First home buyers have had it rough for some time now, however the government changes to the First Home Loan and First Home Grant products administered by Kāinga Ora means more Kiwis will be able to purchase their first home in 2022.
First home buyers who are eligible for the scheme could get into the property market with a 5% deposit
Get a contribution towards your deposit
If you’ve been contributing to your KiwiSaver for at least 3 years you may be eligible for a First Home Grant of up to $10,000 to top up your deposit.
If you buy an existing home, you can get $1,000 for each of the 3 (or more) years you've paid into the scheme. The most you can get is $5,000 for 5 or more years.
If you buy a new home or land to build on, you can get $2,000 for each of the 3 (or more) years you've paid into the scheme. The most you can get is $10,000 for 5 or more years.
Other criteria and terms apply. Talk to us for more information.
Loans for a 5% deposit
Finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit. But with a First Home Loan you only need a 5% deposit which means getting into your first home is that much easier. First Home Loans are issued by selected banks and other lenders, and underwritten by Kāinga Ora. This allows the lender to provide loans that would otherwise sit outside their lending standards.
Other criteria and terms apply. Talk to us for more information.
Need help? We can check your eligibility and talk though lending options with you
Book your free consultation with one of the Velocity Team
The changes to the First Home Grant take effect from 19 May 2022. The changes to the First Home Loan are expected to take effect from 1 June 2022.
The devil is in the detail here, and there are a few hoops to jump through yet. Having an adviser on your side is key to navigating this scheme. We can help you understand the rules, check your eligibility, navigate you though the system and get the best lender for your situation.
Call us on 04 803 3616 to arrange a free consult and check if you are eligible
Did you know? We are paid by our suppliers, so we can offer free advice to you!
Give us a call on 04 803 3616 or book a free consult below with one of our advisers to work out what you need to do to get your house in 2022. Our consults are free.
Ngā mihi,
The Velocity Team 💚