Things get easier in less than 4 weeks’ time…
From the 1st October the Welcome Home Loan becomes First Home Loan and the KiwiSaver HomeStart Grant becomes the First Home Grant, and the rules get easier to buy your first home. The minimum deposit needed has halved to 5%. Also, the minimum deposit required to get the benefit of the First Home Grant from the government has also dropped to 5%.
This has a huge impact on first home buyers who often struggle to get their 10% deposit together. For example, a $500,000 house did need a $50,000 cash deposit and many people simply do not have $50,000 even after their KiwiSaver cash is used, now the same house only needs a $25,000 minimum deposit which is within easy reach for many KiwiSaver Scheme owners. Add to this a grant of up to $10,000 First Home Grant for a couple and the deposit becomes very reachable.
To find out how this (along with low interest rates on offer) will impact you and your ability to own your own home, contact us now for a free no obligation discussion. Have your questions answered, don’t miss this one!