Mortgages, Re-Fixing & Personal Loans

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Mortgages, Re-Fixing & Personal Loans

First Home Buyers – What You Need To Know

Are you getting ready to enter the property market but don’t know where to start?
How much money will I need? 
How much will the bank lend? 
What actions do I have to take to prepare for this?
Where do I start?   

This can be both an exciting and daunting time! 
We have access to all the major lenders and can offer solid advice from low deposits, advice & support, Kiwisaver and grants.
 
Pre-approval 
This will give you more security knowing what you are able to afford, it will also help speed the process up once you have found your home. 

What is really important is understanding the process, terms and conditions which come with pre-approval and buying a house. This is where we can help, working through issues and providing solutions. 

Low Deposit - don’t have a large deposit but still want to join the kiwi dream of owning a home? Many banks typically require a 20% deposit however we can discuss options to help boost you to this level, not everyone is eligible so contact us today to discuss further. 

KiwiSaver - I have a great Kiwisaver, can I use this? 
Absolutely, however there are some terms and conditions attached. You must have been contributing for a minimum of 3 years to be able to withdraw some of this to be used on your new home. 
Kiwisaver is a great option for first home buyers looking to buy and live in their home. If eligible you will be able to use most of your Kiwisaver expect the $1000 kickstart. This is a great way to increase the size or add to your current deposit to help boost it. 
Contact Mortgage Solutions today to discuss further, we work with all major banks and can take care of this for you.  

Kiwisaver Homestart Grant - What is this and am I eligible?
Have you been contributing to Kiwisaver for over 3 years, well you may just fit within Kiwisavers Homestart Grant and could be eligible for up to $20,000!

Are you thinking of purchasing an existing home then you could qualify for up to $5,000 for each member. Also, if you’re building or purchasing a new home, or purchasing land to build a new home on, then you could qualify for $10,000 for each member.

To be eligible for a KiwiSaver HomeStart grant you must:

• Have been contributing the required minimum amount to KiwiSaver for at least three years
• Be 18 years of age or over
• Be purchasing or building your first home
• Have a household income (before tax) of less than $80,000 per year (for one person), or less than $120,000 per year (for two or more people)
• Have a deposit that is 10% or more of the purchase price, including the addition of the grant
• Plan to live in the house for at least 6 months following settlement or completion of the property

Talk to one of our Mortgage Select brokers today to check your eligibility. 

Welcome Home Loan - Am I eligible for this and what is this? 

It’s tough saving for your first home and sometimes a struggle to gather the large deposit required. There are selected banks out there that provide what’s called the “Welcome Home Loan” this is underwritten by Housing New Zealand. 

There is criteria around what is required to qualify for this however we are happy to talk you through the options with this otherwise review on http://www.welcomehomeloan.co.nz/ 

See how financial lending can get you going in the right direction for your future

All clients that work with us start off with a comprehensive Needs Assessment, so we can determine exactly what kinds of packages and lending solutions are right for you. 

Learn more about what we offer, including 100% finance and preapproval in our About Us section.
Financial lending

Case 1: A young couple with 2 children (Kiwi Bank clients)

Kiwibank had finance pulled from them the day before they were to confirm on their new home. They needed 100% finance fast. They also had items outstanding on their credit check. Firstly an extension for further week finance was arranged. Then a loan for 80% of
the purchase price was approved by Southland Building Society and the remaining 20% through Gold Band Finance. Gold Band requested a guarantee and security from the couple’s parents – who lived in Waimate. Finance was confirmed on time and the clients are now happily settled in their own home.

 Case 2: Couple returned from Australia

...But had not yet sold their home over there. One of the couples is self-employed and hasn't yet had financial completed for 2004/2005. They had purchased some land with the help of their parents and needed the finance approved for the building of their new home. The loan was approved through ANZ with no application fee, a $400 contribution to their solicitor's costs and 10,000 QAV points. The couple can now give the builder the go-ahead to start building and hope to be in by Christmas.
The above cases are real clients with Mortgage Select Ltd. To protect sensitive financial data, the names and images of the case study participants have been changed.
Ready to see what we can do for you? Call us at 03 379 8092 to get started with the best rates on mortgages.
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