Many Kiwis out there think the dream of owning their own home is dead. However, many banks are accepting First Home Loan deposits as low as 5% on new builds* (title is issued and home has been built within 6 months of completion)
To be eligible you must be a New Zealand Citizen, permanent resident or a resident visa holder, be a first home buyer and you intend to live in the house you buy. There are also income caps in order.
The income caps are
· $95,000 before tax (if you’re the sole borrower without dependants),
· $150,000 before tax (if you’re the sole borrower with dependants),
· a combined $150,000 before tax (if you’re buying a house with other people)
The First Home Loan is designed to help kiwis get on the property ladder. This could be a great option if you can afford mortgage repayments but don’t have enough money for the standard 20% deposit. Keep in mind some or all of your deposit can be gifted by a family member.