KIWI HOMESTART
How
does it
work?
Interest rates are the lowest they've ever been!
House prices are increasing faster than ever!
And our Government wants you to take advantage now!
Utilising a combination of the First Home Grant from Kainga Ora, the KiwiSaver First Home Withdrawal and a First Home loan securitised by Kainga Ora. You could own your first home without any further savings contribution.
First Home Grant
Receive up to $20,000 for the purchase of a new property with the KiwiSaver HomeStart grant from Housing New Zealand. Receive $2,000 per year of membership up to a maximum of 5 years per person.
Do you qualify?
-
Contributed to your KiwiSaver for 3 years
-
18 years of age
-
Purchasing your first home
-
Have a household income (before tax) of less than $85,000 per year (for one person), or less than $130,000 per year (for two or more people)
-
have a deposit that is 5% or more of the purchase price, including the addition of the grant
-
Be planning to live in the house for at least 6 months from the settlement/completion of the property.
KiwiSaver First Home Withdrawal
In addition to the KiwiSaver HomeStart grant you are able to contribute any KiwiSaver amount towards your first property.
Do you qualify?
-
Contributed to your KiwiSaver for 3 years
-
Leave a minimum $1,000 balance
Purchase Limits
Bank Loan
Our qualified mortgage brokers will obtain the best loan for you from a panel of lenders.
You can borrow up to a maximum 95% loan to valuation ratio if you also want to qualify for the HomeStart grant.
The loan type and LVR will vary from client to client.
Purchase Limits
Maximum price caps are used to ensure that properties remain within the affordability range of first home buyers in New Zealand.
Auckland & Queenstown
- $650,000 limit
Hamilton City, Tauranga City, Christchurch City, Selwyn District, and Waimakariri District
- $550,000 limit
The rest of New Zealand $500,000
Example Purchase
$500,000 purchase price
$20,000 HomeStart Grant + $5,000 from KiwiSaver = $25,000 deposit.
Therefore 95% loan to value ratio (LVR) = $475,000 loan
A $475k loan at an interest rate of 3.3%
= repayments of $480 per week
(on principle & interest repayments)
Our Process
Pre-Assessment
Step 1
An initial call to see where you are at, what you are looking for and we will explain in more detail exactly how we can help.
Finance Check
Step 2
We need to check to see if you will qualify for finance. We can also see which lenders would be best suited and clarify how the purchase will be made. i.e. what structure.
Inspection
Step 3
We aim to put together a number of options to suit your budget and what you are looking for. Once we have the right options we will arrange a day to do the property inspections.
Approvals
Step 4
Upon property selection we will then sign contracts (subject to finance).
We then need to get the banks to approve the loan. We need Housing NZ to approve the Grant and your first home withdrawal from Kiwisaver completed. We handle all of this.
Construction
Step 5
Some properties may be built, others will need to be constructed. We guarantee a fixed price, turn-key product. Meaning no hidden fees and everything you need, ready to move in.
Handover
Step 6
Once your build is complete we will meet you on site to handover your keys and welcome you into your brand new home.