Help for first home buyers
Let’s get your mortgage pre-approved
Boost your savings
Generally you’ll need a 20% home deposit, and for most first home buyers this comes from their savings, KiwiSaver and perhaps with a top-up from family. Get in touch with Lauren or use an online mortgage calculator to get an idea of how much you can afford to borrow and what your mortgage repayments are likely to be. Getting in the habit of saving the difference between your rent and potential mortgage payments will give your lender confidence that you can meet future mortgage repayments.
Your future lender will take into account any debt you have when deciding whether to approve a home loan. Pay off as much debt as possible, including any credit cards, and avoid hire purchases and pay-later options whenever possible. Even if you have an overdraft, don’t use it and make sure not to go into unauthorised overdraft.
Review your spending
Your lender will want to see three months of bank account statements. They’ll be checking for missed payments, so make sure your direct debits and automatic payments go through. Reduce your discretionary spending to maximise your account balance and demonstrate that you will be able to afford the costs of home ownership.
First home buyers can boost their deposit by using KiwiSaver. You’re able to withdraw any contributions that you and your employers have made, but not Government contributions. Note that you must have been a KiwiSaver member for at least three years and plan to live in the house for at least six months to qualify. KiwiSaver members may also be eligible for a first home grant of up to $5000, or $10,000 for a couple who both qualify.
Lauren has access to a wide range of mortgage products from more than 20 lenders and will work hard to find the best option for you.
Look at the big picture
Your lifetime financial health is important so Lauren takes both your short and long term goals into account. Whether it’s automating savings and debt repayments or making your debt work for you, trust Lauren to give you expert advice and easy-to-follow strategies.
Find the right lender
Bank policies are constantly changing and each bank has different rules and guidelines depending on what you’re trying to do. Lauren speaks ‘bank’ and understands their points of difference, so she can match you to the lender that suits you and your goals best.
Help you manage debt
While most people have a set and forget attitude to their mortgage, with the right strategy you can save thousands of dollars over the life of your loan. Whether you want to pay off your loan faster or leverage yourself into the next property, Lauren can show you how to achieve your goal.
Provide ongoing support
As your life and priorities change, Lauren can help you adjust your financial plan to suit. She’ll find out what you want to achieve and come up with a strategy to help you reach your goal. This gives Lauren’s clients the confidence to make better informed decisions.