Is This Your First Home?
Your Complete Guide to First Home Buying in Southland, New Zealand.
Buying Your First Home: Exciting, But Overwhelming?
Purchasing your first home is an exciting milestone, but it can also feel overwhelming—especially when dealing directly with banks. At Mortgage Field, we understand how daunting this process can be because we've navigated it ourselves and with countless clients.
Our dedicated team offers expert home loan advice, making the entire process simple and stress-free. We’ll guide you every step of the way, ensuring you understand your options and feel confident in your decisions.
Common First Home Buyer Questions
1. How Much Can I Borrow?
When applying for a home loan, you’ll need to prove to lenders that you can afford the repayments. Every bank has its own lending criteria, and that’s where we come in. At Mortgage Field, we have formal agreements with multiple banks and lenders across New Zealand. This gives us exclusive access to their home loan criteria, allowing us to apply for lending on your behalf and maximise your borrowing potential.
2. How Much Deposit Do I Need?
All banks require a deposit towards your home purchase. The minimum deposit varies between lenders, starting from as little as 5% depending on your financial situation and the type of property you’re buying.
- Standard Homes: Deposits typically start from 5%.
- Bare Land (Sections): Often require higher deposits.
- Lifestyle Blocks or Commercial Property: Deposit requirements can differ greatly depending on the lender.
Pro Tip: The type of property you’re purchasing directly impacts your deposit requirements. Speak to us, and we’ll help you navigate these variables.
3. What Can I Use for My Deposit?
Your deposit can come from a variety of sources:
- Savings
- Sale of Assets (e.g., selling a car or shares)
- KiwiSaver Withdrawal (have you been a KiwiSaver member for at least 3 years?)
- Gifted Funds (from immediate family)
- Deed of Acknowledgment (interest-free family loans, typically repayable upon property sale)
Not sure which options apply to you? Contact us, and we’ll clarify what deposits you can use and guide you through accessing them.
4. Ok, I Have My Deposit—How Much Can I Borrow?
Every bank calculates borrowing capacity differently, but we simplify this for you. Here’s how we help:
- Personalised Assessment: We’ll assess your financial situation to determine how much you can borrow, tailored to your goals.
- Bank Comparisons: We’ll compare lending options from multiple banks to ensure you get the best rates and terms.
5. Why Choose Mortgage Field?
- Expertise: We’re experienced mortgage brokers who’ve helped hundreds of first home buyers across New Zealand.
- Access to Exclusive Lenders: Our partnerships with banks mean better rates and faster approvals.
- Stress-Free Process: We handle the paperwork and negotiations, so you don’t have to.
Ready to Buy Your First Home?
Let us help make your first home buying journey smooth and successful. Contact Mortgage Field today for a free consultation, and let’s get started!