Mortgage Brokers For First Home Buyers

Mortgage Advisers For First Home Buyers

Buying your first home is typically the most significant financial investment of your life. With so many elements to consider, the buying process is stressful enough without considering the need to secure a home loan.

 

Our small team of mortgage advisers offer a highly personalised service which is perfect for supporting first time buyers through the funding process.

Mortgage Brokers For First Home Buyers

Why Laedan

Mortgage Brokers For First Home Buyers

HIGHLY PERSONALISED SERVICE

Your dedicated mortgage adviser will guide you through the entire funding process.

CHEAPER RATES

Our team’s extensive networks and experience in the finance sector put us in a great position to secure rates significantly below market

SMARTER STRUCTURING

All of our mortgage advisers have significant industry experience. We know what’s possible and will ensure your first time home loan is perfectly suited for your future

Mortgage Brokers For First Home Buyers

What We Do

Our team will guide you through the entire purchase process – it doesn’t matter if you have house in mind or if you are simply wanting to know how much you might be able to afford.

We can guide you through:

NON-STANDARD OPTIONS

VALUATION

REQUIREMENTS

SECURING

PRE-APPROVAL

LOAN OPTIONS

DEPOSIT REQUIREMENTS

Our process is simple & straightforward

everything starts with a conversation.

First time home loan deposit requirements

Mortgage Brokers For First Home Buyers

Our Process.

Mortgage Brokers For First Home Buyers

Pre-Approval

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IN DEPTH DISCUSSION

The first step is talking with our team of mortgage advisers. Our team are highly experienced, and can typically give you an outline of what is possible from a single conversation.

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COLLATE INFORMATION

We work with you to collect all relevant information necessary for your formal home loan application

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SUBMIT APPLICATION TO LENDERS

Based on our understanding of your requirements, we will carefully select appropriate first home lenders (bank or non-bank as required) to submit your application to.

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NEGOTIATE & SECURE APPROVAL

We will negotiate on your behalf to obtain the best rates and desired structure (including paying your down your home loan faster), ultimately securing approval for the home loan.

Post-Approval

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ONBOARDING

We will oversee the financiers onboarding process for you, and answer any questions your lawyer may have with respect to the loan documentation/structure

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MONITORING

We will monitor and manage your loans going forward so we continue to help you manager your home loans better.

Mortgage Brokers For First Home Buyers
Mortgage Brokers For First Home Buyers

We are there to hold your hand throughout the whole process and into the future to ensure your loan terms and rates remain competitive throughout the life of your loans.

Mortgage Brokers For First Home Buyers

Common Questions on
First Time Home Loans

As a first home buyer, is it better to get a mortgage from a bank or a mortgage adviser?

Approaching a mortgage adviser to secure your first home loan can lead to multiple benefits when compared to approaching a bank directly. These benefits include faster turnarounds, better rates, and smarter loan structures due to the relationships mortgage advisers have with the banks, and their knowledge of finance options.

Banks are typically very large organisations – approaching them directly will likely mean you are dealing with an 0800 number and an off-the-shelf home loan. Unless you have a significant existing relationship with your bank (which first time home buyers generally do not have), you are unlikely to receive higher levels of service, or better rate options from banks.

It’s important to note here that typically, mortgage advisers do not provide you with loans – they simply act on your behalf in securing your first home loan from financiers such as banks.

Can I get a 100% mortgage as a first time buyer?

Generally speaking, no. While you cannot a secure a first home loan with no cash or assets to put towards the purchase, it is a possibility if you have a guarantor that is willing to provide a guarantee supported by a property with equity.

How  does a mortgage work for first time buyers?

Mortgages for first home buyers work just the same as they do for anyone else – with first home buyers actually having a couple of advantages over those buying their next home or investment property.

Typically first home buyers will need between 5% - 20% cash deposit, sufficient income in order to prove their ability to make the loan repayments without bringing themselves into a position of financial hardship and will need to have a valuation for the property that they are looking to buy that is acceptable by the mortgage provider.

First home buyers have the option of withdrawing from their KiwiSaver (contact your KiwiSaver provider to see if you are eligible) or possibly even receiving a First Home Grant

How  does a mortgage work for first time buyers?

How you structure your first home loan can have a major impact on how much interest you pay over the life of the loan, as well as your financial flexibility during certain periods of your life.

Every first time home buyer is different, and there is no ‘one size fits all’ when it comes to mortgages. For this reason we strongly advise talking to a mortgage adviser who can match your first home loan to your life plans.

What is the First Home Loan Grant?

The First Home Loan Grant is a government initiative designed to provide financial help for first home buyers in New Zealand.

The Grant can provide up to $10,000 in government funding to support your house purchase if you meet the Grant’s eligibility criteria.

Some of the key criteria includes:

  • You cannot earn more than the maximum income caps

  • You cannot currently own any property

  • You must have been making the minimum contributions to KiwiSaver for at least 3 years

  • The property you purchase must be within the regional price caps

  • You must live in the house for at least 6 months

You can see a full list of all criteria including income & property caps here

Which bank is the best for first home buyers?

Every bank provides home loan options for first home buyers, but who the best bank is depends on your particular circumstances and the current rates & loan options being provided which are constantly changing.

As your first home mortgage adviser, Laedan has access to all major banks meaning we will be able to secure the best banking deal for your first home loan.