Helping You Get Into Your First Home

Looking to buy your first home? You're most likely going to need a mortgage.

Although it's not as exciting as browsing Trade Me or looking through property adverts, mortgage planning is essential. It can also be stressful if not done properly. This is where we come in!

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What Are Welcome Home/First Home Loans?

These are loans backed by new crown entity Kāinga Ora (previously by Housing NZ) and available via certain banks. Minimum deposit is 5% from 1 October 2019, amongst other criteria around income and price caps in certain areas. First Home Loans (formerly Welcome Home Loans) are useful if banks' supply of low-deposit loans are limited due to Reserve Bank restrictions.

Is This Service Free?

The bank or lender pay for our service when you settle a loan so most of the time there is no fee to use our service. There are rare occasions when we have to charge a fee such as commercial loans, business loans, bridging loans, 2nd mortgages and personal loans, which would be agreed in advance.

KiwiSaver: Can I Use It, And How Does It Work?

If you are a first-home buyer (or Kāinga Ora approved 'second chance' buyer) and have been in the scheme for at least 3 years, you should be eligible to use your KiwiSaver funds excluding the $1,000 Kick Start. You may also be eligible for the KiwiSaver First Home subsidy (formerly HomeStart Grant), between $3,000–$10,000.

How Much Deposit Do I need?

We can obtain finance from as little as 5% depending on the circumstances. Ideally you will have at least 10% or 20% which will make the loan cheaper and easier to get and improve your borrowing power. Gifts and family guarantees can also be part of the deposit.

Can I Use A Guarantor?

Using a parent or family member's equity can be a good way to help pull together a deposit. The guarantor does need to have a sound financial position and prove they could service the guaranteed portion of the loan on top of their existing financial commitments.

Get Pre-Approved For A Home Loan

Whether it’s your first home, investment property or you are upgrading, before you head out house hunting you need to determine exactly how much you can afford. We get this for you in writing so you know exactly what the boundaries are in terms of loan amount and conditions attached to the loan offer.

What Info Do I Need To Provide?

The more complete our application is, the quicker and easier we get a positive answer. The basic info we need is the last 3 months bank statements, last 3 payslips (and other proof of income such as last 2 years financials if self-employed), photo ID and proof of deposit such as last 3 months savings, KiwiSaver withdrawal amount confirmation and HomeStart approval letter if eligible.

How Much Can I Borrow?

There are many factors which determine this including age, dependents and debts you have. The percentage deposit you have is the first key factor. If you have less than 20% deposit, then approximately 3-4 times your annual salary is a guide to loan size. If you have a 20% deposit, it could be 5-6 times your annual salary just as a guide.

Please click on the below link to work out repayments

Where do I start?

The best place to start is with your Pope & Co. mortgage broker. Find out your borrowing power—we help with the forms, KiwiSaver, HomeStart/First Home Grant and getting pre-approved. We'll also provide guidance on the house-buying process, placing offers and working through to an unconditional stage. Then we help negotiate rates and give you a personalised mortgage reduction plan, to help you get mortgage free quicker.