Buying your first home

Can my pet live in my rental property with me? You can have pets in your rental property as long as the rental property has suitable provision to do so, and you hav...
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How much money can I borrow to buy a house?

It's important to know exactly how much money you can borrow before looking for your first home. This will indicate the prices of the properties you can afford.
  • For your first New Zealand home, you will typically need around 20% of the purchase price as a deposit.
     
  • A bank or mortgage broker can help you establish a realistic figure that you will be able to borrow based on the amount you have already saved and your expected future income.
     
  • You can also use an online mortgage calculator to see how different loan lengths and interest rates affect repayment amounts. Most New Zealand banks offer this functionality on their websites.
     
  • Once you've decided that you're comfortable with borrowing a certain amount, and you've found a lending organisation willing to lend to you, it is sensible to get your loan “pre-approved”. This allows you to make an offer on a house with more certainty that you’ll be able to borrow the funds required.
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