30/01/2020
Will 2020 be the year you purchase your first home? We think it could be!
The Welcome Home Loan has been re-branded and is now called the First Home Loan. Along with a name change, it is underwritten by Kainga Ora, which is now what Housing New Zealand are known as.
The First Home Loan is available from several different lenders, with as little as a 5% deposit required for first home buyers. If you were struggling to save the old 20% minimum deposit while renting, this may be your chance to own your own home. You may also be eligible for a grant from the First Home Grant, also from Kainga Ora.
Previously known as the HomeStart Grant, it provides up to $5,000 for a single or $10,000 for couples to purchase an existing home, or $10,000 and $20,000 respectively for a brand new home purchase. Give us a call today and let’s chat about your options.
Eligibility for the First Home Loan
In order to be eligible for the First Home Loan, you will need to meet several criteria, including:
• A maximum income before tax of $85,000 as a single person, or $130,000 for two or more people.
• A minimum of 5% deposit of the purchase price.
• You must be a first home buyer.
• Your chosen home must cost less than the regional house price cap.
• You must live in your home and cannot own any other property.
• Be a Kiwi or have Permanent Residency
Both a pre-approval (before you find a home) and a final approval (after you find a home) are available to borrowers. We recommend seeing us first, before you start looking for your first home. Having pre-approved finance can give you bargaining power when it comes to making an offer. Give us a call to make an appointment to discuss your options.
Does Building Your New Home Tickle Your Fancy?
If you’re in the market for a new home, why not consider building your own? When purchasing an existing home, you are restricted to the market availability. When building your own, the world is your oyster.
With 5% turn-key and 10% constructions deposit options readily available, many buyers are choosing to build their own home. If you’d like a home built specifically to your requirements, give us a call and let’s talk about your home loan options.
Call Scott for More information - 021 34 36 48
