Is 2019 the year for your first home?
Could 2019 be the year to make your first home a reality? We’re already well through February and people are starting to get back into the routine of work and day-to-day grind of paying off holiday bills!
The start of January did see the Reserve Bank (RBNZ) slightly increase how many low-deposit loans banks are able to do, though the lending market is still complex and tricky to navigate. That’s where the help of an expert Wellington Mortgage Broker comes in!
Thankfully we still have options as low as 5% deposit and 10% deposit with Welcome Home Loans. Major banks can also pre-approve loans with less then 20% deposit but sometimes their available funds, or lack of, (due to RBNZ restrictions) limits the ability to approve until a live Sale & Purchase agreement is pending (i.e. an accepted offer on a property subject to finance etc).
Getting into your first home might be closer than you think. If you have secure jobs and income, a good deposit (aim 10% and it can all come from KiwiSaver), and minimal debts—it’s worth calling us to see how your situation stacks up. If it’s not viable now, we can give you priceless advice on how to prepare yourself for when the time is right.
Nothing in life comes easy these days, so to get into your first home, be prepared for providing lots of paperwork, the banks being pedantic on every last detail, the home not being in your ideal location and a bit of a commute being likely. The process requires hard work, patience, compromise and a bit of luck!
Wellington Mortgage Brokers can guide you every step of the way. Call or email us today.