Government Schemes To Help
The three main Government schemes that are worth checking out if you’re a first home buyer are:
- Welcome Home Loan – handy if you don’t have the 20% deposit
- KiwiSaver first home withdrawal – you may be able to put some of your KiwiSaver savings towards your first home
- KiwiSaver HomeStart Grant – you may be able to get a grant towards your first home.
There are some criteria that you need to meet, but these are well worth checking out if you are looking to buy your first home.
Most Government schemes are designed to help Kiwis buy their first homes, and therefore do not apply if you want to buy a rental.
Mortgage Brokers Give Good Advice
You can do what many people do and go and visit a bank; however people are learning that mortgage brokers have more options and in many cases can offer better advice. It is becoming more common for Kiwis to speak to mortgage brokers in preference to banks these days and for very good reason.
Mortgage brokers have many benefits including;
- A choice of banks – this means when one bank is not able to help, a mortgage broker can source your mortgage from another bank.
- Access to non-bank lenders – it is not always appropriate to get finance from a bank and the better mortgage brokers know when to use a non-bank lender. The better brokers also have good relationships with a range of non-bank lenders to source finance from.
- Better mortgage advice – some of the best mortgage brokers have vast experience and this results in the ability to provide better advice.
New Builds Need Less Deposit
Most people dream of building their own home but often think it is out of reach or something that they do in the later years.
More often now first home buyers are looking at new builds because the requirements for deposits are different. In many cases this means that you just need a 10% deposit for your first home, for any home or for an investment property.
- New Build Finance – learn more about financing your new home.
In Summary
There are many ways to finance your first home.
It doesn’t mean that it will be easy to buy your first home; however you should get all the advice and options available to you as this may make it a little easier.
