Welcome Home Loan
What do you know about Welcome Home Loan?
ATTENTION – FIRST HOME BUYERS
Finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit.
But with a Welcome Home Loan you only need a 10% deposit which means getting into your first home is that much easier.
If you are a member of Kiwi Saver and have been contributing regularly for at least three years, you may be eligible for a Kiwi Saver Home Start grant and a Kiwi Saver first-home withdrawal.
Home Start grant: The Kiwi Saver Home Start grant was introduced on 1 April 2015, replacing the Kiwi Saver first-home deposit subsidy.
Like the Kiwi Saver first-home deposit subsidy, the Kiwi Saver Home Start grant provides eligible first-home buyers with a grant of up to $5,000 for individuals and up to $10,000 for couples to put towards the purchase of an existing home.
In addition, the new Kiwi Saver Home Start grant also provides eligible first-home buyers with up to $10,000 for individuals and up to $20,000 for couples to help with the costs of purchasing a brand new home.
Are you eligible?
Below is a quick guide with the minimum criteria you need to meet to be eligible to apply for the welcome home loan.
You can have a maximum yearly income of up to $85,000 (before tax) for 1 person. Or a combined maximum yearly income of $130,000 (before tax) for 2 or more people.
You will need a minimum 10% of the purchase price of the house you are wishing to buy.
House price cap
The price of the house you are buying with a Welcome Home Loan must be less than the regional house price cap
First home buyer
Or a previous home owner, in a similar financial position to a typical first home buyer.
If you want to talk this through, contact our Swift Mortgages Team
Phone – 09 215 8807 or email us on email@example.com