first home loan - the wellington mortgage broker

IF SAVING FOR THAT DEPOSIT 20% DEPOSIT IT JUST TOO HARD WE HAVE A VERY WELCOME SOLUTION...

A First Home Loan allows you to borrow up to 95% of the purchase price of a property, making getting into your new home much easier than expected for those struggling to reach that elusive 20% deposit mark!

So, who is eligible for a First Home Loan?

First Home Loan has the following standard criteria. You will still need to meet the specific lending criteria of the participating lenders too by the way.

To be eligible you must be a New Zealand citizen or a permanent New Zealand resident (holding a 'Permanent Resident Visa').

Maximum Income Limits:

• For one borrower you can have a maximum income of $85,000 (before tax) per annum.
• For two or more borrowers you can have a combined maximum household income of $130,000 (before tax) per annum.

Minimum deposit Requirements:
You do still need to be able to contribute a minimum 5 percent of the purchase price of the house you are wishing to buy. This can be a gift, from KiwiSaver or from savings etc.

Maximum amount you can borrow:
The maximum amount you can borrow with a First Home Loan depends on the region you are looking to buy in. Each region has a maximum house price cap that you must be within. The maximum loan amount available is therefore the house price cap less your 10 percent deposit.

The house price caps are as follows (for existing properties):

• Auckland – $600,000
• Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $500,000
• Rest of New Zealand – $400,000.

The house caps for new properties are as follows:

• Auckland – $650,000
• Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $550,000
• Rest of New Zealand – $500,000.

Who offers the First Home Loan?
There are a number of lenders or providers who offer the First Home Loan. Following a discussion we can help find the best, and most appropriate offer for you and your circumstances.

If you are a first home buyer, and have been contributing to Kiwisaver for 3 or more years you may be eligible for a HomeStart Grant of up to $20,000! You can read more about this scheme here.
If you're a little bit unsure about any of the above just let us know anytime using our 'Live Chat' feature (see bottom right of screen) or contact us here. We're here to help!

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