Your First Home Loan

One of the most exciting times in life is purchasing your first home. With so much to think about it is easy to get ahead of yourself, thinking about location and property type – DON'T.

The place to start is can you afford it?

Generally, you are restricted by two things:

• The deposit amount you have to contribute, if any
  
• You're ability to meet the repayments on an ongoing basis.

You have a Deposit
Your deposit along with your ability to repay the loan will be a big factor in being approved for a home loan. Generally banks and lenders are looking for a minimum of 5% as a deposit. Historically, this had to be saved over a period of time but the rules around the origin of your deposit have relaxed and are no longer a major issue.

You don’t have a Deposit
Don’t despair, you may be able to buy your first home sooner than you thought. There are now a number of options available to you with no deposit required. We must advise you though that the parameters around qualifying for a 100% home loan are slightly tougher than if you have a deposit.

The requirements vary from lender to lender, but typically, if you have:

• A good credit history
  
• Low fixed commitments inclusive of student loans
  
• Have a reasonable income (and are ideally joint borrowers)

It is likely that you can still borrow money for a home loan relatively easily, even if you don't have a deposit.

Your situation is a little outside of the Square
When buying your first home we can still help you if you are outside the square credit box of traditional banks. We have options available for you if you ...

• Are Self-employed
  
• Have an irregular employment pattern – part-time, contract or seasonal
  
• Have poor credit history
  
• Have recently arrived in NZ
  
• Are over 55 years old
  
• Have debt you want to consolidate

How much can you borrow?
A basic calculation as to the amount a bank or lender will lend.

What will your Repayments be?
We'll help you find out.

What is the best Loan for you?
Floating, Fixed, revolving or capped. If you’re not sure, here’s how to choose the best one for you.

The Home Loan Process
Getting a home loan is simple, and even simpler when we take you through our 7 step process.