Mortgage Minute: Getting together a deposit
In this mortgage minute we talk about a couple of ways you can get together some extra funds for your deposit.
If your cash savings aren’t enough, you could be eligible to access your KiwiSaver. There is also the government's HomeStart grant which, if you meet the criteria, can boost your kitty by $5,000 for an existing property or $10,000 for a new build per person.
There are quite a few other deposit options acceptable to the banks.
For example, equity from an existing property, a limited guarantee against your parents property or gifted deposits. A Deed of Acknowledgement of debt, is another commonly used tool when supporting family members into the housing market.
Your eligibility for government support and how to structure family loans and gifts can be confusing, but at Loan Market we help thousands of Kiwis every year through this process, so give us a call on 03 471 8825 and book your free appointment to talk it through.