5 Quick First Home Buyer Tips

Here are some quick tips to help you kickstart you on your path to your first home.

1. Make The Most Of KiwiSaver

This year saw the Government introduce two schemes to help first home buyers get onto the property ladder.  The KiwiSaver HomeStart Grant can provide you with up to $10,000 per person towards your first home.  Take a look at the key information you need to know about the HomeStart Grant here

The HomeStart Grant is often confused with the KiwiSaver Withdrawal, particularly around the eligibility.

The key requirement is of the KiwiSaver Withdrawal is that you have been a member of KiwiSaver for at least three years contributing the minimum required.  There is no maximum property purchase price, however you must intend to live at the property.   For more details take a look at the eligibility for KiwiSaver Withdrawal here

2. Reduce Your Debts

Paying down any debts you have is going to greatly increase your chances of getting your home loan pre-approved as well as the amount you are able to borrow.

If you have multiple credit cards, concentrate on paying off one and cancelling it.  Debt consolidation could also be an option, for more information view here.

3. Get Pre-Approved To Know What You Can Spend

Pre-approval is a confirmation by the bank of the amount you are able to borrow to purchase your first home.  You must provide as much information as necessary to ensure a strong pre-approval.  Our experienced and friendly advisors can help make this as simple a process as possible.  They can also use one pre-approval application to shop around various banks to get you the best rates.  Make use of our free planning meeting to get started today.

4. Get A Building Report

As your single biggest purchase, we cannot recommend getting a building report enough.  A building report will let you know if there are any issues with the property that could turn into costly situation down the track.

We have a few First Home Buyer Club Member Offers from building inspection companies over here.

5. Make A Budgeting Plan

Having a budgeting plan will help you achieve your goals quicker.  Submitting a budget plan with your Pre-Approval applications also shows that you are serious about getting yourself into a strong deposit position.  Take a look at more of our tips for budgeting here.

Once again we recommend you make use of our free planning meeting to help guide you through the process from saving for a deposit through to settlement of your first home.

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