Mortgage Select Limited
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.
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 Kiwisaver, can I use this? There are some terms and conditions. If eligible you will be able to use most of your Kiwisaver excluding your original kickstart. This is a great way to increase the size or add to your current deposit.
Contact Mortgage Select today to discuss further, we work with all major banks and can guide you through the process.
First 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 “First Home Loan” There is criteria around what is required to qualify for this however we are happy to talk you through the options. Feel free to take a look at the current criteria.
See how financial lending can get you going in the right direction for your future
Case 1: A young couple with 2 children (Kiwi Bank clients)
Kiwibank declined thier finance 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 SBS Bank 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 2 years. 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.