First Home Loans
First Home Loans at Initial Money
Embark on your homeownership journey in New Zealand with Initial Money's First Home Loan. Tailored for first-time buyers, our loans feature competitive rates, flexible terms, and a streamlined process. Benefit from our local expertise and guidance through every step, ensuring you understand all options, including government initiatives like the First Home Grant. Start with an easy online application and let our dedicated team support you in making your dream home a reality. Contact us today to learn more and take your first step towards owning your perfect home.
Note
Loan terms are subject to availability. Based on your credit score and profile, we offer interest rates that are tailored to each borrower's particular financial situation. You must comply with our standard credit requirements and responsible lending laws to be approved. Terms, conditions, & fees are involved.
What do I need to apply for finance?
While every application is different, these are the minimum requirements when applying for a vehicle loan, there are a number of ways you can both increase your chances of receiving finance approval and reduce the amount of interest applied to your car loan.
Our minimum requirements are:
- Savings/KiwiSaver
- Must have residency
- Evidence of employment or have a regular income.
- Must be 18 or older
- Sale & purchase agreement
A Detailed Guide
Navigating Your First Home Purchase in New Zealand:
1. Determine Your Budget:
Assess your finances, including savings and Kiwi saver, income, and expenses, to determine how much you can afford to spend on a home.
2. Get Pre-Approved for a Mortgage:
Contact Initial Money, to get pre-approved for a mortgage. This will give you a clear understanding of your borrowing capacity and streamline the buying process.
3. Research Properties:
Explore properties that fit within your budget and meet your criteria, such as location, size, and amenities. Use online listings, attend open homes, and work with a real estate agent to find potential options.
4. Make an Offer:
Once you find a property you like, work with your real estate agent to make an offer. Consider factors such as market conditions, the property's condition, and recent sales in the area.
5. Conduct Due Diligence:
Before finalizing the purchase, conduct due diligence to ensure the property meets your expectations and is free from any issues or defects. This may involve obtaining a builder's report, conducting a title search, and reviewing relevant documentation.
6. Secure Financing:
Once your offer is accepted, finalize your mortgage with your lender. Provide any required documentation and complete the necessary paperwork to secure financing for your home purchase.
7. Arrange Settlement:
Work with your lawyer or conveyancer to arrange settlement. This involves transferring ownership of the property, paying any outstanding fees or taxes, and completing the necessary legal paperwork.
8. Move In:
Congratulations! Once settlement is complete, you can officially move into your new home. Enjoy the excitement of homeownership and make your new house feel like home.
9. Consider Government Support:
Explore government schemes and incentives for first-home buyers in New Zealand, such as the First Home Grant and the First Home Loan Scheme. These programs can provide financial assistance and make buying your first home more affordable.
10. Seek Professional Advice:
Throughout the process, seek advice from professionals such as mortgage advisors, real estate agents, lawyers, and conveyancers. They can provide guidance and support to ensure a smooth and successful home-buying experience.
Note: This is just an example guide. The actual process may vary based on individual circumstances and market conditions. Always consult with a professional for advice tailored to your specific situation.
Enquire us
Have a question or need help? Contact us using the form below.