Struggling to save a Deposit??
Saving for a deposit can seem never ending, not knowing or understanding how much you require for a first home deposit can also put a damper on your plans.
Having a target savings amount in place can help you get into your first home sooner. If purchasing a first home is a dream of yours, keep reading to find out more!
Get in contact with us to discuss a personalized savings plan today!
Alternatively give us a free non-obligation call today we are happy to chat anytime 0800 864 864
How much do I need for a deposit?
DID YOU KNOW? You can get into your first home with as little as 10% deposit through the Welcome Home Loan Package, this means if you would like to purchase a $400,000 house the minimum deposit you would need to save is $40,000. (You would also need some money in the bank to cover legal and value costs $3-$4,000 approx.)
This $40,000 could be made up of the following, $10,000 personal savings $25,000 Kiwi Saver and $5000 Kiwi Saver First Home Start Grant.
We are helping first home buyers into the market all the time with less the advertised 20% deposit with the new LVR Restrictions. (LVR simply means the lending valuation ratio or how much you owe against the property value)
How long will it take me to save my deposit?
This can depend on many factors, how dedicated you are to your savings plan, how much you are willing to put into your savings weekly and if you’re willing and/or need to change your current lifestyle to achieve your goal.
An example;
Savings Goal: $45,000
Current Savings: $1,000
Current KiwiSaver: $12,000
Current HomeStart: $3,000
Total Savings: $16,000
Savings Required: ($45,000 - $16,000 = $29,000
Target Timeframe 2 years: ($29,000 / 2 years) / 52 weeks = $279 per week to savings
Use an online savings calculator to calculate your savings plan, alternatively in our resources tab we have a savings plan template.
Who can I contact for more information?
Click on the following link in order to contact us today to find out more or give us a free non-obligation call on 0800 864 864.
We can help you with the following New Zealand wide!
- We can help you with the following;
- Savings Planning for a First Home Deposit
- Home Lending for First Home Buyers
- Home Lending for existing Home Buyers
- Rental Property Investment Lending
- Fixed Rate Reviews
- Home Loan Top Ups / Refinancing
- Business / Commercial Lending *
- Debt Consolidation
- Car Loans
- Health / Life / Income Protection Insurance’s
Best of all, we do all of this for FREE
*Some business, development, 3rd tier lending and commercial lending fees and charges may apply however this will be discussed at the time of application.
Give us a call on 0800 864 864 or email [email protected] alternatively click the following link today!
Otherwise apply online today through the following link;
The Mortgage Girls look forwards to helping you unlock your future today!
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