How much deposit do you need?
The amount of deposit you need really depends on what you are trying to do. Apart from each individual bank’s own rules, there are also restrictions from the central bank one must adhere to.
Deposit requirement for the home buyer
We can get approvals for client buying with a 10% deposit. Banks are allowed a limited number of buyers with less than a 20% deposit so expect to be buying well within your budget. It also helps if you have a good savings history.
Buying an apartment
Most banks would like a 20% deposit, however less can be possible if you are buying well under your budget.
Deposit requirements for an investor
35% by way of deposit or equity is required for an investment property, exemptions to this rule can be applied especially if you are buying off the plans or building.
The welcome home scheme or Kiwi Build?
We can arrange a home loan for Kiwi Build or a Welcome Home. Certain criteria does apply.
Buying off the plans
Be weary of how long the build might take – most banks are only able to hold an approval from 3 to 12 months.
Less than 10%
Possible with strong incomes or clients well under their budget.
Some handy tips for 1st home buyers
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