First Home Buyer Seminar in Auckland, New Zealand

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Why are we here?
Understand about the market as a first home
buyer Clarify the common myths that are out
there What affects the ability to borrow from
the bank Costs involved in first home
purchase Tips tricks to maximise the loan
approval
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Common Myths
Banks require 20 deposit Banks have unlimited
funding My bank will approve the loan because I
have been banking with them Banks only look at
my income My current loans or borrowings dont
matter My past account conduct or credit history
doesnt matter
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What is deposit and how much
Banks prefer to see at least 5 of the house
purchase price coming from the sources below.
Kiwisaver Contribution Housing New Zealand
subsidy Money gifted by a family
member Proceeds from sale of a house or
car Deposit or savings in NZ or overseas
account Ideally banks prefer 10 deposit these
days!
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What impacts borrowing power
Kiwisaver Contribution Limit of credit
cards Overtime and Commission Income Present
debts personal loans, student loans, car loans,
hire purchase Childcare expense Other expense
Sky City Full time vs part time role vs self
employed
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Costs involved with first home purchase
Lawyer cost Valuation Cost LIM Report
Building Inspection Loan Application Fee Low
Equity Fee
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Tips Tricks to maximise borrowing
Reduce or stop Kiwisaver contribution before the
application Reduce or cancel credit cards Stop
child care expense Increase number of hours in
the role Change the bank you have your main
account with before the application Pay off
existing debts fully or partially including
reducing repayments