10 Pointers To Help With Buying Your First Home
Multiple economic factors indicate that now is the time for first-home buyers to strike.
The housing market is cooling, unemployment is sitting at about four percent, and interest rates are at historically low levels.
Property prices in certain parts of Auckland have fallen by more than 25 percent compared to the same time last year.
Despite this, everyone knows about the challenges first-home buyers face when they’re trying to get a foot on the property ladder.
But what many people don’t know about is the various ways in which first-home buyers can help themselves or get a little help from others to make their dream of homeownership a reality.
Make the most of the help out there for you to buy your first home.
There are several helping hands out there for first home buyers to help them get a leg up when trying to buy their first home. Here are 10 tips for making the most of the help available to first home buyers.
Accessing KiwiSaver for a deposit
This provides a financial boost for people looking to buy their first home. Those who have been with KiwiSaver for at least three years may be able to access some of the account’s savings to put towards the deposit as long as they leave $1000 in it.
These are accessible to people who have contributed to a KiwiSaver scheme for at least three years and earn $85,000 or less for a single buyer, or $130,000 or less for two or more buyers. Individual buyers can get up to $10,000 and a couple up to $20,000 for a new home or an “off-plan” property.
Welcome Home loan
Certain banks and other lending institutions are underwritten by Housing New Zealand as a Welcome Home Loan, which allows them to provide the loan with a 10 percent deposit, instead of the more common 20 per cent.
The Government’s house-delivery programme, KiwiBuild, is working with property developers to greenlight projects with a focus on providing housing exclusively to first-home buyers and “second-chancers”.
Support from family
It can be tricky to be gifted or loaned money by relatives to help buy a house, but generous family members can sometimes make a stressful situation such as this a little bit easier. Make sure to have any loan details spelled out in a written contract and talk to a lawyer first before entering into an agreement.
This is often overlooked but can make a massive difference. Create a household budget with a goal in mind and stick to it. Know how much you’re spending and avoid wasting money. www.Sorted.org.nz is an amazing resource for creating a plan to save your deposit and work out what your mortgage will cost.
Get good advice
Ask homeowners you know about who they talked to before buying. Have they got a great accountant or mortgage broker who could help you as well? When it comes to something as important as buying your first home, good advice is priceless.
Find a good lawyer
Make the effort to find a lawyer who supports first-home buyers and knows all the ins and outs of the process, especially when buying off the plans. Check out the lawyers who offer first home buyer Member Offers here.
This will allow first-home buyers to move as soon as they’ve found a property they’re keen on and a better chance of getting their offer accepted.
Here at The First Home Buyer’s Club we can help you with a pre-approval, simply join the club here
Looking For Your First Home, Check Out Solution Street’s Latest Development
2 Bedroom Homes at 74-78 Opaheke Road, Papakura
If you’re looking for high-quality, affordable housing in south Auckland, look no further than Solution Street’s newest development in the up and coming suburb of Papakura.
The brand new, freehold homes at 74-78 Opaheke Road are listed for sale at prices starting at just $529,000.
Each of these 23 properties comes with a 10-year builder’s guarantee, Fisher and Paykel appliances, double-glazed windows, and are fitted out with blinds, and security and smoke alarms.
They have their own fenced outdoor area with decking, landscaping, and an allocated on-site car park, with additional on-street parking available.
For more information contact Jacquie Gray on 027 482 2225 or [email protected]
May 27, 2019 Blog