First Home Buyers-in Christchurch
As a first home buyer, to find a good home loan you should investigate both your home loan options and government grants and entitlements you may be eligible for.
Banks and lenders have very specific policies around lending to first home buyers and the pricing of their home loan products can vary substantially. To help secure the right home loan for your finance needs talk to a Loan Market mortgage adviser today.
Considerations for first home buyers
As a first home buyer, you will need to consider:
- what assistance is available to you as a first home buyer, such as KiwiSaver
- suitable home loans for first time home buyers
- the size of your deposit
- whether your family can help you buy your property
- the fees and charges associated with purchasing a property
- undertaking thorough research on the property market
- finding a good mortgage adviser, accountant, financial planner and solicitor
On 1 April 2015 a series of changes kicked in for first home buyers with the introduction of KiwiSaver HomeStart. The replacement first home buyer packages have been designed to help people achieve the dream of buying their own home.
Finding the right home loan for first time buyers
There are a number types of home loans particularly suited to or advertised as suitable for first home buyers, including loans which allow a part of full guarantee by a third party.
How much deposit do I need for a home loan?
One of the frequently asked questions in the loan process is how much deposit do I need for a home loan. As a first home buyer it’s helpful to know how much deposit you need to save for a home loan so you can get started with a savings plan.
No deposit home loans or low deposit home loans
While true no deposit home loans or 100% home loans are now unavailable due to changes in the banks lending criteria, there are some lenders who will recognise 12 months continuous rental repayments as part of the genuine savings requirement.
Family equity loans
Family equity, family pledge or, more commonly, a limited guarantor loan, allows a family member usually your parents to guarantee a portion of your home loan.