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Hey Maria! , it all Depends on the bank.

– Jasmeet Singh.

Hey Claudia! , you need at least 10% deposit.

– Jasmeet Singh.

Hey James! ,You can always negotiate to 5% or sometimes even less! , you can talk to you lawyer, they can get the KiwiSaver money into their account and if you did not want it they can transfer it back.

– Jasmeet Singh.

Hiya, I would go through a broker for any non-bank deals, too many things to be covered.

– Jasmeet Singh.

Hey Julian!, based on what you are saying, you are better off going back to ANZ and push for more.

– Jasmeet Singh.

Hey Jenna, Well done first of all and Yes you are on the right track if the bank is not coming to the party but GET THE CASHBACK please. Wishing you the best! Keep going!

– Jasmeet Singh.

Hey Casey! , I would do A because it would give me flexibility in case of any problems. A longer term will also help you in the future borrowing because you can adjust your repayments whenever you want to, if you are looking to buy property in the future.

– Jasmeet Singh.

Hey Amy! , all the banks are extremely busy and they are taking a long time for sure, 8 working days is the SLA for the big banks. Yes, if the deposit part will change it may have an impact depending on what are you trying to buy! Any questions, feel free to ask.

– Jasmeet Singh.

Hey Khoi! , you don’t get cash back for refixing , Westpac has 3 year policy so don’t expect anything for another year however you can negotiate after 1 year!

– Jasmeet Singh.

Hey Razvan!, you need at least 30% deposit if you are buying a house to flip it and if it’s not in the best shape! Hope this helps.

– Jasmeet Singh.

Hi Nate! Yes, You just need to do a gifting certificate and that’s it! Wishing you the best of luck.

– Jasmeet Singh.

Hey Gloria!, ANZ allows you to make a lump sum of 5% of the mortgage amount, I would do that first and on top of that get the break fees and then do the numbers and see if you are saving any money at all or not. Most importantly structure the loan based on your future goals too. Feel free to ask any more questions. 

– Jasmeet Singh.

Hi Neeraj! , sorry the bank is not going to give you anything for re-fixing.

– Jasmeet Singh.

First Home Grant

If you are a member of KiwiSaver, you may also be eligible for the First Home Grant (formerly HomeStart Grant)

– Eligibility For First Home Grant.

1) Be over 18.

2) Have earned less than the income caps in the last 12 months.

3) Not currently own any property.

4) Have been contributing at least the minimum amount (3%) to KiwiSaver (or complying fund or exempt employer scheme) for 3 years or more.

5) Purchase a property that is within the regional house price caps (see below).

6) Agree to live in your new house for at least 6 months.

7) Must be 18 years or over & currently do not own a home or land.

8) Be a member of a KiwiSaver scheme, complying fund or exempt employer scheme (contact your scheme provider to check your scheme is eligible).

9) Have contributed at least the minimum amount to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years.

10) Are the sole purchaser and have earned $85,000 or less (before tax) in the last 12 months or; two or more buyers who have earned a combined income of $130,000 or less (before tax) in the last 12 months.

11) Have a deposit that is 5% or more of the purchase price. (The 5% deposit includes the money you can withdraw through the KiwiSaver first-home withdrawal feature, the First Home Grant amount you or the other purchasers may be eligible for and any other funds, such as savings, fixed and term deposits.

12) Must be purchasing a property within the regional property value caps as follows;

Price cap for existing house:

Auckland – $600,000

Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $500,000

Rest of New Zealand – $400,000

Price cap for new house:

Auckland – $650,000

Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $550,000

Rest of New Zealand – $450,000

Hope this helps.

– Jasmeet Singh.

Hey Nicky!, I would get a revolving credit and start to smash that instead so that if you want to use money it’s available to you!

– Jasmeet Singh.

Hey Tim! , Understand where you’re coming from my friend! Sounds like a good strategy for sure but you would need a decent amount of cash to do be able to do it! Or get in touch with Westpac they have the product directly.

– Jasmeet Singh.

Hey Shaun!, I think you should buy outside 🙂

– Jasmeet Singh.

Hey Amy, Glad it’s helping you!, I’m sorry to hear about your friend! with that sort of LVR, it’s absolutely possible!

– Jasmeet Singh.

Hey Georgia! , Congrats first of all!, I would do it three months prior to you expecting to settle, You don’t have to keep rolling a pre-approval because after couple of rollovers, you will be asked to get a new application done all together! Any questions feel free to ask.

– Jasmeet Singh.

Hey Stacey!, ASB can be hard bank to please! They use valocity!, You need to either go through them or a broker to do a valuation.

– Jasmeet Singh.