06/07/2023
I’m so proud of a client of mine that settled on the purchase of her first home in Saint Leonards, Hastings, yesterday. She did it on one, average income which is always difficult (it’s so much easier for affordability when you have two incomes coming into the equation), but especially in the current environment. The key to her success was this:
1. She is a saving machine! By putting money into both Kiwisaver and her savings account each pay cycle, she was able to build up a good deposit.
2. She had no short-term debts (including buy now pay later facilities). These things really mess up your affordability when applying for a loan because they suck valuable cash that could be used for servicing a home loan.
3. She was realistic about her price point – she had a modest budget and she stuck to it. Too often first home buyers want their first home to be their forever home, which just makes it too hard.
4. We went to a bank that would allow us to use boarder income to help service the loan – that’s an extra $200-$300 available to help pay the mortgage.
5. She got prepared, got her accounts in order, got a pre-approval, and diligently hunted for a few months before finally getting one across the line. It can be tough house hunting and not being successful with a few offers. But it is a sweet moment when you settle on that first home.
Well done!
