The new Team New Zealand America's Cup boat is out on the water in the Waitemata Harbour.

Syndicate chief Grant Dalton said the boat seems well balanced and okay in light winds, but they are waiting for the wind to crank up a bit to get a true gauge.

Dalton said it's only really a step on the way to the final product, which needs to come together for 2007.

He said it's hard to judge ability because they are comparing it to old boats at this stage; and added that Alinghi and Oracle are still the America's Cup benchmarks.