Low Deposit Home Loans
Most NZ banks are restricted by the lending guidelines set by Government which limit how much banks can lend in the over 80% LVR space. This can result in banks coming in and out of the market when lending over 80% of the purchase price of a property.
But there are options available if you have not been able to save a 20% deposit.
Financing Futures knows which banks are "in the market" for over 80% lending. We have non-bank lenders available who are not restricted by the Government legislation around high value lending.
And we can explain other ways of funding the deposit - for example, with a gift from family or using your parents' property for additional security.
So talk to us today.
Buying your first home is exciting but it can also be daunting.
You will have questions - Is my bank the only option? Can I use my KiwiSaver funds? How much deposit do I need? Am I eligible for a grant? What do I need if I am building? And where do I find all this information?
At Financing Futures we can help answer your questions.
If you are a first home buyer and you have been a member of a KiwiSaver scheme for more than three years, you should be eligible to withdraw from your KiwiSaver. You can withdraw your contributions, the employer contributions, the tax credits and any earnings on your savings. You just need to leave a minimum of $1000 in your KiwiSaver fund. We can check to see if you meet the criteria.
You may also be eligible for a Homestart Grant. This can be between $3,000 to $5,000 each if you are buying an established home, or between $6,000 to $10,000 each if you are building or buying a newly built home. You must live in the house for at least six months after buying it. There are restrictions around your household income and the price of the property. As there are minimum savings criteria, you need to apply for the HomeStart Grant to be certain of the amount available to you. We can help with this.
If you are a previous home owner but deemed to be in a similar position to a first home buyer, you may still be eligible to withdraw funds from your KiwiSaver scheme and to apply for a HomeStart Grant. You will need to apply for approval for both so contact Financing Futures to find out if you would qualify.
Financing Futures are agents for Generate KiwiSaver. If you join now, you could be on your way to saving for your first home.
When you own a home there is always projects you want to do. Financing Futures can arrange to refinance or restructure your home loan to get the funds necessary for renovations or refurbishing your home. You may also be able to free up funds for other things such as a holiday, a wedding or to buy a new car.
And as an added bonus, many banks offer you cash contributions which will offset any legal fees when refinancing.
Talk to us about what you want to achieve and we can help you structure your finances correctly to ensure your future is a whole lot easier.
Call or contact us now.