How Much Can I Borrow?
At iLender we deliberately do not put up an online calculator as they are very misleading. To get an idea of what you can borrow simply give us a call or send us a message and we’ll go over the numbers together. One of the most important questions to answer when you’re looking to buy a property is how much money you have available, both within your own savings for a deposit and from a mortgage adviser.
To get started with a new home loan, consider some of the following factors that will go into calculating your mortgage.
Most lenders require a deposit, the amount and source vary hugely between lenders and we highly recommend talking to us to get the latest information.
Remember that the less you put down upfront, the bigger a risk you are for a lender. To get the lowest monthly payments, you’ll want to put in a higher initial deposit.
Bad credit? No worries, as we can offer great rates and low deposit amount for people with poor credit scores.
The monthly income of you and your partner helps to determine how much you can borrow. Once iLender knows the amount of deposit you have, your income, fixed payments or other financial commitments (such as current loan debt) then iLender can advise you on your home loan affordability.
If you are a first time home buyer in New Zealand, you be able to use your KiwiSaver (if you have been contributing for over 3 years), get a first home buyers grant or a Welcome Home Loan may apply.
Changes By Reserve Bank
The Reserve Bank is trying to limit lending and has imposed restrictions on Banks. This means they often cannot lend more than 80% of the purchase and if they can, they charge a higher amount. A Registered Valuation may be required and Lenders will base your loan amount based on the lower of purchase price/valuation.
Don’t just take our word for it – check out our reviews!
"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 starts and more"
Ross & Briar Parfitt
"I've dealt with many brokers and lenders in my career, these guys were BY FAR the quickest and stress free to work with. Everything was so easy for a change, professional, to the point, and simple. Highly recommend them! Can't speak highly enough of this company!"
"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."