Buying a home FAQs.

As a first home buyer, you may be eligible for several government grants or schemes, including the First Home Loan Scheme, Kiwisaver HomeStart Grant, and the Kainga Ora Scheme. Each of these schemes has a specific criteria that you must meet to be eligible, such as income limits and purchase price limits. It’s important to research theses schemes and determine which ones you may be eligible for. You can read more about these here. (link to our home buyers guide) 

The First Home Loan Scheme is a government initiative that provides support to first home buyers. It allows eligible buyers to borrow with a smaller deposit, which can help make home ownership more achievable. To be eligible for this scheme, you must meet certain criteria, including income limits, a minimum deposit requirement, and other conditions. 

The Kiwisaver HomeStart Grant is another government initiative that assists first home buyers in New Zealand. It provides a grant of up to $10,000 for individuals or $20,000 for couples who are purchasing their first home. To be eligible for the grant, you must meet certain criteria, including a minimum contribution to your Kiwisaver account, and purchase price limits.

The Kainga Ora First Home Partner Scheme is a government initiative aimed at helping first-home buyers into their own home. Under the scheme, eligible buyers can apply for a home loan with a participating bank or financial institution, with the government acting as a guarantor for up to 25% of the property’s purchase price, or $200,000 – whichever is lower. This means that you may be able to secure a home loan with a smaller deposit and without having to pay for lender’s mortgage insurance. To be eligible for this scheme, you must meet certain criteria including income limits, a minimum deposit requirement, and other conditions. 

Yes, you may be able to use your Kiwisaver funds to purchase a property. The Kiwisaver HomeStart Grant is one way that Kiwisaver can assist first home buyers and you may also be able to use your Kiwisaver funds as a deposit on your first home. 

Yes! At FH Group, we offer homes starting at a 5% deposit. That means that you may be able to purchase a home with a smaller deposit than the traditional 20%. However, keep in mind that a smaller deposit may result in higher mortgage repayments and additional costs such as lender’s mortgage insurance. 

No, new homes are currently exempt from tax implications for investment purposes in New Zealand. This means that if you purchase a new home as an investment property, you may be eligible for tax deductions on expenses related to the propery such as interest on your mortgage and maintenance costs. 

The amount you can borrow for a home loan will depend on several factors, including your income, expenses, and credit history. It is important to speak with a mortgage broker or lender to determine how much you can afford to borrow and what type of home loan is best for your financial situation. 

A pre-approval is an initial assessment from a lender that indicates how much you may be able to borrow for a home loan. This can be helpful when you’re searching for a property, as it provides clear indication of your budget and can help you to negotiate with sellers. A pre-approval is important because it can also help you to avoid disappointment if you’re unable to secure a loan for the amount you need. 

When choosing a property to purchase, there are several things to consider, such as the location, size, and condition of the property. It’s also important to consider your budget and any ongoing costs associated with the property. You can talk to one of our agents to help you make an informed decision on which property is right for you. 

Finding the right mortgage for your property purchase can be challenging. Its important to compare different mortgage options and speak with a mortgage broker to ensure that you’re getting the best possible deal. Be sure to consider factors such as interest rates, repayment terms, and any fees associated with the mortgage. 

The first steps to buying a new home can include: 

Determining you budget: this involves assessing your financial situation including your income, expenses, and savings, to determine how much you can afford to spend on a new home. 

Researching the market: this involves researching different areas and properties to get an idea of what’s available in your budget. 

Getting pre-approved for a home loan: This involves speaking with a lender to get pre-approved for a home loan which can provide you with a clear indication of your budget. 

Engaging with the professions: this involves engaging with our agents, a lawyer, and a mortgage broker to help you navigate the buying process and ensure that you are making an informed decision.