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No doubt 2023 is set to be another interesting year for first home buyers seeking to get into their first home. Generally experts are predicting that the subdued housing market conditions are likely to continue. Our suggestion for first home buyers is to work on areas that help them get closer to being ready for a home loan pre-approval.
So here are our 3 tips to help you get closer to your goal of owning your first home:
One of our Tips For Getting A Yes To Pre-Approval is to show consistently good bank account conduct. Keeping your bank account in good order is often not considered by first home buyers when preparing to get a pre-approval.
In New Zealand, particularly Auckland, the growing population and rising house prices have resulted in apartment living becoming an appealing and more realistic option for many first home buyers. Any property purchase is a big decision but buying an apartment off the plans doesn’t need to be a stressful process.
Borrowing at the moment isn’t easy and a lot of this comes down to bank credit policy in this market and their appetite to lend. Credit policy varies across banks, however, in most respects, they remain very similar. This article helps to explain the importance of debt servicing when applying for your first home loan.
Here at The First Home Buyer's Club, we get excited about helping first home buyers through the process of purchasing their first home. But often, this excitement is hit with a dose of reality when we discover the amount of debt they have on board.
One of the top questions we get from first home buyers is "How much deposit do I need?" The answer is entirely dependent on your situation, if you have favourable circumstances, a low deposit loan could be possible.
The challenge of putting together a deposit for your first home is a daunting one. With the house prices where they are it can seem like an impossible task to get to a target of around 20%.