Mortgages for First Home Buyers

Making your dream of home ownership a reality

Buying your first home?

 

Are you looking to buy your first home? Need help navigating the complexities of the market to find the right home loan? We are here to help you every step of the way, from saving for a deposit and getting a home loan pre-approval to finding the right property and making sure the move into your first home goes smoothly. Apply today or get in touch with our team of experienced mortgage advisers to learn more.

Steps to buying your first home

 

The journey of purchasing your first home involves many stages, each crucial to ensuring a smooth, successful experience. This process can seem daunting for many first-time home buyers, from saving for your deposit to navigating the complexities of mortgage applications and property searches.

 

At Max Mortgages, we specialise in first-time home buyer mortgages, offering expert guidance and support every step of the way. Our dedicated team is here to help you understand and manage each stage, making your dream of homeownership a reality.

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Happy couple holding piggy bank and wooden house model

DEPOSIT OPTIONS →

Generally, you’ll need at least a 20% deposit to qualify for a home loan. However, you may be able to secure a mortgage with a lower deposit if you are a first-home buyer. There are a few deposit options available to you that could help you reach your goal faster.

Deposit Options

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Mortgage Adviser and customer shaking hands after signing documents

HOME LOAN PRE-APPROVAL →

Getting the right home loan can be challenging, especially for first-home buyers. To help you make an informed decision, this section explains what you might be able to borrow and the benefits of getting pre-approved.

Pre-Approval

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Real estate agent showing a house to a young couple looking to buy it

PROPERTY HUNTING →

With your pre-approval sorted and a price range in mind, it’s time to find your dream home! Before you start looking, check what you’ll need to consider so you end up in a home you’ll feel comfortable in for many years!

Property Hunting

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House key for unlocking a new house is plugged into the door

SETTLING HOME →

Now that you’ve found your new home, it’s time to make it yours. We’ve compiled a handy timeline to help you understand the home-buying process, from making an offer and paying your deposit to getting insurance arranged and what to expect on settlement day.

Settling Home

See our guide to buying your first home

 

Navigating the maze of home loan options can be daunting, especially for first-home buyers. However, having a Mortgage Adviser on your side can make it much easier. Check out our handy video to find out what Max Mortgages can offer!

Our foundation began with Max Loans. Over the years, we have grown steadily and diversified into the company we are today—the Max Money GroupMax Mortgages is part of the Max Money Group and specialises in helping Kiwis arrange home loans NZ-wide.

Finance for Kiwis from people who care

Read how we’ve helped other Kiwis with their mortgages and home loans.

Customer reviews are collected independently through Feefo. Feefo connects directly with our customers to collate and publish customer feedback. In other words, you can be assured that the feedback you see here has come directly from our customers!

How Max Mortgages works with you to find your first home

 

We guide you through the complex process of securing your first home loan. We’ll analyse your financial situation—income, expenses, and credit history—to determine a suitable budget for your first home. Our advisers provide access to various mortgage products from various lenders, ensuring you can compare and select the best deal for your needs.

 

In addition to sourcing suitable loan options, we negotiate favourable loan terms and interest rates on your behalf, leveraging our relationships with New Zealand lending institutions. We assist with the application process, helping you prepare and submit necessary documents. We offer ongoing support throughout the journey, addressing any issues and questions you may encounter.

First-time home buyer mortgage FAQs

Generally, first-time buyers must have a deposit of at least 20% of the property's purchase price. However, some lenders may offer mortgages with lower deposit requirements, depending on the borrower's financial situation and the lender's criteria.

Yes, you can use your KiwiSaver to purchase your first home, provided you have been a member for at least three years. You must intend to live in the property and not use it as an investment. Consult your KiwiSaver provider and Kāinga Ora for more details.

First-time buyers can choose from various home loan options, including fixed-rate, floating (variable) rate, and combination loans. Each type has its benefits and drawbacks, depending on your financial situation and market conditions.

To apply for a home loan, you typically need proof of identity, proof of income (such as payslips or tax returns), bank statements, and details of any existing debts or financial commitments.

Fixed interest rates remain the same for a set period, providing stability in repayments. Floating (or variable) interest rates can change based on market conditions, possibly resulting in lower or higher repayments over time. Choosing between them depends on your financial situation and risk tolerance.

Mortgage fees can include application, valuation, legal, and settlement fees. Additionally, some lenders may charge early repayment fees if you pay off your mortgage ahead of schedule.

To improve your chances of approval, ensure you have a good credit score, save for a substantial deposit, reduce existing debts, and provide comprehensive documentation of your income and financial status. Demonstrating financial stability and responsibility is key.

A mortgage adviser helps you navigate the home loan process, providing expert advice on the best mortgage options for your situation. They can assist with applications and negotiations with lenders. A mortgage adviser can be beneficial in making informed decisions, especially for first-time buyers.

If your home loan application is declined, review the reasons. Work on addressing these issues, such as improving your credit score or saving a larger deposit and consider seeking advice from a mortgage adviser. You can also apply with other lenders who may have different criteria.

Are you getting the best Mortgage Rates?

 

Explore the latest home loan interest rates from various NZ mortgage lenders. Contact us to learn more about current mortgage trends and how they could affect you!

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