First Home Buyers
Buying your first home is one of the biggest purchases you’ll ever make.
Lendpro can help!
How much can i borrow ?
how much you can borrow for mortgage? The bank take many factors into consideration:Income and spending,Have excellent credit history,Have excellent account conduct (no unauthorised overdrafts, dishonours),Steady employment history and income
Not all lenders use the same method to work this out, therefore can give you quite a different outcome. At Trillion Finance, we will help you navigate all options.
House deposit NZ
When it comes to how much deposit you need to buy a house in New Zealand, you generally need at least 20% for your family home.
Let’s first look at what the acceptable house deposit options in New Zealand are.
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Savings: Every time you get paid, create the discipline of putting a portion into a savings account. This is also important, as once you start paying a mortgage, you don’t feel as much burden to keep the mortgage repayment.
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Gifting.The deposit can come from family gifting. However, banks normally require a signed letter by the person(s) gifting the money certifying the funds are unconditional, no interest-bearing, non-repayable, and non-refundable.
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Sale proceeds of assets, e.g., car, house, jewellery
Government Grants and KiwiSaver
The new KiwiSaver HomeStart grant provides eligible first home buyers with a grant of up to $10,000 for individuals and up to $20,000 for couples to help with the costs of building or purchasing a brand new home.
You could also be eligible for a Welcome Home Loan, which is a low-deposit loan underwritten by Housing New Zealand.