HOW TO FAST-TRACK YOUR WAY TO HOMEOWNERSHIP?? PART 2 ~ Using Government Assistance!
Loan Market Agile
We help Kiwis into their first home, climb the investment ladder, grow their business, & purchase commercial property.
In Part 2 of this series to boost your home deposit?we take a look at the variety of government schemes available to help you unlock the door to homeownership.
These programs offer a range of benefits and incentives to help make owning your own home a reality. But with so many options available, it can be an overwhelming task to navigate the process.
There are three main schemes that are currently on offer from the government that help first-time homebuyers and low-income earners purchase their own home:
1. First Home Grant
If you have been a KiwiSaver contributor for a minimum of 3 years, you may qualify for a First Home Grant of up to $10,000 to increase your deposit. The grant amount depends on the type of property purchased, with up to $5,000 for an existing home and up to $10,000 for a new home or land. You can also obtain a grant pre approval before you begin your property search to give you certainty on how much you qualify for.
2. First Home Loan
With a First Home Loan, you only need to provide a 5% deposit, making it easier for you to purchase your first home. The 5% can be made up of:?
First Home Loans are backed by Kāinga Ora which are exclusively provided by specific banks to allow for lending options that may not align with their typical lending criteria.?
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3. First Home Partner
If you are a first home buyer who is struggling to buy a new home due to an insufficient deposit , First Home Partner can assist you in closing the gap. This shared ownership scheme in collaboration with Kāinga Ora, is designed for aspiring homeowners who require additional assistance in purchasing a home that meets their needs. If you fit this category, First Home Partner could be the solution to help you take that first step onto the property ladder. ??
To be eligible for any government schemes, you need to meet certain criteria. These criteria may differ depending on the scheme you are applying for.
However, with the right knowledge and resources, we can help you find a solution that best suits your needs and helps you achieve your homeownership goals sooner. So, reach out to see if you qualify and we can get you one step closer to owning your own home!??
Rodney, Dallas, Nigel, and the Agile Team!
?? 0800 1 AGILE (0800 124 453)