First Home Loans
The First Home Loans product has been put in place to help first home buyers purchase a property for themselves.
For many home buyers, the problem with getting a normal home loan is finding the deposit. Most lenders currently require a minimum 20 percent deposit.
With a First Home Loans you only need a 5% percent deposit.
Help with your deposit is available.
There are several deposit assistance options available:
- Your deposit can be gifted by a relative (Please contact us for clarification around gifting rules).
- You can apply for a KiwiSaver Deposit Subsidy or KiwiSaver Savings Withdrawal.
- Team up and you can with other borrowers put together your deposit and purchase a home.
Maximum amount you can borrow:
Maximum amount you can borrow:
The maximum amount you can borrow with a First Home Loans depends on how much you earn (see below a table on limits). The minimum deposit for all property purchases is a 5 percent deposit.
There are two income caps that apply for a First Home Loans.
- For one borrower you must have earned no more than $95,000.00 (before tax) in the last 12 months.
- If you are borrowing with one or more other people you must have a combined household income of $150,000 or less (before tax) in the last 12 months.
Are you eligible for a First Home Loans?
You will need to meet the specific lending criteria below.
- You must be a New Zealand citizen, have a Permanent New Zealand Residence Visa or have a Residence Visa.
- Have worked with the same employer for 12 months (there are some cases where this can be 6 months)
- Cannot earn over the limits put in place
- Cannot purchase property over capped limits
- Cannot currently own property anywhere in the world (If you have owned property in the past there a couple of circumstances where the First Home Loans product can be used).
Other things you need to know:
- The First Home Loans is for owner occupied properties only and cannot be used for rental or investment properties.
- You must not own any other property.
- You may need to pay fees such as application fees or Lenders Mortgage Insurance fees.
Published by Scott Miller
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Scott is wonderful to work with, which made the hole process so much easier and stress free. Highly qualified highly recommended. In there for the customersKarla Botting - 06 December 2023
Scott was fantastic to work with, honest and hard working, went the extra mile on everything, explained the nitty gritty jargon into easy to understand. Got us a great deal on our mortgage, put us with the right people. All in all 6 stars, if your buying then definitely call Scott at AMS!!Hamish Neilson - 06 December 2023
I used Scott at Advanced Mortgage Solutions for my first home purchase and am currently repurchasing a property through him again. Has been absolutely amazing and made the process extremely easy. Would recommend to anyone looking for a mortgage broker in Christchurch!Stacy Kamo - 29 November 2023
Scott and the team at Advanced Mortgage Solutions are great! Very knowledgeable and they make the house buying process very simple and easy to understand. Cannot recommend them enough!Scott Harris - 20 November 2023
Friendly and personalized service. Always happy to answer all my questions and love getting to see Gus when we meet in-person.Lisa French - 20 November 2023