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low deposit mortgage options

First home buyers have a handful of low deposit mortgage options to help them get into a house.

Help from your folks for low deposit mortgage options — a gift

If you’ve got people who can help in this way then lucky you! The gift doesn’t have to be for a full 20% but could be the difference after any cash you bring to the table from Kiwisaver, your own savings or whatever you can get for a kidney.

low deposit mortgage optionsHelp from your folks — a guarantor for low deposit mortgage options

This is a useful low deposit mortgage option in the Auckland market simply because house prices are where they are and most people can’t click their fingers and magic up 20% of $500,000. It could be say 5% cash from you plus a guarantee equal to 15%. This option involves someone (usually mum and dad) letting you use the equity in their house to make up the deposit for your house. Its not just for Aucklanders though, works well anywhere! Talk to us today about low deposit mortgage options!

The beauty of this low deposit mortgage option is that you don’t necessarily need a huge cash deposit to get into a property. In fact you may not need any cash at all. Plus the LVR restrictions won’t apply to you and you can get the best interest rates going.

Learn more about low deposit mortgage options in this specific post including the risks you’ll face.

Building a new house is an optionFramework of New Home

Do you fancy building a brand new house as your first house? Getting into a new subdivision with a house and land package? Hell, why not! Basically you need a 10% deposit and a fixed price building contract.

Read more here

Buying with friendsbuy a first house with friends

The idea of friends pooling resources is hardly a new one but in this environment where the banks require 20% from you it could be the way forward. Maybe you’ve got 3 other mates who have all saved 5% (or at least enough between you to get to 20%). A low deposit option with a twist!

Do you think you and your mates could work through some basic questions like

  • What happens if one of us wants to sell?
  • What happens if one of us can’t pay their share of the mortgage?

How many people do you know who want to get into a place but don;t have enough deposit on their own? You’re probably flatting with them already…

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Welcome Home Loans

Welcome Home Loans are targeted at those with modest incomes so this could be the low deposit option for you. There are income limits to think about  – $80,000 as a single person and $120,000 as a couple or if buying as a group. Ask us about what low deposit mortgage options are best for you!

Welcome Home Loans are also aimed at people buying lower priced property so there are house price caps to think about too. The highest cap is in Auckland at $485,000 and you can check out the limits for your local town at the Housing NZ website.

Now it almost doesn’t matter where your 10% deposit comes from — so long as you haven’t borrowed it. It can be your from own savings, a gift or from Kiwisaver.

There are some specific lending criteria to think about too including minimum debt levels, length of employment and your current asset position. The type of property you want to buy is also important. Yep, there’s a few hurdles to get over so we’d recommend you call us to see if it’ll work for you.

low deposit mortgage options

You’re our speciality and we know you well.

Throughout this journey you’ll have questions. Heaps of them. That’s all good because there aren’t many questions we haven’t heard before.

We’ve built our business around first home buyers!