no difficulty with your title, we should be ready to pay out the first part of your loan within 3 months of your interview.  Payments are usually made in parts, but we aim to pay out the entire loan in 5 payments or less.  If you provide us with invoices for building materials, we will pay out a part of the funds to start up construction.  Further payments are made based on an assessment of the construction work done.

Funds may be paid to either your contractor or your supplier or to yourself if you choose to be your own contractor.  Contact your assigned NHT Project Officer to find out more about how funds are paid out.