Welcome to Perry Bell Financial Services since 2002.
Phone: 07 349 1270 or 027 477 6796

Home Loan Information

Banks and lenders have very specific policies around lending to first home buyers and the pricing of their home loans can vary substantially. I have been a mortgage broker in Rotorua since 2002 and can help you secure the right home loan.

If you are a first home buyer and find the right home loan, you should investigate both your options and government grants and entitlements you may be eligible for.  With interest rates falling and property becoming more affordable, first home buyers are in the best buying position they have ever been in.

First Home Buyer Assistance

KiwiSaver is a voluntary work-based savings scheme designed to utilise the existing PAYE (pay as you earn) tax system. KiwiSaver includes a first home deposit subsidy which, after three years of saving, provides a first home deposit subsidy of $1,000 per year, up to a maximum of $5,000.  This can also help you secure the right mortgage for you and Rotorua is an ideal place right now to buy your first home.

Considerations in securing your first home loan

  • As a first home buyer, you will need to consider:
  • What assistance is available to you as a first home buyer
  • Suitable mortgage options for first time home buyers
  • The size of your deposit and where you will source this from
  • The fees and charges associated with purchasing a property
  • Undertaking thorough research on the property market
  • And of course finding a good mortgage broker, accountant, financial planner and solicitor
  • Current interest rate climate

More Information About Getting your First Mortgage

For more information on home loans and sourcing a deposit to purchase your first home , or to find the right mortgage in that suits you contact me anytime on 07 349 1270 Rotorua or 027 477 6796.

Home Loans for First Home Buyers

There are a number types of mortgage options particularly suited to or advertised as suitable for first home buyers, including loans which allow a part of full guarantee by a third party. These loans are not the only types available for first home buyers, you will also be able to choose from a range of standard residential home loans.

There are also schemes out there called “Rent to Buy” and I get asked about them quite regularly.  All I can suggest is that you seek legal advice before signing anything.  I am not saying they are not worth it, but make sure you do your homework first on the risks and what your obligations and options are.

If you ever entered into a “Rent to Buy” agreement, you will need to make sure at some stage during the agreement term, that you are able to borrow the money from the bank at some stage to take over ownership and the mortgage.  You should at least find out whether a bank would approve you based on your current income and expenditure.

Just because you can pay the rent, this does not mean the bank will approve you financially so check with your broker.

How much deposit do I need to purchase my first home?

Traditionally a 20% deposit was required in order to secure a home loan, leaving many first home buyers in today’s market under the impression they need to have saved a deposit before they can secure a home loan, but flexible bank lending policies mean there are now also a number of alternatives and supplements to having the cash in the bank already. Options for sourcing the deposit you need, include:

  • Traditional savings
  • Gifted money
  • Equity or guarantees from family members
  • Kiwisaver
  • Fees and charges for first home loans

There is a range of fees and charges relating to first home loans, including bank and lender charges, government and statutory charges and conveyancing fees, property valuations. For a complete overview of fees and charges associated with your home loan, contact me about this.

For more information on a Mortgage Broker services

My service is free to you so why not use my services to do all the legwork for you.  For more information about home loans, contact me anytime on Rotorua 07 349 1270 or 027 477 6796.

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