Is it a Good Time for First Home Buyers to Purchase Property?
Buying a home is a huge accomplishment and something many Kiwis dream of one day achieving. While changing marketing conditions may scare off some first time investors, this year offers a great opportunity to buy before prices rise in the future. You may even be able to access NZ Government help for first home buyers. Mortgage Masters is here to help you understand your options for getting into your first home. Let’s take a closer look at why now is a good time to buy and how government schemes support those investing for the first time.
First Time Home Buyers NZ: Why Invest Now?
After peaking in early 2022, New Zealand has experienced a falling market, which is always a good time to buy. Property prices have dropped slowly but steadily in the last six months of the year, and while home values will inevitably rise again, first home buyers are encouraged to take advantage of this opportunity. With interest rates rising and tightened lending restrictions, the right home loan adviser can help first home buyers secure a property with a competitive mortgage rate that works for them.
NZ First Time Home Buyers Grant
The recent tight restrictions on property investors can aid first home buyers, now more than ever. Not only are the market conditions ideal for investing in property, but the first time home buyers grant is available to help Kiwis make their move. Here’s what you need to know about New Zealand’s first home buyers grant and similar schemes to help you achieve your dream of owning a home.
First Home Grants New Zealand
Out of the various grants and schemes that can help first home buyers in New
Zealand, First Home Grants are some of the most well-known. You can get up to $10 000 toward your first home depending on your KiwiSaver contributions and your income level.
Low Deposit First Home Loans
If you are a first home buyer, you may want to explore options other than the standard 20% deposit. While 20% is preferable, there is also the possibility of a 10% deposit for a new property that hasn’t been occupied before. KiwiSaver, personal savings, and gifts from parents/family can all be used to make the lower deposit on qualifying first home loans.
Joint Purchase with Parents
There is also the possibility of a joint purchase with parents using their equity. This option is best for families where the parents still work full-time, and the child has a KiwiSaver account they can draw from. Experienced local mortgage brokers in Auckland can walk you through joint purchases to determine if it makes sense for your first home purchase.
Trust Mortgage Masters to Help First Time Home Buyers NZ
If you’re a first home buyer looking to make a move, Mortgage Masters can help. We have over 40 years of experience as mortgage brokers and independent financial advisers, so we can guide you through NZ Government help for first home buyers. Contact us to learn more about the NZ first home buyers grant and how to make your goal of owning property a reality.