Mortgage Minute: Getting extra cash for your 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 governments 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.
Equity from an existing property, a limited guarantee against your parents property, gifted deposits or A Deed of Acknowledgement of debt, which is a 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 holler on 03 441 1307 and book your free appointment to talk it through.