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
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!
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?
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!