Now you know how much you need for a deposit you can get on the fast track to home ownership with these sure-fire saving tips: 1. Check out your state’s FHOG scheme. Attention first home buyers! The First Home Owners Grant, a one-off and tax-free payment, could be the key to cracking that 20% home loan deposit you need.
Yes, you can, but you will need a guarantor. Most people who get no deposit loans are first home buyers who will live in the homes they purchase. Most lenders prefer these types of buyers as they usually pay their loans on time. To get the loan approved, however, you will need a guarantor.
For purchasing an existing home, the grant is between $3,000 and $5,000 based on $1,000 each year of KiwiSaver membership. For building or purchasing a new home, or for purchasing land to build a new home on, the grant is, in effect doubled to, $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member.
LMI: This is the other major cost of buying your first home with no deposit. LMI can range from $0 for a quick start loan up to 5.1% of the loan amount. Call us on 1300 889 743 or fill in our free assessment for m for an LMI quote or use our LMI premium calculator to find an exact premium for your situation.
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With the uncertainty of tax changes gone, a lessening of borrowing restrictions, and a new scheme to help first home buyers coupled with two interest rate drops it looks like things are swinging back into the borrowers’ favour.
As a first home buyer, you may be eligible for the First Home Owner Grant scheme. This is a scheme that makes one-off grants to eligible purchasers when purchasing their first home. Like to know more. For the latest information on the First Home Owner Grant in your state, take the time to visit the First Home Owner Grant website.