Master Builders Guarantees Explained: 10-Year vs BUILD+
If you build with a Registered Master Builder in New Zealand, you can now choose between two Master Builders guarantees: the Master Build 10-Year Guarantee and the new BUILD+ Guarantee, launched on 27 October 2026. Both give you cover after your home is finished. The 10-Year Guarantee gives you much more, including protection for your deposit and for finishing the build if your builder can't.
Here's what each one covers, how they compare, and how we handle it with our clients.
Why a building guarantee matters
The Building Act and the Consumer Guarantees Act give you some protection if something goes wrong with your build. But those remedies usually mean a legal process, and they only help if the building company is still trading. A Master Builders guarantee is separate from your builder. If your builder can't or won't fix a covered problem, Master Builders steps in.
A guarantee isn't automatic. It's applied for separately from your building contract, and it has to be approved before building work starts.
The two options side by side
| Master Build 10-Year Guarantee | BUILD+ Guarantee | |
|---|---|---|
| Loss of deposit | Up to 10% of the contract price or $50,000, whichever is less | Not covered |
| Non-completion | Up to 20% of the contract price or $500,000, whichever is less | Not covered |
| Workmanship and materials | 24 months from practical completion | 12 months from practical completion |
| Structural defects | 10 years | 10 years |
| Temporary accommodation | Up to $10,000 | Not covered |
| Total cover | Up to $1 million, or the contract price if less | Up to $100,000, or the contract price if less |
| Build value | Up to $4 million | Up to $2 million |
| Transferable if you sell | Yes | Yes |
Both are available for new homes and renovations. BUILD+ isn't available for multi-unit developments, commercial builds or labour-only contracts.
What does each one cost?
Master Builders sets the price of each guarantee based on your contract value. BUILD+ costs less than half as much as the full 10-Year Guarantee. You can see the current price lists on the Master Builders website for the 10-Year Guarantee and BUILD+.
With MH Builders, the Master Build 10-Year Guarantee is included in your fixed price. If you choose BUILD+ instead, your fixed price comes down.
Which one is right for you?
The 10-Year Guarantee suits most new builds
A new build means paying a deposit and progress payments over several months. The 10-Year Guarantee is the only option that covers your deposit and the cost of finishing your home if your builder can't. Total cover goes up to $1 million, which matters on a $700,000 to $1 million home.
BUILD+ can suit smaller jobs and tighter budgets
BUILD+ is a good fit for smaller projects, such as renovations and additions, or if you're watching every dollar and understand what you're giving up. You still get 12 months of workmanship and materials cover and 10 years of structural cover.
The two guarantees are separate products. Once you've chosen one, you can't switch to the other later, so it's worth getting the choice right at the start.
How we handle it with you
- At the fixed price stage, we talk you through both guarantees and what each means for your build.
- You choose, and we record your choice in writing with your Master Builders Agreement.
- We lodge the application as soon as the contract is signed.
- Building starts once Master Builders confirms your cover.
- At the end of the build, we send the Notice of Practical Completion so your cover dates are set.
Our build process is set out step by step on our Our Process page.
Guarantees are subject to Master Builders' approval, eligibility and terms. This post is a guide only, not a full statement of cover. Read the terms and conditions for your guarantee, or contact Master Builders on 0800 762 328.
Want to talk through which guarantee suits your build? Book a free consultation with Clint or Eoin.
