30/09/2019
Great news in the Mortgage World! 95% Loans are now considered under the 'Welcome Home Loan' although now renamed as the 'First Home Loan' underwritten by Housing NZ.
With these, you can qualify for the 'Special Interest Rates' e.g 3.49% Fixed for 2 Years!!
Say what!!??
That's right you only need a 5% Deposit and this entire amount can be non-genuine e.g gifted by mum and dad! (normally 5% must be 'genuine savings')
So for a $600,000 purchase price you only need $30,000!
If you are both receiving up to $10k from the Homestart Grant then you only need $20k combined savings!
Using Kiwisaver, the Homestrat Grant and whatever savings/gift you can scrape together, now is the time!
Yes a big downside are the Caps or Restrictions as follows...
- $600k Purchase Price in Auckland or $650k if Brand New
- $130k Gross combined income cap ($85k for an individual)
- Must be able to demonstrate 'stable employment'
- NZ Citizens (includes Auz & Singapore) or fully permanent residents with no travel conditions
Otherwise fairly normal credit criteria apply
