Are you ready to get on the property ladder? For many first home buyers the process of buying a house can be quite daunting, but with the right mortgage broker it can be a really exciting experience! We want to see more first home buyers enter the market, that’s why our Mike Pero Advisers have access to a broad range of lenders and loans to suit all types of Kiwis.
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Pre-approval provides a first home buyer with greater understanding of how much a lender is prepared to lend. It also helps speed up the process once you’ve found the home you like.
However, it's important you understand the terms and conditions of your pre-approval and always read the fine print. Make sure you talk to your Mike Pero Adviser about the conditions and restrictions of your pre-approval and know that in the case where the bank does say no, your Mike Pero Adviser can talk to you about other possible solutions.
Inside you'll find some great tips on buying your new home. Your local Mike Pero Adviser will be in contact shortly to answer any questions you have.Click to download
Want to realise your dream of home ownership but don’t have a huge deposit? Mike Pero has access to a broad panel of lenders that can make your property ownership dream a reality, even if you have less than the 20% most of the banks typically require. Also, there are a number of government grants you can apply for to boost your deposit size, but not everyone is eligible – so if you want to buy a property soon, but don’t have a big deposit, be sure to talk to a Mike Pero Adviser.
It is true that most banks will want to see evidence of genuine savings when you apply for a mortgage. This means you need to have the deposit in your account for a minimum period of time and sometimes at least 5% needs to be from accrued savings. However if you have access to money that you haven't saved and want to use it towards the deposit for your first home – your Mike Pero Adviser will be able to talk to you about different lenders that accept deposits sourced from non-genuine savings. So, whether your Great Aunt has left you some money, or you plan to sell your car to help buy your first home, there are lenders out there that think differently – and your Mike Pero Adviser knows them well.
Good news, if you’re a first home buyer and you’ve been contributing to KiwiSaver for more than three years - you may be able to use some of the money to help buy your first home.
If you’re eligible, you may be able to withdraw some, or all of your KiwiSaver member contributions, employer contributions, returns on investments received or any member tax credits. However, you can’t withdraw the $1000 government kickstart contribution. Using your KiwiSaver is a great option for first home buyers who want to increase the size of their deposit. Mike Pero is well equipped to work with borrowers who are utilising their KiwiSaver, so just tell your mortgage broker when you first reach out to them.
Want that little extra bit of help to get you across the line? Then you could consider a First Home Grant. If you’ve been contributing to KiwiSaver for three years and fit KiwiSaver’s criteria, you could be eligible for a First Home Grant of up to $10,000.
If you’re purchasing an existing home then you could qualify for up to $5,000 for each member. Also, if you’re building or purchasing a new home, or purchasing land to build a new home on, then you could qualify for $10,000 for each member.
To be eligible for a First Home Grant you must:
You must also make sure the house or land you want to buy meets the property requirements.
In the 12 months before you apply, you must have earned the following before tax
When buying your first home, every little bit helps – so make sure you understand how the KiwiSaver HomeStart grant, along with Mike Pero, can help put the keys to your dream first home firmly in your hands.
While saving a big enough deposit is the obvious way to get on the property ladder, there are additional initiatives designed to help. First Home Loans are issued by selected banks, underwritten by Kāinga Ora, and allow the bank to lend on a lower deposit without any restrictions. With a First Home Loan you only need 5% deposit, which for first home buyers can mean getting on the property ladder sooner.
There are certain criteria and requirements you need to qualify for a First Home Loan, so please read up on it before you apply. More information is available here
Mike Pero (New Zealand) Ltd Copyright © 2023 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.