Buying a home is a huge step and a dream many Kiwis aspire to achieve, but the process can seem overwhelming and scary, with many lingering questions – how much can I borrow? What will my mortgage repayments be? What is the current state of the housing market? Do I buy an existing home or build new?
There’s a world of information for first home buyers. Mortgage structures, KiwiSaver grants, property prices, the housing market, construction finance and more. So where do you start? If you and your partner have a combined total of $65,000 or more in KiwiSaver and savings, and a combined income of $90,000 or more, owning a brand-new Signature Home could be closer than you think.
One50 Group is a financial services company we work in partnership with to help you finance your new home, and their financial experts are well-versed in construction finance and the options available to you when you choose to make your first home a new home.
Signature Homes has House & Land Packages located across the country, which are sold at a fixed price with no hidden surprises, often requiring as little as 5% deposit with no more to pay until the build is complete. One50 can also advise you on whether you are eligible for the KiwiSaver Homestart grant, which could give you up to $20,000 per couple towards your new Signature Home.
You may already be some way along the home buying process looking for an existing property and have undergone the many pitfalls that come along with it – spending hours at open homes and thousands on professional building reports and valuations only to discover structural issues or have properties go beyond your budget at auction. Not to mention actually finding the right home that suits your family and lifestyle.
There are so many benefits to building a new home over buying an existing home, not least the fact you will move into a modern, warm, low-maintenance and quality home right from the outset. There’s nothing to fix up, no costly renovations and no compromises on quality.
One50 can give you an idea of what you can borrow within 24 hours, which will arm you with a budget to bring to your first meeting with a New Home Consultant. One50’s experts can organise your finance pre-approval and set up your mortgage structure to maximise your interest savings, ensuring you can pay your mortgage off as fast as possible.
To find out if you qualify, click here.