Home ownership is in the Kiwi DNA. It may be harder than it used to be, yet every year thousands of Kiwis just like you buy their first home.
Don’t worry if you don’t know where to start. The process of climbing onto the property ladder for the first time can be broken down into simple steps. The more you know, the smoother the process will be.
HOW MUCH CAN YOU BORROW?
First you’ll need to get your deposit together. Usually that’s 20 percent of the home’s value and the bank lends you 80 percent. Sometimes, however, you may only need a 10 percent deposit. It pays to talk to TSB to discuss your situation.
To work out how much you have as a deposit, find out how much you can withdraw from your KiwiSaver, and add this to your other savings and any monetary gifts from family. It’s not unusual for parents to act as a guarantor for a portion of your borrowing.
When working out how much you can borrow, TSB will consider your income and your borrowing history. It’s all about ensuring you can comfortably make the repayments, which is in everyone’s best interest.
WHAT GOVERNMENT SUPPORT IS AVAILABLE?
This story is from the August 2019 edition of Your Home and Garden.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2019 edition of Your Home and Garden.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Banana & cinnamon upside-down cake
SERVES 10
IT TAKES A VILLAGE
Help from friends and family and treasured heirlooms added heart and character to this bungalow's makeover
RUG UP
Walk this way if you're looking to add warmth, character and personality to your home
FAMILY TREES
Creating a child-friendly backyard was a priority for an Auckland couple
CONJURING UP...MORE BATHROOM STORAGE
We asked the experts for their reno-free tricks to stash our bathroom stuff
AIR IT OUT
Laundry trends you'll love, plus washing hacks for all sorts of spaces
INSPECTOR GADGET
Did someone say soy milk latte? Coming right up, as we test the Breville Barista Touch Impress
The fine art of apologising
Why saying sorry is an act of courage and not a sign of weakness
Go with the flow
Flow Studio’s Staci Coble shapes her clay using the gentle currents of the ocean as her muse
Magic of mushrooms
Follow gardening editor Mary Lovell-Smith’s fun guide and conjure up your own edible delights