First Home Buyers FAQ

 Where do I start?

The first step before you can go house shopping is to get your finances pre-approved. This means looking at your savings, combined income and current debt, then chat to a mortgage adviser to see how much you can borrow. If you don’t get preapproved for the amount you are hoping for, perhaps spend a bit longer boosting up your savings and trying again.

Are there any Home Buying Assistance Programs Available for First Home Buyers?

Yes! The New Zealand government offers programs such as a Welcome Home loan, using your KiwiSaver as part of your deposit, special breaks in LVR for those buying in certain areas, and the HomeStart grant for those who qualify.

What Deposit do I Need?

iLender offers the lowest deposit option at 10% – half of what other lenders and banks require. 

Can I Get a Home Loan Even if I Have Bad Credit?

Yes you probably can. Even if you have been rejected by a bank or nonbank lender, get in touch with iLender and we will help you see if you qualify for a mortgage.

What other Costs Are There in Addition to a Deposit?

  • You’ll also need to pay a solicitor for their advice, checking the title, and conveying the property. This can range between about $700-$2000.
  • A builder’s report, to make sure you know exactly what the status of the house is. This is often between $500-$1000
  • Registered valuation of the property -- approximately $500-$700
  • A Land Information Memorandum (LIM) report -- about $300-$400

What is the Difference between Interest-Only and Interest-Principle Mortgage Structure?

Paying interest-only repayments can mean a bit more cash in hand and lower payments. However, it will also mean you’ll be paying off your mortgage for longer and end up paying more interest overall. Principle-interest structures, like table structures, allow you to pay off the amount you initially borrowed so your interest payments decrease over time.

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Testimonials

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“Due to redundancy we found ourselves in a dire financial situation. Our own bank was less than helpful. The other banks we called not much better. In desperation we called Jeff. It took a little while but now we are in a better financial than we were before the redundancy – despite having 3/4 of the income. Jeff acted in a professional, positive and friendly manner through out. I would have no hesitation recommending Jeff to anyone. Thanks Jeff.”
Anthony
TradeMe Review
“No deposit. Reasonable income. One debt to pay for a few more years. Declined left, right & centre by banks, brokers & anyone else who would listen – except Jeff!! Only 5 days after faxing my details (including the weekend) Jeff has just phoned me to say I have a mortgage – from a bank that had previously declined me! After posting this review on the net, my next stop is the real estate sites. I’M GOING HOUSE SHOPPING! Thank you hardly seems adequate, but thank you again Jeff.”
Jenny
TradeMe Review
“What an absolutely first class person to deal with… Jeff has been fantastic, constant communication, solved every problem we came up against and there were a few! as a result of Jeff’s amazing can do attitude, stickability and hard work, we now will be moving into our very first house in 3 weeks time. In our opinion don’t go to the banks go straight to Jeff, when the banks said no Jeff found a way. Words can’t express how grateful we are thanks so much Jeff.”
Celia & Ralph
TradeMe Review
“Really appreciated Jeff Royles’ advice which has always been timely and invaluable for all my refinancing and mortgage advice. He has prompt service and a cheerful “can do” attitude – nothing is too much trouble for him, accessible (at all hours!) and he’s approachable at all times too! A first class mortgage broker of his calibre is hard to find, Jeff is indeed a star! I would not hesitate to recommend him.”
Shirley
“Absolutely awesome words can’t describe it even when we were declined you fought for us and got us our first home loan amazing job never gave up 5 stars and more.”
Ross and Briar Parfitt
Executive Director
FIrst Home Buyers

First Home Buyers Mortgage Specialists, Here to Help

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Call 0800 536 337 to take the First Step into buying or refinancing.

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