When it comes to buying your first home it’s not unusual to need a helping hand. The Welcome Home Loan, supported by Housing New Zealand Corporation, could be just the foot in the door that you’re after.
- Borrow up to $200,000 with no deposit needed.
- If the property is worth more, you could borrow up to $280,000 or $350,000 - depending on where the property is you will be buying, see TSB Bank for details.
- A minimum deposit of 15% is required on the portion of the loan above $200,000. The deposit can be from your own savings or even gifted.
Who can apply?
- If you are borrowing on your own or with one other person, your household income can be up to $85,000. Or if there are three or more of you borrowing your household income can be up to $120,000.
- You need to be a New Zealand Resident or Citizen and you must not already own a home.
- You will also need to have an acceptable credit history, and you will be required to live in the house you buy for the life of the loan.
Deposit assistance available for no deposit loans
The person you’re buying the house from may need you to pay a deposit before your loan is available. We can help, with up to 5% of the purchase price, or a maximum of $7,500, whichever is lower. This is paid straight to your solicitor’s account, to be repaid on settlement of the property from the main loan and is subject to approval.
Administration fees apply and must be paid prior to settlement.
Expect a head start with KiwiSaver
If you have been a member of KiwiSaver for at least three years, you can withdraw your savings to help buy your first home. However the $1,000 the government initially paid to kick start your account and any tax credits paid into your account cannot be withdrawn. Save for three years and you may qualify for a government first home subsidy of $1,000 for each year you have saved, up to a maximum of $5,000. Couples can also each qualify for the first home subsidy. Conditions apply.
For more information, or to apply, contact your local TSB Bank