Mortgage Broker for First Home Buyers

The journey to becoming a homeowner can be overwhelming. That’s where OneStop Financial Solutions comes in. As expert mortgage brokers, we’re here to help you get into your first home with ease.

first home buyers nz

Why Use a Mortgage Broker for Your First Home Loan?

As a first-time home buyer, you might wonder why you should use a mortgage broker. Here’s why:

  1. Access to a Wide Range of Lenders: We work with a panel of lenders, giving you more options than going directly to a bank.
    2. Expert Advice: Our mortgage advisers understand the complexities of home loans and can guide you through the process.
    3. Save Time and Stress: We do the legwork, comparing different loan options to find the best deal for you.
    4. Maximise Your Chances: We know what lenders are looking for and can help strengthen your application.

Buying your first home is an exciting time, but it can also be stressful. Our comprehensive first home buyers guide covers everything you need to know about the process of buying a house, including:

– Understanding your borrowing capacity
– Saving for a deposit
– Applying for a home loan
– Using KiwiSaver for your first home
– Navigating the real estate market

How We Help First Home Buyers in New Zealand

As a first home buyer you can withdraw KiwiSaver contributions made by you and your employer to use as a deposit towards your new home. You must leave $1,000 in your KiwiSaver but you can effectively use everything else. You can only do this if you’ve been contributing to KiwiSaver for more than three years.

KAINGA ORA (GOVERNMENT) FIRST HOME LOAN & GRANT

First Home Grant

This is free money towards your house deposit. This benefit is subject to income and house price caps (dependant on location). The income cap is $95k for a single person and $150k combined income for a joint application. To see the house price caps for your area visit the government’s site.

First Home Loan

This helps you obtain lending with just a 5% deposit. It is very important to note however, that the lending is still done through banks and is subject to their usual lending criteria, meaning that just having the 5% deposit isn’t always enough. If you are looking at taking advantage of this, using a mortgage broker is so important. Only a select few banks offer this and choosing the right one the first time makes all the difference.

HOW DO I USE MY KIWISAVER AS FIRST HOME BUYER?

As soon as you purchase a house you’ll need to apply to withdraw your KiwiSaver funds. The funds are transferred directly to your solicitor for settlement.

It is important to note that you cannot use your KiwiSaver funds for the initial deposit (usually 10% payable upon going unconditional) due to KiwiSaver funds only being released upon settlement. Therefore, you’ll need to make other arrangements for this amount such as a deposit bond, which we can help you with.

Get our advice for free

Great advice usually has a cost, but our expertise is free to first home buyers because the bank pays us! Banks pay us a commission because we are essentially doing all of the hard work for them. Most importantly we are strictly ‘unaligned’ which means we are not obligated to do business with one particular bank over any other, which means you’re always getting the best options and advice based on which bank is best for you.

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