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First Home Loan Deposit Scheme: The 3 things buyers need to know before applying for a 5 percent deposit

Saving your first home loan deposit can be daunting, but Westpac have mortgage options to help first home buyers. compare our Family Springboard, Welcome Home Loan, or KiwiSaver deposit options online now.. What you need to know about Low Equity Margins

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How much do I need for a deposit? If you have started saving you can start to look at buying once you have at least 5% of the purchase price. If you have between 5% and 20% of the purchase price, you may need to pay what’s called lenders mortgage insurance, which enables us to lend you a larger percentage of the purchase price. This can be included either in your upfront costs or in your loan repayments so that it’s spread out over the term of the loan.

Most lenders will require a minimum deposit for a home loan of at least 20% of the amount you are borrowing. So if buying a house worth $600,000 you’ll need to save a deposit of at least $120,000. There may be some exceptions, however, such as through the Welcome Home Loan Scheme for first home buyers, which would require a deposit of 10%.

Buying your first home.. Housing New Zealand underwrites the loan. Before you can get a loan you need to meet criteria set by the government and your lender.. First-home buyers can apply for a FirstHome grant of up to $20,000 towards the deposit needed to buy one of these properties.

As a First Time Buyer you will need a deposit of at least 10%, however the Loan to Value is a maximum of 80% for a one-bedroom property. Go get the ball rolling, see how much you may need for a deposit and start saving today.

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