What is the 9-Month Price Hold Guarantee, and how does it work?
The 9-Month Price Hold Guarantee ensures that your home price is fixed for 9 months, allowing you time to obtain all necessary approvals to start construction. The initial price will be held for 6 months, with an additional 15 working days (60 working days total) provided for the building contract price. This guarantee applies to BrickHybrid (Brick Veneer) construction only.
What conditions must be met to maintain the 9-Month Price Hold Guarantee?
To keep the 9-Month Price Hold Guarantee valid, you must obtain water, developer, and shire approvals within 9 months of the Preliminary Purchase Agreement (PPA) date. Additionally, unconditional finance approval must be secured, land settlement confirmed in your name, and all selections finalised in a completed prestart meeting.
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 $500,000, 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.
