What is the 12-Month Price Hold Guarantee, and how does it work?
The 12-Month Price Hold Guarantee ensures that your home price is fixed for 12 months, allowing you time to obtain all necessary approvals to start construction.
What conditions must be met to maintain the 12-Month Price Hold Guarantee?
To maintain the 12-Month Price Hold Guarantee, the Building Contract must be signed within 8 months of the PPA date and executed within 7 days of being issued. Within 12 months of the PPA date, you must obtain all water, developer and shire approvals, provide unconditional finance approval, confirm land settlement in your name, complete your prestart meeting and finalise all selections and documentation. You must also meet any other contractual obligations required for site access and construction to commence.
What does the 12-Month Build Time Guarantee entail?
The 12-Month Build Time Guarantee from Summit Homes ensures that the construction of your home will be completed within 260 working days (approximately 12 months) from the date the slab is laid to practical completion. This guarantee applies to BrickHybrid (Brick Veneer) homes, single-storey designs from the standard range, and specific site conditions.
What conditions must be met to qualify for the 12-Month Build Time Guarantee?
To qualify for the 12-Month Build Time Guarantee, the total contract value must be under $550,000, and the home’s area must be less than 300m². The site must be a green-titled, street-front lot with specific service requirements, and it should not exceed 1,000m² with minimal site fall. Additionally, all progress claims must be paid on time, and the owner must meet all contractual obligations. If delays occur due to factors outside Summit’s control, the completion timeframe may be extended. If practical completion is not achieved within the guaranteed period, Summit Homes will compensate the owner $500 per week, up to a maximum of 10 weeks.
