ESCROW ACCOUNTS
Ensuring security for everyone!
Peaky Builders are committed to ensuring trust and financial security for both our clients and contractors. We believe escrow accounts are one the most effective tools to ensure peace of mind on both sides.
A win-win for both parties
For construction projects, an escrow account means the client deposits the agreed payment in a secure account before work begins. The funds stay safe there and are only released when all the terms of the contract, including milestones or project completion, are met. This way, subcontractors can proceed confidently, knowing payment is guaranteed, while clients are assured their money is protected and can only be released when they're satisfied with the work.
Escrow creates a fair system for everyone, helping to build transparency, accountability, and trust. By using escrow, clients and contractors can focus on what really matters: delivering a high-quality project on time and on budget, with peace of mind every step of the way.
Escrow Regulation in New Zealand
In New Zealand, escrow services are governed by strict regulatory frameworks to ensure trust and transparency in financial transactions. We are proud to be a Registered Financial Service Provider (FSP) under the Financial Services Providers (Registration and Dispute Resolution) Act 2008, which means we are fully compliant with the country’s legal requirements.
As part of this registration, we are also a member of a Financial Ombudsman Scheme—an independent dispute resolution service approved by the Ministry of Consumer Affairs. This provides additional peace of mind for all parties, knowing that any potential disputes will be handled fairly and transparently. Additionally, we comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, under the supervision of the Financial Markets Authority (FMA). This ensures that all escrow transactions are conducted in a manner that upholds the highest standards of financial integrity and security.
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Build with complete peace of mind
We are members of NZ Certified Builders, which means you qualify to apply for Halo, a comprehensive 10-Year Residential Guarantee. It provides much greater protection than both the Building Act and Consumer Guarantees Act. Regardless of what happens in the future, your Halo Guarantee will be there to protect your housing investment and help you for the next 10 years following completion of your build – it’s peace of mind, guaranteed.
With Halo you’re covered for:
Loss of deposit
Non-completion, including remedial work
Materials and workmanship for two years after building work is complete
Structural defects for the next eight years from Guarantee Acceptance, including rot and fungal decay (weathertightness)
Up to 26 weeks alternative accommodation expenses while the house is being repaired
Automatically transferable when the home is sold, giving any new owners protection too
Please ask us for the Halo 10-Year Residential Guarantee Homeowner Handbook for full details of guarantee coverage, exclusions and additional benefits. All Halo applications must be submitted before building work starts.
