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Top 5 Ways to get your 10% deposit for your First Home

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Make the most of the help out there for you to buy your first home.

There are several helping hands out there for first home buyers to help them get a leg up when trying to buy their first home.  Here are 5 tips for making the most of the help available to first home buyers.

1.       ACCESSING KIWISAVER FOR A DEPOSIT

This provides a financial boost for people looking to buy their first home. Those who have been with KiwiSaver for at least three years may be able to access some of the account’s savings to put towards the deposit if they leave $1000 in it.

2.       HOME START GRANT

These are accessible to people who have contributed to a KiwiSaver scheme for at least three years and earn $85,000 or less for a single buyer, or $130,000 or less for two or more buyers. Individual buyers can get up to $10,000 and a couple up to $20,000 for a new home or an “off-plan” property.

3.       WELCOME HOME LOAN

Certain banks and other lending institutions are underwritten by Housing New Zealand as a Welcome Home Loan which allows them to provide the loan with a 10 percent deposit, instead of the more common 20 per cent.

 4.       GIFT FROM A FAMILY MEMBER

 You can be gifted money to help make the difference up for your 10% deposit which is relatively easy to do and can make all the difference to the magical 10% deposit requirement.

 5.       GET PRE-APPROVAL Use a decent mortgage broker oh that’s me !!

This will allow first-home buyers to move as soon as they’ve found a property, they’re keen on and a better chance of getting their offer accepted from the seller and the bank.

 IF YOU ARE IN THIS SITUATION OR KNOW OF SOMEONE THAT IS THEN THAT'S WHERE I COME IN, AS A REGISTERED FINANCIAL ADVISER I CAN ASSIST YOU FOR FREE, "SIMPLE FAST APPROVED" ALL YOU NEED TO DO IS CONTACT ME TODAY....

Martin Eagle