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 yourself a home.  The minimum deposit needed has halved to 5% and the minimum deposit required to get the benefit of the First Home Grant from the government has also dropped to 5%.  But for “second chance” buyers the big thing is that you will not be asset tested.  If you have assets worth more than 20% of the value of the home you wish to buy that is OK, the old cap is gone and you are no longer excluded. This has a huge impact on second chance buyers.  For example, a $500,000 house did need a $50,000 cash deposit, 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 $5,000 First Home Grant per person and the deposit becomes very reachable.  But as a “second chancer” you can buy the property even if you have assets worth more than the old 20% limit, you can keep your good furniture and car or have the inheritance you … Continue reading Great News for “Second Chancers” trying to buy a home!