Buying a home is a big step, so now’s a good time to assess your finances, and start thinking about the following:
- Any debits eg. car loans, buy now pay later options, student loans or other personal loans you might have. Try to get these paid off or reduced before making an application.
- Regularly contributing to a savings account, this demonstrates to the bank that you have surplus finances to put towards a mortgage, enabling you to be able to service the required debit to purchase a home.
- Kiwisaver, have you been contributing for the minimum 3 years to draw down on your kiwisaver and will this be required to pay a deposit on any home you find?
This can all seem so daunting, but with the right information it doesn’t need to be, keep an eye out for our next step toward buying your first home.
