Is ‘Turnkey’ a smart way to buy?

Lately, we’ve had a noticeable increase in clients approaching us for help with mortgages on turnkey homes—so we thought it was the perfect time to explain why banks love them and why they’re such a great option for buyers. And who better to ask than our friends at Homes by Orange.

We’ve been chatting with the team there, and it’s clear: turnkey homes can be one of the easiest, most stress-free ways to get into a new build—and Chevaun from our Mortgage Team completely agrees.

If you’re new to the term, turnkey means exactly what it sounds like: you turn the key and move straight in. The home is complete and ready, with minimal stress in between. For many of our clients—especially first home buyers or time-poor investors—this is a major win.

Why do banks love turnkey builds?

Chevaun tells us that from a lending perspective, turnkey builds are incredibly bank-friendly. Here’s why:

• Fixed purchase price: You know what you’re paying from day one—no construction surprises or budget blowouts.
• 10% deposit on unconditional contract: You only pay a 10% deposit when the agreement goes unconditional.
• Balance due on settlement: The rest isn’t due until the home is complete and code compliance is issued.
• Clean structure: Because funds aren’t drawn down in stages, banks see turnkey purchases as lower-risk and simpler to process.

We also spoke with Jo Neale at Homes by Orange, who has a fantastic turnkey option that will be ready this month to move in. Here’s what he had to say:

“We love being able to offer turnkey homes because they can really make life simpler for the buyer. You lock in the price, know your timeline, and we handle the hard stuff.”

Thinking about buying a turnkey? Whether you’re just curious or have your eye on one already, we can help you get pre-approved so you’re ready to move when the time’s right.