First home buyers
Information is the key for first home buyers
We still remember buying our first homes and thinking:
- How do I get a loan?
- What is the best bank for me?
- What will the payments be, and can I afford them?
- How do I apply?
Like most first home buyers we went “Cap in hand” to our own banks thinking they must be the best taking the 'I have supported them and so surely they will look after me' mentality. Well that was a quick lesson in the need to shop around as we only found out later, that the interest rates we were paying was at the top end of the market and we weren't being looked after, at all.
We pride ourselves on making the effort to arm a new buyer with the right information, so that they understand all of their home finance options. We also have access to a full range of professionals including solicitors and accountants should they be required.
Sometimes a first home buyer needs to be creative – an example of this is how to get around the ‘20% deposit’ rule. A lot of parents wish to assist their children but do not understand how it might be possible. We have assisted hundreds of first home buyer clients who have been saving hard for years, showing them how to “leap frog” the wait by explaining clearly to their parents how to leverage their equity.
Contact us today to find out how.
Reserve Bank Restrictions
The reserve bank has tightened up deposit requirements with the result being that its become a very tricky market with larger deposits required and not all banks offer the same options.
Some banks allow fully gifted deposits or equity guarantees. Other options are joint borrowers or family loans. Housing New Zealand’s “ Welcome Home Loan” scheme is also offering some solutions.
Please do not think you just have to wait until the deposit restrictions are lifted. If the right home comes along today then surely its worth fighting for it.
For help navigating the maze of restrictions, contact us today.