First Home Loan.

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You may know that to purchase a home you need a 20% deposit. However, talk to us about a first home loan because you only need a 5% deposit which means getting into your first home might be easier than you think.

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You can apply through us for our first home loan underwritten by Kāinga Ora.

If you are interested in a First Home Loan, call us on 0800 259 110.

 

Check if you meet the Kāinga Ora criteria:

Firstly, you need to know there is an “income cap” and a regional “house price cap”. You will also need to meet the criteria of the lender you chose.

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Income cap - You can have a maximum yearly income of up to $95,000 (before tax) for 1 person. Or a combined maximum yearly income of $150,000 (before tax) for 2 or more people.

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Minimum deposit - You will need a minimum deposit of 5% of the purchase price of the house you are wishing to buy.

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House price cap - The price of the house you are buying with a First Home Loan must be less than the regional house price cap, it cannot be more than the house cap price.

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First home buyer - Or a previous homeowner, in a similar financial position to a typical first home buyer.

 

Additional criteria:

• You must live in the home you are buying for a minimum of 6 months after purchase. A First Home Loan cannot be used to buy an investment or rental property.

• You cannot own any other property.

• You must be a New Zealand citizen or a permanent New Zealand, resident.

 

To re-cap, the maximum amount you can borrow with a First Home Loan depends on the region you are buying in. Each region has a house price cap.

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Find the latest price caps on Kāinga Ora.

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For more information contact us on 0800 259 110 or click here for more information on Home Loans.

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