We hope you’re excited to start your home journey. For first home buyers in NZ, it can be hard to know where to start. We know it can be daunting, with unknown terms and processes to work through, but buying your first home is also one of life’s significant milestones, with plenty of fun steps throughout the journey – culminating in your housewarming party!
With the Total team working for you, you can rest assured you’re in expert hands. We’ve helped thousands with their first home loans in NZ, and making the process easier and more straightforward is our M.O.
What can our team do for you?
- Determine your borrowing limit.
- Recommend suburbs that match your price range.
- Compare over 20 banks and lenders to get you the best mortgage deal.
- Our state-of-the-art software enables you to instantly complete an application from your own device and is accepted by all lenders.
- Assist with property reports, inspections and valuations, as well as bidding at auctions.
- We keep it simple, explaining everything in layman's terms.
Your First Home Loan: What You Need to Know
If you’re buying your first home in NZ, the first point to know is that banks won’t lend the full amount for a house, so you need to come to the table with a deposit. The size and make-up of this deposit is where everyone’s situation is different, and we’ll work with you to advise the best course of action.
While you may have heard that 20% is the ideal deposit, there are options for those that don’t meet this savings threshold to either reach it or get a bit closer.
KiwiSaver
If you’re a first-home buyer you can withdraw your KiwiSaver funds to use as a deposit toward your new home. You must leave $1,000 in your account and meet these other conditions:
- have been in a KiwiSaver scheme for at least three years,
- be planning to live in the house for at least six months, and
- be buying your first home
First Home Grant
The First Home Grant provides eligible first-home buyers with:
- Up to $5,000 for each individual to put towards the purchase of an existing/older home.
- Up to $10,000 per individual if you're purchasing a brand new home
Income eligibility includes a minimum annual income of:
- $95,000 or less (before tax) for a sole buyer.
- $150,000 combined for two or more buyers.
Plus, there is a price cap specific to each region of New Zealand.
First Home Loan
If finding a 20% deposit seems out of reach, the Government (under Kāinga Ora) offers First Home Loan, a first home buyers grant in NZ which only requires a 5% deposit. These loans are issued by selected banks and other lenders and underwritten by Kāinga Ora and have certain criteria, including an income and regional house price cap.
You can check the criteria here, and similar to the requirements of the First Home Grant, you must:
- Live in the home you're buying.
- Be an NZ Citizen or Permanent Resident.
Guarantees
These are often made by your parent(s) or other close family members as guarantors to guarantee the portion of a 20% deposit you don’t have saved.
The amount they guarantee is secured over their property or a term deposit, so they are using the equity in their own home rather than providing a cash payout to make up the 20% deposit.
One important point: your parents need to be in a stable financial position and working with a regular income, so if they are enjoying retirement, they may not be eligible.
We can talk through all the ins and outs of guaranteeing a loan with you and your parents so everyone knows how it works and any potential risks.
Saving for Your First Home Loan: 10% Deposits
While the market is tougher if you only have a 10% deposit, there are still banks that will lend. It will likely just mean the criteria you need to meet are a bit more lengthy. Lenders will generally require you to have a higher monthly surplus in funds to ensure you can service the loan and be stricter on income from any boarders or flatmates.
Don’t worry, we can help work through this with you with our loan servicing calculator.
Ready to get started?
It’s time to get in touch with us! We’ll work with you to find out how much you can afford to spend on your new home, so you can start hitting those open home viewings.
Plus, we can answer any of those burning questions you might have, whether it’s the time involved in applying, tenders and sale and purchase agreements, when and how to pay a deposit and what fixed and floating interest rates are.
Here at Total Mortgages, we know all the ins and outs when it comes to first home grants, low deposit home loans, and high lvr home mortgages. To find out more, book a call today.
FAQs
We understand that every successful property investor begins their journey with the right investment loan. We're here to guide you through this process as your trusted investment mortgage broker in New Zealand.
Investment loans open up a world of possibilities for savvy investors. Here are some of the key benefits:
Cash Flow: An investment property can generate rental income, which can help cover the mortgage payments.
Appreciation: Over time, your property may increase in value, boosting your net worth.
Tax Benefits: Interest on an investment loan is generally tax-deductible, which can reduce your overall tax bill.
Savings: You will enjoy the best investment property mortgage rates courtesy of our brokers.
Savings: You will enjoy the best investment property mortgage rates courtesy of our brokers.
As a leading property investment mortgage broker, we offer a wide variety of loan options to choose from. We understand that each investor has unique needs and goals. That's why we tailor our services to meet your specific requirements, whether you're a first-time investor or an experienced portfolio builder.
One of the key factors in choosing a loan is the investment mortgage rates. We strive to offer some of the most competitive rates in the industry. With our extensive network of lenders, we can find a mortgage for investment property that suits your budget and investment goals.
Navigating the world of investment property financing can be complex, but with Total Mortgages, it doesn't have to be. Our team of experts is here to simplify the process and help you make informed decisions. We're committed to providing clear, concise advice and support every step of the way.
Investing in property is an exciting journey, and with the right investment mortgage broker by your side, success is within reach.
Start building your wealth with Total Mortgages. Call us at 0800 777 337 or book in a call to speak to one of our mortgage brokers. Let's unlock your loan potential today.
FAQs
Navigating the world of mortgages can be overwhelming, but with Total Mortgages, a leading non-bank mortgage broker in NZ, it doesn't have to be.
We provide personalised, comprehensive services that make the process of securing a mortgage easy and stress-free. Been declined by the banks or have a poor credit score? We can help you with mortgage advice for declined applicants.
With a wide range of second-tier mortgage lenders and mortgage alternatives in NZ, here's why choosing us as your mortgage advisor is a smart move.
As a non-bank mortgage broker, we have access to a wide range of non-traditional home loans and mortgage alternatives in NZ. This allows us to offer you more options than traditional banks.
Whether you're a first-time homebuyer, looking to refinance, or investing in property, we can connect you with the best non-bank mortgage lenders in NZ to meet your unique needs. We work with a wide network of legal non-bank lenders who can provide non-regulated mortgage options. Ask us how today.
Every client's situation is unique, and so their mortgage solutions should be, too. As a non-bank mortgage advisor, we work closely with you to understand your financial situation and goals. Based on this, we tailor a mortgage solution that fits your circumstances perfectly.
Benefits of our tailored solutions include:
Unlike traditional banks, we aren't tied to any specific lender. This means we can provide unbiased, honest advice about the best non-bank mortgage lenders in NZ. Our primary goal is to ensure you secure a mortgage that aligns with your financial objectives.
Non-bank lenders often have less stringent criteria than traditional banks, making it easier for people with unique circumstances to get approved. Whether you're self-employed, have a low credit score, or are buying an unconventional property, we can help you navigate the approval process with ease.
At Total Mortgages, we believe in building strong relationships with our clients. We pride ourselves on offering personalised service, always being available to answer your questions, and guiding you every step of the way through the mortgage process.
Here's why we stand out:
We have a wide network of non-bank mortgage lenders in NZ.
Our team of experts provide unbiased advice, helping you choose the best lender for your needs.
We offer tailored mortgage solutions, keeping your financial goals at the forefront.
Our easy approval process ensures a seamless experience.
Choosing Total Mortgages gives you access to a wider range of mortgage options, personalised service, and unbiased advice. We're committed to helping you secure the best mortgage deal that matches your unique circumstances and financial goals.
Let us guide you through the process of securing your dream home. Book a call with us today.
FAQs
Navigating the world of mortgages can be overwhelming, but with Total Mortgages, a leading non-bank mortgage broker in NZ, it doesn't have to be.
We provide personalised, comprehensive services that make the process of securing a mortgage easy and stress-free. Been declined by the banks or have a poor credit score? We can help you with mortgage advice for declined applicants.
With a wide range of second-tier mortgage lenders and mortgage alternatives in NZ, here's why choosing us as your mortgage advisor is a smart move.
As a non-bank mortgage broker, we have access to a wide range of non-traditional home loans and mortgage alternatives in NZ. This allows us to offer you more options than traditional banks.
Whether you're a first-time homebuyer, looking to refinance, or investing in property, we can connect you with the best non-bank mortgage lenders in NZ to meet your unique needs. We work with a wide network of legal non-bank lenders who can provide non-regulated mortgage options. Ask us how today.
Every client's situation is unique, and so their mortgage solutions should be, too. As a non-bank mortgage advisor, we work closely with you to understand your financial situation and goals. Based on this, we tailor a mortgage solution that fits your circumstances perfectly.
Benefits of our tailored solutions include:
Unlike traditional banks, we aren't tied to any specific lender. This means we can provide unbiased, honest advice about the best non-bank mortgage lenders in NZ. Our primary goal is to ensure you secure a mortgage that aligns with your financial objectives.
Non-bank lenders often have less stringent criteria than traditional banks, making it easier for people with unique circumstances to get approved. Whether you're self-employed, have a low credit score, or are buying an unconventional property, we can help you navigate the approval process with ease.
At Total Mortgages, we believe in building strong relationships with our clients. We pride ourselves on offering personalised service, always being available to answer your questions, and guiding you every step of the way through the mortgage process.
Here's why we stand out:
We have a wide network of non-bank mortgage lenders in NZ.
Our team of experts provide unbiased advice, helping you choose the best lender for your needs.
We offer tailored mortgage solutions, keeping your financial goals at the forefront.
Our easy approval process ensures a seamless experience.
Choosing Total Mortgages gives you access to a wider range of mortgage options, personalised service, and unbiased advice. We're committed to helping you secure the best mortgage deal that matches your unique circumstances and financial goals.
Let us guide you through the process of securing your dream home. Book a call with us today.
FAQs
Navigating the world of mortgages can be overwhelming, but with Total Mortgages, a leading non-bank mortgage broker in NZ, it doesn't have to be.
We provide personalised, comprehensive services that make the process of securing a mortgage easy and stress-free. Been declined by the banks or have a poor credit score? We can help you with mortgage advice for declined applicants.
With a wide range of second-tier mortgage lenders and mortgage alternatives in NZ, here's why choosing us as your mortgage advisor is a smart move.
As a non-bank mortgage broker, we have access to a wide range of non-traditional home loans and mortgage alternatives in NZ. This allows us to offer you more options than traditional banks.
Whether you're a first-time homebuyer, looking to refinance, or investing in property, we can connect you with the best non-bank mortgage lenders in NZ to meet your unique needs. We work with a wide network of legal non-bank lenders who can provide non-regulated mortgage options. Ask us how today.
Every client's situation is unique, and so their mortgage solutions should be, too. As a non-bank mortgage advisor, we work closely with you to understand your financial situation and goals. Based on this, we tailor a mortgage solution that fits your circumstances perfectly.
Benefits of our tailored solutions include:
Unlike traditional banks, we aren't tied to any specific lender. This means we can provide unbiased, honest advice about the best non-bank mortgage lenders in NZ. Our primary goal is to ensure you secure a mortgage that aligns with your financial objectives.
Non-bank lenders often have less stringent criteria than traditional banks, making it easier for people with unique circumstances to get approved. Whether you're self-employed, have a low credit score, or are buying an unconventional property, we can help you navigate the approval process with ease.
At Total Mortgages, we believe in building strong relationships with our clients. We pride ourselves on offering personalised service, always being available to answer your questions, and guiding you every step of the way through the mortgage process.
Here's why we stand out:
We have a wide network of non-bank mortgage lenders in NZ.
Our team of experts provide unbiased advice, helping you choose the best lender for your needs.
We offer tailored mortgage solutions, keeping your financial goals at the forefront.
Our easy approval process ensures a seamless experience.
Choosing Total Mortgages gives you access to a wider range of mortgage options, personalised service, and unbiased advice. We're committed to helping you secure the best mortgage deal that matches your unique circumstances and financial goals.
Let us guide you through the process of securing your dream home. Book a call with us today.
FAQs
Navigating the world of mortgages can be overwhelming, but with Total Mortgages, a leading non-bank mortgage broker in NZ, it doesn't have to be.
We provide personalised, comprehensive services that make the process of securing a mortgage easy and stress-free. Been declined by the banks or have a poor credit score? We can help you with mortgage advice for declined applicants.
With a wide range of second-tier mortgage lenders and mortgage alternatives in NZ, here's why choosing us as your mortgage advisor is a smart move.
As a non-bank mortgage broker, we have access to a wide range of non-traditional home loans and mortgage alternatives in NZ. This allows us to offer you more options than traditional banks.
Whether you're a first-time homebuyer, looking to refinance, or investing in property, we can connect you with the best non-bank mortgage lenders in NZ to meet your unique needs. We work with a wide network of legal non-bank lenders who can provide non-regulated mortgage options. Ask us how today.
Every client's situation is unique, and so their mortgage solutions should be, too. As a non-bank mortgage advisor, we work closely with you to understand your financial situation and goals. Based on this, we tailor a mortgage solution that fits your circumstances perfectly.
Benefits of our tailored solutions include:
Unlike traditional banks, we aren't tied to any specific lender. This means we can provide unbiased, honest advice about the best non-bank mortgage lenders in NZ. Our primary goal is to ensure you secure a mortgage that aligns with your financial objectives.
Non-bank lenders often have less stringent criteria than traditional banks, making it easier for people with unique circumstances to get approved. Whether you're self-employed, have a low credit score, or are buying an unconventional property, we can help you navigate the approval process with ease.
At Total Mortgages, we believe in building strong relationships with our clients. We pride ourselves on offering personalised service, always being available to answer your questions, and guiding you every step of the way through the mortgage process.
Here's why we stand out:
We have a wide network of non-bank mortgage lenders in NZ.
Our team of experts provide unbiased advice, helping you choose the best lender for your needs.
We offer tailored mortgage solutions, keeping your financial goals at the forefront.
Our easy approval process ensures a seamless experience.
Choosing Total Mortgages gives you access to a wider range of mortgage options, personalised service, and unbiased advice. We're committed to helping you secure the best mortgage deal that matches your unique circumstances and financial goals.
Let us guide you through the process of securing your dream home. Book a call with us today.
Tools & calculators
Use our state-of-the-art NZ mortgage calculators to see how much you could borrow and what your repayments might be, and plan out your regular expenses and budget.
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