Call 0275 476 739 or Freephone 0800 000 518

craig@craigpopefinancial.co.nz

Let’s Chat

First Home Buyers FAQs

frequently asked questions

How much deposit do I need?
You can buy your first home with a 5% deposit, including the Kainga Ora First Home Loan scheme which we can access through various major Banks. But most banks have a 10% deposit requirement if you don’t meet the Kainga Ora Criteria (this policy can change at any time, so check in with us on this). 
How much can we usually borrow for a first home?

This is a difficult one to answer as there are alot of complexities and different banks will lend you different amounts. But as a rough estimate, assuming no kids and minimal debts, multiply your gross annual pre-tax income by 6 for a real rough idea (then add deposit = budget). But for a more accurate assessment, please contact us.

How long does the finance application process usually take?
This can vary at any stage, but once we have all the relevant paperwork, 5-10 working days. 
Why should I use Craig Pope Mortgage Adviser?
Buying a home is complex, let alone trying to get finance for it! Craig has over 20 years finance & lending experience, great relationships with lenders and personally bought and sold over 60 times.
At any given time, not all banks will lend to you, some will not pre-approve you till you have a live offer pending, some will not like the house you are trying to buy, some will lend you various amounts based on credit criteria. So there is a lot of complexity that Craig Pope will help smooth out to get to the best possible solution!
Craig Pope also provides free property analysis reports and is available 7 days a week for your questions!
Can I bid at Auction as a first home buyer?
Technically yes, but this is alot easier with a 20% deposit. If your deposit is less than 20% however, you run the risk of spending alot of time and money on reports, then assuming the banks allows us to proceed, you may still get outbid. So it’s a delicate situation that needs our guidance. 
I have potentially a bad credit history, what are my chances of buying a first home?
It depends on the size of deposit and if the credit items are paid. Every situation is different so please contact us for guidance as it may be possible. 
Why don't I just talk to my own bank?
Given the complexity of buying your first home, your own bank may not be the best fit for you. Hence using our service gives you impartial advice and help, 7 days a week. 
Are there any no deposit options?

Technically no, however it may be possible with a guarantor, usually a parent or close family member who has plenty of equity in a property and a good income. Contact us to discuss your situation.

What costs do I need to be aware of for my first home?
If your deposit is less than 20%, banks will normally require a Registered Valuation on the house you are buying. This can cost around $1,000 and is ordered a certain way. 
Often sellers provide a Council LIM report, but this can cost $400-500 (or you can visit the council in person to check the files). 
A building report can cost $500-$1,000 + depending on the inspection company.
Lawyer costs can also vary depending on the amount of work they do but budget around $2,500
I am over 50 years of age, is it too late to buy my first home?
Never! Obviously it’s harder but we have helped many people later in life make it happen, so contact us to disucss your situation. 
Will we get good rates with low deposit?

Cash back and mortgage rates, including low equity fees can be a moving target. When you have less than a 20% deposit, our options can be limited and the banks will not always give us the same deal a person with a 20% deposit may receive. As options can be limited and criteria strict, first and foremost we need to get an approval from somewhere. Then we work out what our best possible ‘deal’ may be, as each bank can vary regarding that. With less than 20% deposit you will pay a bit more, but part of the process is to get a fair outcome that is affordable and as generous a cash back deal as possible. 

We have seen a house we want to offer on ASAP but haven't got approved yet, can we still make an offer?

No problem! Firstly we have a quick chat to see what your borrowing capapbility is, then you can still offer but would likely need a 10-15 day finance clause to allow time to pull together paperwork. Having a “live’ offer accepted also helps prioritise our situation with the banks. 

How does Craig Pope Mortgage Adviser get paid?
The bank or lender usually pay us at settlement for our time, but some ts and cs apply
I am really busy, can we do all this online?
Absolutely! We have easy to navigate systems and can give you all the help online. We can also have virtual meetings if that helps or you can visit our office.