Help for First Home Buyers
At Wellington Mortgage Brokers we have all the help, experience and expertise you need to get you into your first home. Whether you live in Wellington, Kapiti, New Zealand or overseas you can count on our help for first home buyers.
We can liaise with agents, solicitors, valuers, building inspectors and of course the banks to make it all stress free!
No question about the home buying process is a silly one and you can email [email protected] 7 days a week for a prompt response or to get a complimentary copy of our First Home Buyers Guide. Or you may wish to call us now.
Call Now 0800 000 518
95% Home Loans
There are varying forms, criteria and fees with a 5% deposit mortgage and it pays to talk to us. While one bank may say no, another bank or lender may say yes. We will save you time trying to shop around for a low deposit mortgage. Normally 5% deposit home loans are available on turn key house and land packages and, in some rare occasions, existing house purchases.
You may be able to buy a home with no deposit if you have a parent or family member willing to act as a guarantor. This is a great option and does require the guarantor to be fully aware of the implications. The guarantor may also have to complete an application form. We can help with this whole process.
There could be other options available with strong income and certain geographical areas including no deposit to $250,000 (conditions apply).
Welcome Home Loan
You could also be eligible for a Welcome Home Loan to help you with when you have a 10% deposit to purchase a home, more information on this is available here
Wondering how it all works or where to start? Here is a common way the process works.
Obtain a mortgage pre-approval with the help of Wellington Mortgage Brokers. Based on your needs we help work out your budget for the home purchase and work out the best bank/lender to work with initially.
With a pre-approval you can now go out and place offers on homes. Depending on your deposit situation, you may need to have a ‘Subject to Finance’ clause in the contract. You may also put in conditions relating to searching and approving the title (recommended), LIM report, builders report, engineers report, selling a house, valuation (can be part of finance clause) and any other specific clauses you need e.g. front door repaired before settlement. Remember to tailor the deposit on the contract to what you have readily available in cash to a maximum 10%. Legally you do not have to pay a deposit on the actual purchase contract.
The Real Estate Agent presents offer to the seller and there may be counter offers back and forth. Price and terms is then agreed.
The Agent sends signed contracts to the buyer and sellers lawyer and mortgage broker.
Buyer works to cover off the conditions (within specified days) in the contract with the help of other parties such as lawyer, mortgage broker, building inspector etc.
Once all the conditions are ticked off the buyer confirms the contract via their lawyer. Deposit is then paid to the agent. The Agent will eventually deduct their commission and pass on the balance to the seller.
The Mortgage Broker will confirm final loan structure with the buyer, haggle rates with the bank, arrange to lock in rates if need be for settlement day, arrange insurances if need be and advise bank of final details.
The Bank sends loan documents to the buyer’s lawyer. The Buyer visits its lawyer to arrange document signing etc.
Usually the day before settlement the buyer does a pre-settlement inspection (recommended) and checks everything is in order including checking chattels list.
Settlement day – The Bank sends money to the lawyer to effect settlement. The Bank takes the mortgage over the property. Once the money has been transferred, the client obtains the keys from the agent and moves in.
Here is a copy of the REAA-Sale–Purchase-Agreement-guide
Interested in finding out more about our help for first home buyers? Contact us today.