Calculators and Handy Tools.
Helping you make informed decisions.
Buying a first home in Auckland should be an exciting process – and with the right help, it is. Getting a leg up on the property ladder and getting a first home mortgage in Auckland can, however, be a process that involves a lot of questions.
At Mortgage People, we have been around for more than 25 years. That’s plenty of time to answer any of your questions as you look to take that very first step.
How much deposit does an Auckland first home buyer need?
Depending on your circumstances, you can buy your first home with a deposit as small as 10 per cent of the property’s value. In many cases, you will need more than this – up to 20 per cent. Finding the right Auckland mortgage broker means you can view a vast spectrum of home loans, and find a deposit that suits you.
Remember though – the higher the deposit, the less interest you will pay.
There are also LVR restrictions, which limit the number of loans that can be issued with a certain deposit. However, this is not a blanket legislation – using a mortgage broker in Auckland can give you access to a variety of loans that can be used as a workaround.
Can you buy a first home in Auckland with Kiwisaver?
If you have been with Kiwisaver for more than three years, you can take out contributions from you and your employer to put towards your first home. This can reduce the savings burden on you, giving you more power to buy.
A mortgage adviser can help you work out exactly how to use your Kiwisaver to get on the ladder.
How much can an Auckland first home buyer borrow?
This is the million dollar question. In some cases, quite literally a million dollar question. How much you can borrow to buy a first home in Auckland depends on many factors:
- Your deposit,
- What a lender is prepared to give you for a particular property,
- Your spending habits and credit history.
At Mortgage People, we have a number of handy home loan calculators that can aid you in working out your borrowing power.
A first home loan in Auckland can feel like a daunting process, but the right mortgage broker can make it a breeze. We have spent a quarter of a century giving people more choice when it comes to their first home, and you can tap into this wealth of knowledge for your own benefit.
Shop around, get independent and impartial advice, and give yourself as many options as you can – you deserve it.