Buying bare land to build on is a fantastic goal, but it's a very different financial journey than buying an existing house.
The deposit rules are stricter, the loan types are different, and the process is far more complex. In this article, I'll walk you through
the essentials so you can start your building journey with confidence.
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When it comes to getting a mortgage - the default option is to walk straight into your main bank. It feels safe, familiar, and easy.
But the most important question is: are you actually getting the best deal, or just the most convenient one?
For the past few years, anyone trying to buy their first home could be forgiven for feeling hopeless. We've seen a frantic seller's market,
sky-high prices, and then a rapid spike in interest rates that crushed affordability.
But the market has shifted.
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After a period of rising costs, seeing interest rates begin to fall is a welcome relief for homeowners across New Zealand. While it’s
tempting to simply enjoy the extra cash in your account, this moment presents a powerful strategic opportunity to either improve your cash
flow or significantly accelerate your journey to being mortgage-free.
But what's the right move for you? It generally comes down to two common scenarios.