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.
Why Laedan
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
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
First time home loan deposit requirements
Our Process.
Pre-Approval
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.
COLLATE INFORMATION
We work with you to collect all relevant information necessary for your formal home loan application
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.
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
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
MONITORING
We will monitor and manage your loans going forward so we continue to help you manager your home loans better.
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.
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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.
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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.
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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.
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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.
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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.
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The Grant can provide up to $10,000 in government funding to support your house purchase if you meet the Grant’s eligibility criteria.
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Some of the key criteria includes:
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You cannot earn more than the maximum income caps
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You cannot currently own any property
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You must have been making the minimum contributions to KiwiSaver for at least 3 years
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The property you purchase must be within the regional price caps
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You must live in the house for at least 6 months
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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.
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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.