If you’re looking to purchase your first home, great news, you’re already a step ahead of the rest by taking the time to contact us! Now that you’re here, let us help you make this exciting step as easy as possible and get you into your first home sooner.
1. Talk to the Bank
While most people may discuss a home loan with their usual Bank, it does pay to shop around and talk with other Lenders or Mortgage Brokers as well. There has been a lot of media attention on the LVR restrictions Banks face in lending over 80% of a property’s value, but it is sometimes possible. If you haven’t saved a deposit of 20% yet and you’ve been holding off getting started, don’t hold off any longer! The only way you’ll know is if you start discussing with a number of Lenders as they may be able to help you get into your first home sooner than you think.
Not only that, but different Lenders may be able to offer you better mortgage interest rates so you can pay your home loan off sooner.
Get the Bank to give you a pre-approval before you start house hunting, so you know what you can afford.
2. KiwiSaver Withdrawal
While it is recommended that you seek financial advice before withdrawing funds from your KiwiSaver account, we have many happy clients who have got into their first home sooner by withdrawing their available KiwiSaver funds. To be eligible to withdrawal your KiwiSaver funds you need to have had a KiwiSaver account for a minimum of three years. Other eligibility criteria apply, so call us to discuss.
3. Housing New Zealand Grant
If you are eligible to withdraw your KiwiSaver Funds to purchase a first home, you may also be eligible for a Housing New Zealand Grant of up to $10,000.00 for one person or up to $20,000.00 for a couple. For more information and to apply for a pre approval check out www.hnzc.co.nz/ways-we-can-help-you-to-own-a-home/kiwisaver-homestart-grant/.
4. Open Homes
Get some comfy shoes on and go shopping!!! Open Homes are a great way of finding out what is available in your area and they have the added bonus of giving you an idea of what properties are valued at. You will also find there are things on your “shopping list” that you are prepared to compromise on or those things that are “must haves”. While you’re at it, get chatting to the Land Agent. You never know, they may be able to tell you about the perfect property that is not yet on the market or that you’ve overlooked in your search.
5. Don’t sign until you’ve talked to a Lawyer
Once you’ve found a property you like, call us. Better yet, give us a call now. We can talk through what conditions you may need in an Agreement before you sign anything to make sure you are protected. We may even be able to do some of the groundwork for you now so you can hit the ground running when you find the perfect home.