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Conceptual image of miniature home icon made from wood and word written FIRST HOME on wood

FIRST HOME BUYER

When you’re buying your first home or looking for a new property, there’s lots of stress and complications involved in mortgages and financing. That’s where we come in. We help clients with all their Credit Assessment needs so they can enjoy the fun and excitement of buying real estate knowing they’re in good hands.

Deposit Options

Most banks will want to see evidence of genuine savings when you apply for a mortgage. This means you need to have the deposit in your account for a minimum period and sometimes at least 5% needs to be from accrued savings. However, there are several deposit options available:

  • Your deposit can be gifted by a relative (Please contact us for clarification around gifting rules).

  • If you’re a first home buyer and you’ve been contributing to KiwiSaver for more than three years - you may be able to use some of the money to help buy your first home.

  • Team up with other borrowers and you can put together your deposit and purchase a home.

First Home Loan

The First Home Loan product has been put in place to help first home buyers purchase a property for themselves.

With a First Home Loan you only need a 5% deposit. There are certain criteria and requirements you need to qualify for a First Home Loan, so please read up on it before you apply. More information is available here

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The maximum amount you can borrow with a First Home Loan depends on the region you are buying in. Each region has a maximum house price cap. The maximum loan for that region is the house price cap minus your 5 percent deposit. Additionally, to incentivise the supply of new builds, there is a second tier of house price caps. For new builds, each house price cap is $50,000 greater than the region cap. More information is available here

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Income caps that apply for a First Home Loans:

In the 12 months before you apply, you must have earned:

  • $95,000 or less before tax for a single buyer

  • $150,000 or less before tax for 2 or more buyers.

First Home Grant

You may be eligible for a First Home Grant. If you’ve been contributing to KiwiSaver for three years and fit KiwiSaver’s criteria you could be eligible for a First Home Grant of up to $10,000.

If you’re purchasing an existing home, then you could qualify for up to $5,000 for each member. If you’re building or purchasing a new home, or purchasing land to build a new home on, then you could qualify for $10,000 for each member. More information is available here

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To be eligible for a First Home Grant you must:

  • You must be a New Zealand citizen or a permanent New Zealand resident

  • Cannot earn over the income limits put in place

  • Cannot purchase property over capped limits

  • Cannot currently own property anywhere in the world (If you have owned property in the past there a couple of circumstances where the First Home Loans product can be used).

  • The First Home Loans is for owner occupied properties only and cannot be used for rental or investment properties.

  • Agree to live in your new house for at least 6 months.

  • You must not own any other property.

  • More conditions on the link above

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