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HOW TO GET A FIRST HOME OWNERS LOAN

When you’re buying your first home there are lots of things that seem stressful and complicated.

It’s sad but true that there are lot’s of things that can go wrong, and without getting it right the very first time things get expensive fast. That’s where a good mortgage broker that has your best interests in mind is your best asset. We only get paid upon results so we have almost as much skin in the game as you! More importantly, this is what we love and we just so happen to be very good at it – or so our clients tell us!

USING KIWISAVER TOWARDS BUYING YOUR FIRST HOME

As a first home buyer you can withdraw KiwiSaver contributions made by you and your employer to use as a deposit towards your new home. You must leave $1,000 in your KiwiSaver but you can effectively use everything else. You can only do this if you’ve been contributing to KiwiSaver for more than three years.

KAINGA ORA (GOVERNMENT) FIRST HOME LOAN & GRANT

First Home Grant

This is free money towards your house deposit. This benefit is subject to income and house price caps (dependant on location). The income cap is $95k for a single person and $150k combined income for a joint application. To see the house price caps for your area visit the government’s site.

First Home Loan

This helps you obtain lending with just a 5% deposit. It is very important to note however, that the lending is still done through banks and is subject to their usual lending criteria, meaning that just having the 5% deposit isn’t always enough. If you are looking at taking advantage of this, using a mortgage broker is so important. Only a select few banks offer this and choosing the right one the first time makes all the difference.

HOW DO I USE MY KIWISAVER AS FIRST HOME BUYER?

As soon as you purchase a house you’ll need to apply to withdraw your KiwiSaver funds. The funds are transferred directly to your solicitor for settlement.

It is important to note that you cannot use your KiwiSaver funds for the initial deposit (usually 10% payable upon going unconditional) due to KiwiSaver funds only being released upon settlement. Therefore, you’ll need to make other arrangements for this amount such as a deposit bond, which we can help you with.

Get our advice for free

Great advice usually has a cost, but our expertise is free to first home buyers because the bank pays us! Banks pay us a commission because we are essentially doing all of the hard work for them. Most importantly we are strictly ‘unaligned’ which means we are not obligated to do business with one particular bank over any other, which means you’re always getting the best options and advice based on which bank is best for you.

Chat to a Financial Adviser About a Home Loan (No Cost, No Obligation)

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