A home loan deposit can be made up of different funds aside from your savings. Although demonstrating effective savings is highly recommended in the eyes of lenders, a deposit may be from a couple different sources such as your Kiwisaver or gifted from a family member.
There are several things to consider when you’re thinking of buying a house – what size deposit you’ll need, how you’ll save for your deposit, and how you’ll afford your ongoing home loan repayments.
Good habits to maintain before and during paying a home loan:
o Keep track of your spending.
o Before you buy something, ask yourself ‘Do I really need this?’
o Automate your savings so your money is out of your account before you get a chance to spend it.
What are your deposit options aside from savings?
If you’d like some more information about your deposit options, we also have a First Home Buyers Guide to Lending document which provides further guidance on the process as well as some definitions to terms you’ll come across. You can download our guide for free from our website.
If you’d like to get in touch to learn about your lending options, feel free to contact us using our details below or head to our website. You can also subscribe to our monthly newsletters where we provide information on the latest housing market updates.
Looking forward to hearing from you soon.
Fiona & Amy
NZ Mortgage Advice.
NZ Mortgage Advice are a team of experienced Mortgage Advisors based in Hawkes Bay & Nelson, helping clients across New Zealand with their lending.
Address: PO Box 93016, Bayview, Napier, 4149