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 ‘First Home’, 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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Ross & Briar Parfitt
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"Our bank of 10+ years couldn't get the job done. Jeff and his team did it in two weeks, absolutely hassle free. Really need an option for a 6 star rating as the type of personalised service you receive from iLender just doesn't exist anywhere else."
"Thank you Jeff and team. We have found a home and you have made it possible for our family. You have made the impossible look easy and we are very thankful with gratitude that you have worked on our behalf. Very happy and satisfied customer and we highly recommend your services to those that find it a challenge buying a home...Thank you ++++"
"I am a first home buyer, who had been battling for 7 months to secure a home for my family and I. Jeff was my third try at a mortgage broker/banker, and by the time I got to Jeff I'm just thinking about giving up, this is just too hard. Jeff brought assurance and calmness to my situation straight away. He answered all my questions with clarity, and without hesitation or annoyance. Just shy of 4 weeks since working with Jeff, I am now a home owner. I cannot recommend him enough!! Thank you for all your help Jeff."