Yes! The New Zealand government offers programs such as ‘First Home’ loans through Kainga Ora, using KiwiSaver as part of your deposit, special breaks in LVR for those buying new builds, and the Home Start grant for those who qualify.
You can have as little as a 5% deposit (Kainga Ora First Home Loans), subject to meeting certain criteria. 20% deposit customers do get special pricing, but if you don’t have 20% deposit, there are still options available.
No, you can be a resident visa holder and lend money to buy a home in New Zealand. Whilst this is limited to certain banks and products, its possible, and the lending criteria should not discriminate whether you are a resident visa holder, a permanent visa holder, or a NZ citizen.
Paying interest-only repayments can mean a bit more cash in hand and lower payments. However, it will also mean you’ll be paying off your mortgage for longer and end up paying more interest overall. Principle-interest structures, like table structures, allow you to pay off the amount you initially borrowed so your interest payments decrease over time.
- Solicitor costs for their advice, checking the title, and conveying the property. This can range between about $700-$2000. If you don’t have a solicitor, you can ask Mortgage Time for a list of Solicitors (also called lawyers) that have helped other home buyers)
- A qualified builder’s report, to make sure you know exactly what the status of the house is. This is often between $500-$1000. Mortgage Time can provide details of several building inspection professionals.
- A registered valuation of the property — approximately $800-$1500. Generally this is a banks requirement if you lend over 80% of the purchase price of the property, but can be advised to seek, to ensure you are getting
- A Land Information Memorandum (LIM) report — about $300-$600 – this tells you more about the properties history, and is held by the council. A lawyer can advise of the content once received.