It can be unnerving approaching your lender for a home loan, particularly if you’re a first home buyer unsure about the home buying process. Many first home buyers (and existing homeowners and investors too) find it easier and less stressful to work with a mortgage adviser. If you haven’t worked with a mortgage adviser before, here’s an outline of what you can expect, starting with the initial meeting right through to refinancing and refixing.

As first home buyers, it can be difficult to understand the different types of home loans (mortgages) and how they work, never mind deciding which type of home loan is right for you! Some home loans are best for borrowers looking for flexibility, others are more suited to those requiring certainty. In this home loan basics for first home buyers’ guide, we’ll take a look at six types of home loans available in New Zealand, and outline some of the pros and cons of each.

The proposed changes to the CCCFA came into effect on July 7, 2022, addressing some of the challenges that borrowers have faced since the code was first enacted in December 2021. Home buyers who were previously blocked from lending under the original code could now find themselves with borrowing capacity. And while they will still need to show how spending and saving is controlled in their budget, the CCCFA amendments could make things easier for first home buyers trying to get into the property market.

In a recent survey of 1,000 Kiwis, 73 per cent of respondents say it’s simply too hard right now to apply and be approved for a home loan. What’s more, an even greater number believe it’s not worth the effort, as their mortgage application is likely to be declined. Surprising results when you consider that many of these would-be borrowers could probably have qualified for lending just seven months ago.

The changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) announced by the Government earlier in June 2022, are due to come into force from July 7, 2022, with amendments to how lenders are required to assess affordability and more clarity around investments and savings as outgoings.

For some first home buyers, getting onto the property ladder could be a little easier, after Government announced in Budget 2022 changes to the First Home Loan and First Home Grant. Along with updates to house price caps, other changes included support for solo first home buyers as well as a 6-monthly review of house price and income caps, ensuring these remain up to date and reflective of market changes. Here’s an overview of the changes along with helpful information for eligible first home buyers.

The ongoing lack of housing supply in New Zealand has tempted many prospective homeowners into buying off the plan as a means of accessing the property market. But with higher inflation, a sharp rise in building costs, and unscrupulous developers delaying – or even cancelling – construction contracts, home buyers are being warned to proceed with caution. In this article, we’ll highlight what to look out for when buying a new build.

In its latest budget (May 2022), the New Zealand Government announced a raft of changes that would help more first home buyers get into their own homes. In addition to house price caps being removed from the Government's First Home Loan scheme, and the introduction of a single earner with dependent category, the First Home Grant house price caps are also increasing to be more aligned with lower quartile market values for new and existing properties. Here’s more on what first home buyers can expect.

With New Zealand’s borders open once again to Kiwis from all over the world without the need for MIQ, it’s likely many will be returning to our shores to buy a home or investment property. Over the last two years, the COVID-19 pandemic has had a significant impact on New Zealand’s property market, with rising house prices, stricter lending requirements, and LVR’s (loan to value restrictions) just a few of the challenges facing returning Kiwis. Here are two things to think about when applying for a mortgage as a returning Kiwi.

Many first home buyers are left feeling mystified and confused by the amount of home loan jargon they’re expected to understand when buying a first home. The sheer amount of information can feel overwhelming, and many are left wondering what it all means. To help simplify things for first home buyers, we’ve unpacked some of the more common – and often most confusing – home loan terms and provided a basic explanation of each.