Hi everyone,
I’ve written a blog about the steps involved in applying for a home loan, so have a read and if you have a question about home loans leave it for me here. I’ll do my best to answer it for you!
- Tash
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When it comes to deposits obviously the larger the better, but is there a minimum that I would need to have for you to even consider lending to me?
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Hi Padwa, great question!
If you’re a first home buyer looking to get a home loan your best bet will be to have a deposit of at least 20% of the cost of the property you’re looking to buy.
In 2013 the Reserve Bank of New Zealand put some restrictions in place on lending to customers who have a less than 20% deposit, so if your deposit is a little short of 20% your application will be subject a number of assessments.
You can find more about these restrictions on our website here: https://www.bnz.co.nz/support/home-loans/home-loan-changes
Let me know if you have any further questions about this!
- Tash