YOUR FIRST HOME
Achieving your first home is absolutely achievable with a solid strategy. Key is starting the conversation early.
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Want to know how much you could potentially borrow?
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Unsure of the application process?
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Have high short term debt and wondering how this impacts your chances?
Whatever your current situation and stage of the process, we can help guide you and create a plan that work towards achieving your first home goals.
What does a mortgage adviser do?
It all starts with a conversation.
Your mortgage adviser is then able to perform a review of your position and give feedback on where you stand now, and provide a strategy on how to move forward to achieve the desired outcome, owning your first home.
When done alone, applying for a mortgage is often overwhelming for first home buyers as the whole process is new. First home buyers can find it complicated trying to understand and arrange the requirements needed for a mortgage.
However, when working with a mortgage adviser and a little patience, perseverance and purpose, it is achievable. A mortgage adviser is there is support you through the process and simplify it, from knowing how much you can borrow, the documents needed to supply, deciding on which bank, determining a suitable mortgage structure and more - your adviser is there to help.
Working as a team, solid communication and mutual respects are the "key to the door" that is around the corner.
4 Key Tips for First Home Buyers
Regular Savings
Habit
It's important the bank can see you're making regular savings towards your deposit. This is to show financial discipline and that you can afford your proposed mortgage repayments.
Practice good account conduct
This is one of the main factors when applying for a home loan.
Good account conduct shows the bank you're financially responsible.
This includes, saving regularly, meeting automatic payments, repaying debts on time. This is your overall management of your finances.
Proactivley manage your
credit
Defaults, late and irregular bill payments will severally effect your mortgage application.
Being proactive and ensuring your credit history is clear is important. Any adverse on your personal name or business will limit lending and Banks available to assist.
Grow your
deposit
The greater the deposit, the lower your mortgage.
The minimum deposit for first home buyers averages from 10-20%. However, 5% must always be from "genuine savings" eg. Kiwisaver, cash funds. Your deposit cannot be 100% gifted.
First Home Buying Process
Every first home buyers journey is different but below is an overview of the general process.
Initial Conversation
First is a chat with your adviser. This is to gain an overview of your financial situation and goals, and briefly outline of the process.
Complete Fact Find
At this step we gather the details needed to understand your financial position using an online application form called a Fact Find.
Advisers Assessment
Using the Fact Find information, your adviser will assess where you are in regards to your goal. They will also discuss your potential lending options.
Submit Application
If you're ready to proceed we'll request the documentation needed to submit an application as you've discussed.
Gather the Team
Buyers should contact their solicitor/lawyer early. Solicitors will guide you before signing any agreements and around property details. Working with a realestate agent can also give support during the selection and negotiating process especially at auction.
Finding your First Home
With the help of your solicitor, ourselves and other professionals, you'll sign a sale and purchase agreement for the purchase of your first home!