Welcome Home Loan

What do you know about Welcome Home Loan?

ATTENTION – FIRST HOME BUYERS

Finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit.

But with a Welcome Home Loan you only need a 10% deposit which means getting into your first home is that much easier.

If you are a member of Kiwi Saver and have been contributing regularly for at least three years, you may be eligible for a Kiwi Saver Home Start grant and a Kiwi Saver first-home withdrawal.

Home Start grant: The Kiwi Saver Home Start grant was introduced on 1 April 2015, replacing the Kiwi Saver first-home deposit subsidy.

Like the Kiwi Saver first-home deposit subsidy, the Kiwi Saver Home Start grant provides eligible first-home buyers with a grant of up to $5,000 for individuals and up to $10,000 for couples to put towards the purchase of an existing home.

In addition, the new Kiwi Saver Home Start grant also provides eligible first-home buyers with up to $10,000 for individuals and up to $20,000 for couples to help with the costs of purchasing a brand new home.

Are you eligible?

Below is a quick guide with the minimum criteria you need to meet to be eligible to apply for the welcome home loan.

Income cap

You can have a maximum yearly income of up to $85,000 (before tax) for 1 person. Or a combined maximum yearly income of $130,000 (before tax) for 2 or more people.
Minimum deposit
You will need a minimum 10% of the purchase price of the house you are wishing to buy.

House price cap

The price of the house you are buying with a Welcome Home Loan must be less than the regional house price cap

First home buyer

Or a previous home owner, in a similar financial position to a typical first home buyer.

If you want to talk this through, contact our Swift Mortgages Team

Phone – 09 215 8807 or email us on info@swiftmortgages.co.nz