Planning on Buying a Home?

Planning on buying a home?

The Mortgage Girls may be able to help guide you in the right direction and help you purchase a home, we love nothing more than helping our client’s dreams of owning a home ? come true!

Give us a call on 0800 864 864 or email through the following link today!

How much do I need to save for a deposit on a home?

Good question one that has multiple answers however put simply this on your desired purchase price and your repayment affordability.

The normal required deposit amount is 20% as per the LVR rules in New Zealand on a purchase price of $450,000 this would be a deposit of $90,000 however we have helped many of our clients into their first home with as little as 10% deposit (on a home with a purchase price of $450,000 the minimum deposit required is $45,000).

You may have a large deposit and the ability to purchase a really luxurious home, however this may involve changing your lifestyle to make the repayments which is not always that easy to adjust, it definitely pays to do research your budget and understand the costs involved with home ownership in order to ensure you can afford your dream home.

How Can I Work out what my budget would look like when I purchase a home?

Great question! Use our loan calculator to work our your mortgage repayments and interest.co.nz s a guide for current interest rates, then you will need to take into account new weekly expenses for House, Contents Insurances, The Council Rates and Optional but recommended is Income/Mortgage/Lifestyle Protection Insurances. Check out our resources we have a couple of budget planners that can help you start working out what your new budget would look like.

Alternatively give us a free non-obligation call today on 0800 864 864 or email through the following link.

How Can I Save for my First Home?

There are a few ways you can save for your first home

  • Personal Savings                 Putting a regular repayment into a savings accounts,   will build up over time.
  • Kiwisaver Putting a regular contribution from your salary or wage will help build this balance*
  • Kiwisaver Home Start Grant The government currently offers help of between $3,000-$10,000 towards your first home**
  • Family Gifting Sometimes your parents or family members may be able to gift you a lump sum towards your first home purchase.***

Points to note:
*Kiwisaver: Terms and conditions apply and many factors can change the potential savings balance.
**Kiwisaver First Home Start Grant: Terms and conditions apply in order to receive the grant, and could change at any point.
***Family Gifting:  it is important to seek independent legal advice around gifting, all banks will require a formal gifting certificate that they can provide a template for and that this is a gift that does not require repayment.

How Can The Mortgage Girls Help?

We are passionate about helping guide our clients in the right direction to purchase their first home and love nothing more than seeing your dreams comes true!

What we do is help see what your current situation is like, talk about savings and what your budget will look like when you own a home. We have useful tools and guides in our resources page that can help you!

Give us a free non-obligation call today on 0800 864 864 or email through the following link.

We are a FREE service, we work for you not the banks, lets unlock you future today and help you into your first home!

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