For New Zealand first home buyers, entering the housing market can seem daunting and challenging, especially if you are unsure of the support that you can leverage. In fact, if you are wondering if you can buy a house with government help, then you have come to the right place.
At Simpler, we are mortgage advisors who are more than happy to help first home buyers in NZ purchase their first home. However, it is also important to understand the support available for first home buyers - so, without further ado, let’s dive into the support that you can take advantage of as a first home buyer.
NZ First Home Buyers Grant
The First Home Grant allows you to receive up to $10,000 towards your first home, and since it is a grant, this means that you do not have to pay it back. The amount you could receive depends on the number of years you have contributed to KiwiSaver. Existing homes are capped at $5,000 while new homes (one you will build) are capped at $10,000. You can find more information on the Kāinga Ora website.
First Home Loan
With a First Home Loan, you only need a 5% deposit, allowing you to purchase your first home easily. These are issued by select banks and lenders, with eligibility and lending criterias depending on the lender or bank, which is why it is important to read their terms and conditions carefully. Your financial history, debt level, income, and other factors might affect whether a lender accepts or rejects your application.
At Simpler, we are committed to making the process simpler for first home buyers in NZ. This means that if you are looking for some help in buying your first home, the expert team at Simpler can help. We can assist with finding the best mortgage dealthat accommodates your needs and budget, and our service is completely free. Schedule an appointment today to speak with one of our advisors to begin discussing your eligibility for a First Home Buyers Grant or First Home Loan and how we can help with your first home purchase.
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