Welcome Home loans only require a 10% deposit instead of the standard 20%, but your income cannot be higher than $85k (one person) or $130k for two people.
The house purchase price is capped at $600k or $650k (existing or new) for Auckland,
$500k or $550k for some main centre’s and the rest of NZ, $400k or $450k.
The deposit can be gifted by a relative and/or funds can be withdrawn from a KiwiSaver account that has had at least three years of regular contributions.
Lender mortgage Insurance will cost 1% of the loan.
You must be a NZ citizen or permanent NZ resident.
Not all banks offer this loan option/style.
KiwiSaver HomeStart Grant provides you with an additional $1,000 for every year you have been in KiwiSaver (maximum $5k) when you are buying an existing home or $2k for every year for a new home (maximum $10k).
Grants are income dependent, with the same criteria as the Welcome Home Loan criteria.
The property must be your principal place of residence for at least six months after settlement.
Previous property owner should not have realizable assets totaling more than 20% of the house cap’s set per region.
If you are interested in receiving initial feedback from us, as to whether now is a good time to pursue your first home purchase, Click here