- Personal savings.
- Family member equity loans.
- KiwiSaver withdraw and First home grant.
How much I can borrow?
- For an owner occupied property, bank and non-bank lenders will generally lend 80%, and for an investment property lenders will lend 70% of the value of the asset being offered as security.
- The factors of your borrowing capacity into consideration:
- Income and spending.
- Have outstanding credit history.
- Have outstanding account conduct.
- Steady employment history and income.
- Build your future income by receiving rental income from investing in a property.
- Make profit from growth in property value and get better returns than stocks in long run.
- 100% loan to purchase investment property.
- Equity gain or cash deposit.
Can I get my loan approved before I start looking for properties?
Yes, Pre-approval is a good idea. We can arrange pre-approval for up to 3 months. This will give you confidence when looking for a home with a maximum price that will fit your situation.
How much credit limit should I have on my credit cards?
Ensure credit card limits are at the minimum limit required. Even though you may not use your credit card, the limit is likely to be used by lenders for debt servicing assessment purposes.
Why should I have a House Insurance?
You will need to arrange house insurance prior to your settlement day. Having house insurance is a condition of your home loan. It covers you in case something happens to your house such as a fire. It's also a good idea to have contents insurance, to protect your belongings.
Should I have a solicitor?
There are a number of legal matters associated with purchasing a home, so it's important to involve your solicitor before you make an offer or bid at an auction.
Should I refinance my mortgage?
What are the costs involved in refinancing my mortgage?
- Early repayment cost.
- Discharge fee.
- Legal cost.
- Valuation cost.