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Simple, fast, stress-free way to borrow.
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Easy Online Application
Simply fill out the online form. It only takes a few minutes. No paperwork or meetings in person. 100% online.
Once approved, we’ll email you the loan agreement. You can review and e-sign online.
Cash In Your Account
Once You’ve e-signed your loan offer. We’ll carry out a few final checks. Once approved, we’ll send your cash within 60 minutes.*
What Would You Like To Apply For?
Types of First Home Loans NZ
Are you looking to purchase your first home in our beautiful New Zealand? Financing a property, particularly for first-time buyers can be daunting. With all of the different loan types and paperwork involved, it can feel overwhelming! But don’t worry—we are here to help. Our team offers specialized loan services tailored specifically for those buying their first home in New Zealand.
We have experience helping countless customers finance their dream homes and we’re ready to provide guidance through every step of the process with competitive rates and excellent customer service. From helping you identify your personalized mortgage goals to assisting with pre-qualifying decisions and paperwork filing – entrusting us as your guide throughout this milestone will save both time and money ensuring the entire journey is thoroughly rewarding for years into the future.
First Home Loan is a special home loan with the New Zealand Government which helps first-time buyers purchase their first home. This type of loan is designed to provide assistance for those who are ready to get into the property market but don’t have the large deposit that most lenders require. With First Home Loan, you can borrow up to 80% of the property’s value, with only a 5% deposit required.
First Home Loan is available for all first-time buyers in New Zealand who are over 18 and meet certain criteria, including those that are not currently owning or part-owning a property elsewhere. It can also be used to purchase a house and land package, or to build a new home.
In order to qualify for a First Home Loan, you must be a permanent New Zealand resident with an income of $95,000 or less per year as an individual buyer without dependants and $150,000 or less per year if you are an individual buyer with one or more dependents. For two or more buyers the combined income must be $150,000 or less per year regardless of how many dependants they have.
Moreover, you must be able to demonstrate your ability to service the loan, with a minimum 5% of your own funds. You must also be able to provide proof of identity and residency documents. Furthermore, you must not own or part-own another residential property. Previous home owner thus cannot apply for this loan.
The property itself must also meet specific criteria including being of reasonably sound condition and not more than 1 hectare in size. The house price caps and area restriction make sure that the loan is awarded to most deserving applicants.
Finally, there is a requirement that the home purchased with the First Home Loan must be your main residence and will remain so for at least 6 months after settlement.
By meeting all of these criteria, you may qualify to purchase your first home in New Zealand with a First Home Loan. It can be daunting to navigate the property market for the first time, but with our help you can soon own your very own slice of paradise in this beautiful country! We look forward to helping you reach your home ownership dreams soon.
There are many great benefits to getting a First Home Loan in New Zealand.
1. Low Deposit:
One of the key advantages of the First Home Loan is that you only need a 5% deposit into your loan account to purchase your first home. This makes it easier for those who are living in a rental property and just starting out in their property journey, as they don’t have to save up such a large amount of money before buying.
2. Co-Buying Option:
Another great benefit of the First Home grant is that it offers an option to purchase a home with family or friends. This can be beneficial for those who may not have enough income to qualify for a loan on their own, but could if they are pooling their resources with someone else.
3. Flexible Loan Options:
You have the option to purchase a home with either a floating or fixed home loan. A floating rate, also known as an adjustable rate mortgage (ARM), means that your interest rates can go up or down depending on the market conditions. With a fixed rate home loan from a participating lender, you will have the same interest rate throughout the life of your loan.
4. Lower LMI:
The First Home Loan also offers lower Lender’s Mortgage Insurance (LMI) premiums. This is an insurance premium that First Home Loan lenders require when the loan-to-value ratio is higher than 80%. With a First Home Loan you only have to pay the one-off LMI premium, rather than a low equity margin (LEM).
These are just some of the advantages that you can get when applying for a First Home Loan in New Zealand. It is an excellent option for first-time buyers who are looking to purchase their first home, and it offers plenty of flexibility and affordability. We recommend talking with our loan specialists today to discuss your options and get assistance in preparing your mortgage application. We can help you identify the perfect loan solution for your needs and guide you through every step of the process.
At our loan agency, our priority is helping you find the best loan products to fit your individual needs. Our experienced team of advisers are available to answer all of your questions and provide guidance to ensure you receive the most suitable loan with a low loan application fee for achieving your goals. We will use our expertise to help make sure that you understand every part of the process—from applying and pre-qualifying to borrowing the funds you need.
We understand that buying a property can be stressful, so let us take care of the hard work for you. Contact our team today and apply for your First Home Loan with us! With competitive rates and an experienced team, we’re ready to help you successfully purchase your first home in our beautiful New Zealand.
Which loan is best for first time home buyers?
The best loan for first-time home buyers is the one that suits their personal financial situation and goals. It’s important to consider what your needs are, such as repayment flexibility, interest rate, and loan term length before making a decision.
First Home Loan handled by the Ora Homes and Communities department may be the ideal option for many people as it offers competitive rates with low deposit requirements, but it’s important to compare other home loans and lenders to ensure you’re getting the best deal for your circumstances. Talk to our experts today and we can help you identify the perfect first home loan lender for you. We have years of experience in the New Zealand market and are ready to answer any questions or concerns you may have.
Can I buy my first home with a 10% deposit?
Yes, you can purchase your first home with a 10% deposit. This may be the minimum required by the lender, or it could be an amount that you’re able to comfortably save. Once you have your 10% deposit saved, you can start the process of applying for a mortgage and finding a loan that meets your needs.
You may be eligible for First Home Loan which requires only a 5% deposit, or alternatively you can look into other lenders and loan types. Our experienced team can help guide you through this process and identify the perfect loan for your situation.
What is the benefit of a first home loan?
The First Home Loan is a great option for first-time home buyers in New Zealand. It offers a range of benefits, including: low deposit requirements (only 5%), co-buying options, flexible loan options (floating or fixed rate), and lower Lenders Mortgage Insurance premiums.
This makes it easier for those who are just starting out in their property journey, as they don’t have to save up such a large amount of money before buying. It is also beneficial for those who may not qualify for a loan on their own, but could if they are pooling their resources with someone else.
How much deposit do first home buyers need?
When applying for a Westpac First Home Loan or the same loan from your preferred lender, you will need to provide 5% of the property’s value as a deposit. This is much less than the standard 20% required by most lenders in New Zealand, meaning that first-time buyers can get into the property market sooner with less money upfront.
The deposit must be from your own funds, and cannot be borrowed or gifted by family/friends. You must also have the remaining funds necessary to cover any additional costs associated with purchasing a property, such as stamp duty, inspections and legal fees.