27/12/2024
Kainga Ora has discontinued the Grant, but they still offer the First Home Loan product. This allows us to secure great interest rates and a good cash contribution, with the possibility of applying for a Pre-Approval with just a 5% deposit. Essentially, you are treated as if you have a 20% deposit.
Here are some key criteria:
Maximum income of $95,000 for an individual, or $150,000 for a couple (or if you have a dependant).
You must have been in your job for at least a year, or have two years of similar industry experience.
The property you are buying cannot require more than $10,000 worth of maintenance.
You cannot have excess assets, such as a Jetski, motorbike, or spare car, as they expect you to maximize your available deposit.
These are the main points that often catch people out!
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