Independent mortgage advice for buying a family home
Key steps when buying a family home
1. Understanding your needs and budget
adviceHQ acts as a bridge between you and New Zealand lenders. To start you correctly on the path to financial success, we first gain an understanding of your unique needs and financial situation. We can help you with:
- Budget assessment: We will evaluate your income, expenses, and existing financial commitments. We consider your affordability and help you work out a realistic budget for the purchase of your family home.
- Loan affordability: By analysing your financial health, we can calculate how much you can comfortably borrow. This ensures you don’t overextend yourself financially.
2. Exploring your mortgage options
The NZ mortgage market offers various loan products, each of which has its own terms, interest rates, and features. adviceHQ will help you explore these options and decide on the best combination:
- Interest rates: We can explain the nuances of fixed-rate, floating-rate, and hybrid mortgages. We will guide you toward the most suitable rate structure based on your risk tolerance and future plans.
- Loan features: We can break down mortgage features like offset accounts, drawdown facilities, and early repayment options. Understanding these can help you choose a mortgage that aligns with your goals.
3. Legal implications and risks
Buying a home involves legal intricacies. Here’s where adviceHQ’s professional advice can help:
- Ownership structure: Whether you’re purchasing with family members or friends, it’s important to decide on the property’s ownership structure upfront. We can discuss your options at a high level, so you can have an informed conversation with your solicitor.
- Income considerations: If you’re co-buying with others, the lender will assess if you’ll live together or separately. This impacts how your incomes are considered for mortgage approval.
- Credit records: Co-ownership of a family home means your credit record is linked to your co-owners’. Responsible financial behaviour by all parties is important to maintain a healthy credit profile.
4. KiwiSaver and first home buyer considerations
If you’re considering tapping into your KiwiSaver to buy a family home, adviceHQ has the knowledge and expertise to help you make the best-informed decision possible.
- KiwiSaver withdrawal: If you’ve been part of the KiwiSaver scheme for over three years, you can access your savings for a first home purchase. However, this is a one-time withdrawal, so co-buyers should plan accordingly.
- First Home Grants: Income thresholds and house price caps apply to first home buyer grants. It’s important to make sure you meet the eligibility criteria if you’re pooling resources with family members.
- Welcome Home Loan: The Welcome Home Loan scheme is designed to help first home buyers with moderate incomes who may not have a 20% deposit saved.
- KiwiBuild: This is a government initiative aimed at increasing the supply of affordable housing in New Zealand. It offers eligible first home buyers the opportunity to buy newly built family homes at more affordable prices.
Why trust adviceHQ with your family home financing needs?
Choosing a mortgage provider for your family home isn’t just about interest rates; it’s about aligning your financial strategy with your home ownership goals. adviceHQ are trusted advisors who understand the New Zealand market. Our expertise will help make sure you have a smoother home-buying experience and minimise your risks – setting you on the path to creating great memories in your new family home.
Contact us today to schedule a chat and take the first step towards achieving your financial goals through property investment.
