FIRST HOME BUYER? – Our Finance Support Tips –
Are you thinking about First Home?
Everyday we receive many inquiries about new home. When you are planning it, the first and most important thing is budgeting. Having a specific target number will help keep you motivated and focused, and we can asisst you in right way.
Below are some options to start actions towards your dream home in NZ.
1. Housing New Zealand
https://www.hnzc.co.nz/ Housing New Zealand Corporation is a Crown agent that provides housing services for people in need. Many people use this system when they have first homes.
1-1. Welcome Home Loan
Welcome Home Loan is offered by lenders, supported by Housing New Zealand, and, designed for first home buyers who can afford to make regular repayments on a home loan, but have trouble saving for a large deposit. With a Welcome Home Loan you only need a 10 percent deposit, not a 20 percent deposit as required by most lenders.
1-2. Kiwi saver
KiwiSaver is a voluntary New Zealand government savings scheme that sets aside contributions from you and your employer.
In order to qualify, there are a few conditions.
– You must have been contributing to a KiwiSaver account for at least three years – You must have contributed at least 3% of your income during this time – If you are not a first home buyer, but are purchasing a second mortgage, you may still be eligible to withdraw some of your KiwiSaver funds if you are in the same financial position as first home buyers – Your KiwiSaver funds can be used as part of the 10% initial deposit, but will only be available as part of settlement.
– You can apply for a deposit bond in order to use your KiwiSaver funds beforehand. The bigger your deposit, the smaller your home loan. – After you use KiwiSaver funds to buy your first home, you must leave at least $1000 in your account – You must earn less than $85,000 for a single owner or $130,000 for two people combined – You must be buying a property less than $600,000 in Auckland, $500,000 in other metropolitan areas or $400,000 in rural New Zealand. – THIS IS QUITE HARD!! – You must intend on living in the house for at least the first six months after purchase
KiwiSaver has two features to help you buy your first home: – the KiwiSaver HomeStart grant and – the KiwiSaver first-home withdrawal.
The KiwiSaver HomeStart grant provides eligible first-home buyers with a grant of up to $5,000 for individuals and up to $10,000 where there are two or more eligible buyers to put towards the purchase of an existing/older home.
In addition, the KiwiSaver HomeStart grant also provides eligible first-home buyers with a grant of up to $10,000 for individuals and up to $20,000, where there are two or more eligible buyers to help with the costs of purchasing a brand new home.
Are you experiencing any difficulties?
For almost any cases, iLender can assist funding. iLender is Independent of any Lender or Bank and has over 20 years experience in the Mortgage market. Construction loans to 90% for owner occupied and an amazing 90% for Investment too! They help customers everywhere in New Zealand and overseas with buying property in New Zealand. We work with iLender for our clients finance advice.
NOT with Japan Homes but 3. New Zealand Housing Foundation
This is extra information as we are not involved with their projects…
Through housing programmes, they manage to help New Zealanders getting new homes. ‘affordable equity’ programme (which offers shared-ownership of the house between you and Housing Foundation) has proven very popular for first home buyers. Other affordable housing programmes like a no deposit ‘affordable rental’ are available and a programme will be tailored to meet your needs and circumstances.
New Zealand Housing Foundation generally requires it’s households to be earning a total household gross income (before tax) of between $65,000 – $95,000 per year. You must be able to provide a deposit of at least $10,000 to be considered for our Affordable Equity programme. This can come from your Kiwisaver account if their terms and conditions are met.
Only $10,000 deposit sounds very attractive. If you check the website, you can see their projects and apply registration.
“Your Happiness is Our Happiness”
We are more than happy to listen your family’s dream home plans and make it real by assisting your financial plans too. Because we can manage your development project from its start to finish, our expert advice will make the total project costs keep on budget and even more value-up in the future.
Please contact us if you are looking for right builders in Auckland.
Thank you for reading 🙂