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First Home Buyer Seminar in Auckland, New Zealand

Global Financial Services Limited is one of leading mortgage broker agency in New Zealand. We recently organized a seminar for first time home buyer. This seminar will suit both first home buyers and those looking to purchase their next home who want a refresher on how it works, who to contact, how to arrange finance and how to save time, money and years of mortgage payments.

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First Home Buyer Seminar in Auckland, New Zealand

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Presentation Transcript

  1. Why are we here? Understand about the market as a first home buyer Clarify the common myths that are out there What affects the ability to borrow from the bank Costs involved in first home purchase Tips & tricks to maximise the loan approval

  2. Common Myths Banks require 20% deposit Banks have unlimited funding My bank will approve the loan because I have been banking with them Banks only look at my income My current loans or borrowings don’t matter My past account conduct or credit history doesn’t matter

  3. What is deposit and how much Banks prefer to see at least 5% of the house purchase price coming from the sources below. Kiwisaver Contribution Housing New Zealand subsidy Money gifted by a family member Proceeds from sale of a house or car Deposit or savings in NZ or overseas account Ideally banks prefer 10% deposit these days!

  4. What impacts borrowing power Kiwisaver Contribution Limit of credit cards Overtime and Commission Income Present debts – personal loans, student loans, car loans, hire purchase Childcare expense Other expense – Sky City Full time vs part time role vs self employed

  5. Costs involved with first home purchase Lawyer cost Valuation Cost LIM Report Building Inspection Loan Application Fee Low Equity Fee

  6. Tips & Tricks to maximise borrowing Reduce or stop Kiwisaver contribution before the application Reduce or cancel credit cards Stop child care expense Increase number of hours in the role Change the bank you have your main account with before the application Pay off existing debts – fully or partially including reducing repayments

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