Buying your first home with a low deposit

Mark Collins, CEO of Mike Pero Mortgages lets home buyers in on the options available for those with a low deposit.

Many first home buyers are struggling to save a 20 percent deposit, but there are other options. The good news is that you don’t necessarily need a 20 percent deposit. There are some lenders who will lend on low deposits, and accept borrowed or gifted deposits too.

Say you received an inheritance, or your parents lend you money for a deposit. Well, the bigger banks often view these sorts of deposits unfavourably, which can make it hard to get approved for a loan. However there are other lenders who are more flexible.

Speak to a Mike Pero Mortgage Adviser, they know the market and can help you see what your options are. You can find your nearest Mike Pero Mortgage Adviser here.

Mike Pero (New Zealand) Ltd Copyright © 2020 All rights reserved | Lending and policy criteria and terms and conditions apply. Content on this website is general in nature and is not a recommendation, opinion or guidance to any individuals in relation to acquiring or disposing of a financial product. Readers should not rely on this content and should always seek specific financial advice appropriate to their own individual circumstances.