Does someone you know want to buy their first home, but is feeling a little bit deflated by the current market?
It doesn’t have to be all doom and gloom. With a Kainga Ora First Home Loan and as little as a 5% deposit owning your first home might not be out of the question. Your KiwiSaver can help you with your deposit too!
At Cole Murray our Mortgage Advisers love helping people get into their first home. We have advisers based in Dannevirke, Waipukurau, Hastings/Napier and Wairoa. You are welcome to come and speak with them in person, or we can have a chat over the phone or video call.
They will talk over your situation with you and come up with a solution that will best suit you and your goals.
Some things we can help with:
Understanding your financial position
Can you actually afford to buy a home? Our Mortgage Advisers will help you work out what you will be comfortable to spend on a property. They will take into consideration your spending habits and the other costs that come with owning a home. Let’s not forget the costs associated with buying property (lawyers fees, builders report, evaluations and even shifting) that come along for the ride too.
“Using your KiwiSaver savings towards purchasing a home is now the most common form of deposit for first home buyers,” Cole Murray’s Mortgage Adviser, Steve Davies explains.
Checking your eligibility for a Kainga Ora First Home Loan
Most lenders currently need a 20% deposit at a minimum. With a First Home Loan you only need a 5% deposit (if you meet the servicing criteria) which is a lot easier to achieve. What’s more they have removed the caps on house prices, so it doesn’t matter where you are wanting to buy, you may still be in with a chance.
It’s not just for the young ones
Steve is also seeing a lot of the older generation using their KiwiSaver funds to buy their home.
“There are now people in their 30s, 40s and 50s who are taking advantage of this. An example is a parent who has been in KiwiSaver whose children have now left home; they can now use their funds to take them from living in a rental property to owning their own home.”
Our Mortgage Advisers can help you understand exactly how KiwiSaver and a First Home Loan could work for your situation. Every circumstance is different, and we love finding solutions that fit your unique goals.
Steve, Ian, Stacey and Tania have helped hundreds of people into their first home. They know the process like the back of their hands, so you can focus on collating all your info to prove that you can own a home.
Check out our mortgage calculator and get in touch. We would love to help you.
