Give us a call: (09) 486 4719
btn book free consultation

Blog

Email me when new posts are made to this blog

So you want to buy your first home?

July 27th, 2017.

Buying a home is a dream of many Kiwis. It always has been, and always will be – even if it is perceived that it is now more difficult than ever.

With the fact that this is a large step for anyone, there is no such thing as being too careful.
 

Where do I start?

When you are looking at purchasing a home, there are key components you should have to ensure you are prepared appropriately.

  1. A cash deposit. For the most part this is a 20% minimum deposit requirement. Some clients can have above 80% lending, but this is usually more expensive by way of bank fees or rate margins, and not everyone will be eligible for this. If this is your only way forward, it is definitely worth seeing if this is an option for you.
  2. A steady and reliable source of income. If you are salaried this is at least 3 months in a role (or a role without a probationary period), and for self-employed clients this is 2 years of financial statements.
  3. Further cash available for unexpected costs that arise.

For the most part, number 1 and 2 will assist you in getting bank approval, assuming everything else is on track (e.g. clean account history, and stability in employment/living situation – all of which then will relate to what is referred to as ‘Character’ by a bank). Number 3 will assist in ensuring you have prepared for the worst, and is a means of caution amongst unchartered territory known as your first mortgage.
 

How does our government help?

Changes in mid-late 2016 to the Kiwisaver HomeStart Scheme meant that it was made easier to attain an owner occupied property, these are split by property type, region, and income threshold.

  • Type:
    • If the property is existing, the scheme offers up to $10k
    • If it is a new-build, the scheme offers up to $20k.
  • Region:
    • Price caps in Auckland have increased to $600k for existing homes and $650k for new homes.
    • In Wellington, Christchurch, Hamilton, Tauranga, Queenstown and Nelson-Tasman, this has gone to $500k and $550k for existing and new respectively.
    • The rest of the country would be $400k and $450k for existing and new respectively.
  • Income:
    • The income thresholds have increased to $85k for a single applicant and $130k for a couple.

While in the Auckland market historically the difficulty has been meeting the deposit requirement whilst saving and chasing house prices, it is evident that the combination of the above additional grants and also the fact that it seems the Auckland market has levelled off temporarily, that this dream could become a reality for more Kiwis.

 

How can we help?

The next step is assessing borrowing capacity, by way of applying for loan approval. Once you have crossed this step, you are then in a position to start hunting for your first home!

Being a first-home buyer can be stressful and confusing, but we can definitely assist in making the process simpler, that way you can spend your time on things more worthwhile, like finding the perfect home!

Click here to download our FREE ebook giving more detailed advice for First Home Buyers.
 

If you’d like help from an expert at Kris Pedersen Mortgages, get in touch.
 

23 Comments

kims says ...
I am glad to see the things you shared Heeve Point is best.
Holland says ...
I am glad to read it.
Www Office Com Setup says ...
Www.Office.Com/Setup, Office.Com/Setup - If you use a Microsoft Office service like Outlook, OneDrive, Xbox Live, or Skype, you already have an account. Sign in Create a new account Already entered a product key Www.Office.Com/Myaccount and looking for your software.



Www.Office.Com/ Setup
Www Office Com Setup says ...
Www.Office.Com/Setup, Office.Com/Setup - Microsoft Office setup comes with simple installation and setup processes, which you can complete just. Office setup can easy download and redeem from official site Www.Office.Com/ Setup.



Office.Com/ Setup
Www Office Com Setup says ...
Www.Office.Com/Setup, Office.Com/Setup - If you're facing any Microsoft office related issues with MS office Installation, Download and Activation office 365 or another office products, you can call us our tollfree number anytime 24/7.


Www.Office.Com/ Setup
Office.Com/Setup says ...
Www.Office.Com/Myaccount, Office.Com/Myaccount - Activate MS office visit office.com/setup and verify product key or Get Tech support for office download,install and online activation. If you don't have office subscription don't worry, sign in and download and follow below steps for setup. If you are stuck call for Office Support Number.

Www.Office.Com/Setup
Www Webroot com safe says ...
Www.Webroot.com/safe, Webroot.com/safe - Another Webroot antivirus app whose pro version got a protection rate, the version of Webroot will keep you safe from almost every piece of malware in circulation. Anti-phishing and anti-fraud features help keep you even better protected.


Webroot.com/geeksquad
www roku com link says ...
www.roku.com/link, roku.com/link - Roku is that the largest streaming player. With access to lots of movies (flicks) and TV episodes on your own demand. This device is a rare selection for free, subscription as well as rental channels.


www roku com link
Hulu Activation says ...
www.hulu.com/activate, hulu.com/activate - Hulu Streaming TV, the simplest Streaming Device to observe your favorite TV shows. it's arrived with the wonderful and Interesting Features. the best part is that the Device is affordable and simple to use and has the outstanding apps.
xfinity com authorize says ...
www.xfinity.com/authorize, xfinity.com/authorize - Get the best out of Xfinity from Comcast by log in to your account. Enjoy and manage TV, high-speed internet, phone, and residential security services that work seamlessly together — anytime, anywhere, on any device.
www.mcafee.com/retailcard says ...
www.mcafee.com/activate, mcafee.com/activate - We made McAfee Activation so easy that you may visit mcafee.com/retailcard and redeem your Retail card to Activate McAfee by McAfee Activate Website.

www.mcafee.com/mis/retailcard
Microsoft Office Setup says ...
Www.Office.Com/Myaccount, Office.Com/Myaccount - Microsoft Office Account makes collaboration straightforward. Open and edit Word, Excel, and PowerPoint files with anyone, anywhere, without charge after you register to your office account.

Microsoft Office Setup says ...
Www.Office.Com/Myaccount, Office.Com/Myaccount - Microsoft Office Account makes collaboration straightforward. Open and edit Word, Excel, and PowerPoint files with anyone, anywhere, without charge after you register to your office account.

Www Office Com Setup says ...
Www.Office.Com/Setup, Office.Com/Setup - If you facing issues related Windows, MS Office or the other Microsoft office software or service? you'll be able to receive facilitate from Microsoft Office. You can call office tollfree number 24*7 anytime.
Www Office Com Setup says ...
Www.Office.Com/Setup, Office.Com/Setup - If you facing issues related Windows, MS Office or the other Microsoft office software or service? you'll be able to receive facilitate from Microsoft Office. You can call office tollfree number 24*7 anytime.
Avast Customer Care Number says ...
Avast Customer Care Phone Number, Avast Customer Care Tollfree Number - Avast antivirus TuneUp is your one-screen suite that makes your PC run faster, smoother, and longer: just how you like it, Avast Customer Support Number.
Avg Customer Care Phone Number says ...
AVG Customer Support Number, Avg Customer Care Tollfree Number - If you face any problem while installing the Avg Antivirus software on your new computer, just dial AVG Support Number and seek help.
Avg Customer Care Phone Number says ...
AVG Customer Support Number, Avg Customer Care Tollfree Number - If you face any problem while installing the Avg Antivirus software on your new computer, just dial AVG Support Number and seek help.
Norton Customer Care Support Number says ...
Norton Customer Support Number, Norton Customer Care Tollfree Phone Number - Norton Antivirus Customer Support Number Norton antivirus software is a family of internet security developed by Norton for Windows, MacOS, iOS, and Android.
Ricoh Customer Care Phone Number says ...
Ricoh Printer Support Phone Number, Ricoh Customer Care Tollfree Number - Ricoh Printer Support Phone Number variety Toll Free Helpline Complaint Email Id. Ricoh is that the company that manufactures and sell Printer for office and home uses.
Ricoh Customer Care Phone Number says ...
Ricoh Printer Support Phone Number, Ricoh Customer Care Tollfree Number - Ricoh Printer Support Phone Number variety Toll Free Helpline Complaint Email Id. Ricoh is that the company that manufactures and sell Printer for office and home uses.
Jeena says ...
This is an amazing type of post.
<a href="http://www.jasonroy.com/">Health time</a>
Jeena says ...
This is an amazing type of post.

Health Fidget

GET IN TOUCH FOR FREE, NO-OBLIGATION ADVICE ON YOUR NEXT INVESTMENT

“ *As a rule, we advise that you contact us as early as possibly to secure the most suitable time for your consultation.
Product Query

First Name*
Email*
Phone
 

CONTACT US

Kris Pedersen Mortgages Limited

+64 9 486 4719
info@krispedersen.co.nz
Skype: Kris_Pedersen    
Takapuna Office
 
388 Lake Road
Takapuna
Auckland 0622
Newmarket Office
 
Level 6
135 Broadway
Newmarket
Auckland 1023
Postal Address
 
PO Box 33650
Takapuna
Auckland 0740