Still hope for first home buyers

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. Kainga Ora announced in the last budget that they were dropping all the caps on house prices. And with as little as a 5% deposit owning your first home might not be out of the question.

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:

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.  

See if you are eligible for a First Home Grant

This is where your KiwiSaver might be of even more benefit to you (not just for retirement). If you’ve been contributing to your KiwiSaver for at least three years you may be eligible for a First Home Grant to top up your deposit (up to $5,000 for existing homes and up to $10,000 for new builds).

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.

Steve, IanJanineStacey 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.

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