First home buyers
Let us help you navigate the journey as a first home buyer. Whether you have a 5, 10, 20 or 50% deposit, we can look into all options available and work with you and your budget to see what is possible.
We will tell you what documents we need, who the best lenders are for your situation and refer you to any lawyer/buyers agent you need to help you buy.
Kainga Ora First Home Loan
You can buy with a 5% deposit and get interest rates as if you have a 20% + deposit, so it is a great way to buy your first home.
It can, however, be very complicated. Kainga Ora is housing New Zealand, and they have very black and white rules for any bank that does this type of lending. All banks that can do this loan apply the rules differently, which means which means the way to get the best outcome is to work with advisers like us, so we can weigh up the options and apply what bank is best.
Refinancing
Historically, many people did not refinance to other banks, as the process to do so was hard and costly. These days, it is not as scary. You are able to move to another bank, potentially get better interest rates, potentially more cash contribution and access other banks' products.
It is important to make sure that the costs to move outweigh the positive of moving.
This is where we come in, as we can assess all the fees and hidden fees of a move and make sure it really is in your best interest. Banks will always tell you to move to them, but they tend not to provide you with all the fees to make an informed decision.
Let us look at all options and provide you with honest feedback and see what is best for you now, and in future.
Next home buyers
Moving from one property to the next can be daunting. You need to be approved for the new property and make sure that you have enough money from the sale of your current home, to buy the next. Let us guide you through this process. We always look at a “Worst case scenario”, to make sure there are never any unexpected surprised. We can see whether it is better to move to another bank for the new purchase or stay where you are.
You can even likely keep your current interest rates if you move, as long as you buy and sell on the same day. Most customers do not know this and end up being charges early repayment costs, when they could have just transferred the lending to the new property.
Low deposit lending
People tend to think you need a 20% to buy, but this isn’t entirely true. You can buy via the KO loan, mentioned above or if you don’t qualify for this, you can still buy if you have between a 10 and 20% deposit.Each bank treats low deposit lending different.
Some say you nee a offer on a property before you can obtain a approval, whereas some say you can be approved if you bank with them. These types of policies are impossible to know, unless you work with a adviser. Interest rates as well can vary greatly between low deposit lending options at banks. Let us work with you to assess all option and make sure you are getting the best deal.
Investment properties
A common misconception is that when you buy a investment property you need to put your own funds towards it. If you have equity available in your property, you can in fact use that as your deposit and not need to use any of your own funds.
The amount of deposit you need can range from 30% for a existing property to 10-20% if it is a new build. You may be able to buy a brand new investment property using just your equity, so increasing your investment portfolio and still keep your hard earned cash in the bank.
Top ups
Historically, many people did not refinance to other banks, as the process to do so was hard and costly. These days, it is not as scary. You are able to move to another bank, potentially get better interest rates, potentially more cash contribution and access other banks' products.
It is important to make sure that the costs to move outweigh the positive of moving.
This is where we come in, as we can assess all the fees and hidden fees of a move and make sure it really is in your best interest. Banks will always tell you to move to them, but they tend not to provide you with all the fees to make an informed decision.
Let us look at all options and provide you with honest feedback and see what is best for you now, and in future.
Construction
Construction lending can be a painful process. Banks tend to need lots of paperwork, are always very cautious in case the build goes over budget and some people can be turned off by the process. At Williams Mortgages, we have years of experience with construction lending.
Let us guide you to which bank will be most favorable to you, depending on your financial situation and build type. Let us work through the bank paperwork required, simplifying the process for you and making sure you are fully informed about what they need now and throughout the build. Don’t let admin get in the way of your dreams!
