First Home Buyers Club Blog

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First Home Buyer Tips

Key Clauses in the ADLS/REINZ Agreement for Sale & Purchase of Real Estate

Schnauer & Co have previously addressed this in article “Breaking down the sale and purchase agreement” back in 2018. However, there have been many changes to the agreement since then.  We are currently up to the eleventh edition 2022 (3) of the ADLS/REINZ Agreement for Sale and Purchase. It is best for you to use this form when making an offer by negotiation or, if the sale is by way of an auction, ADLS/REINZ have produced a separate agreement for auctions (the Sixth Edition 2022 (2)). If you are attending an auction then we recommend that you refer to our article “Purchasing A Property At Auction”.  

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Making an offer

Making an offer on a house is both an exciting and nerve-racking time! What's the right amount to offer? Is it too much or too little? What conditions should you include? Finding the right balance between a competitive offer and one that fits your budget is crucial, and should be carefully considered. After all, buying your first home will likely be the biggest, and most expensive, purchase you’ll ever make.

Here’s 6 steps to help guide you through the process:

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3 tips for buying your first home this year ... 2024

No doubt 2024 is set to be another interesting year for first home buyers seeking to get into their first home.  Generally experts are predicting that house prices are set to rise in 2024.  With interest rates predicted to fall, this provides an opportunity for first home buyers to get on the property ladder.  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:

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Student Loans and how they affect getting a mortgage

Student Loans and How They Affect Getting a Mortgage

First Home Buyers are often nervous about the size of their Student Loan and how it will affect their chance of getting a mortgage. 

The Scenario

You’ve studied hard for many years and, to get there, you borrowed on your Student Loan for courses, books, and some money to live on. Now you have a deposit for a house … and a Student Loan of four times that!  How is your Student Loan going to affect your chances of getting a mortgage?

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Co-owning property with family or friends

We have previously addressed this topic in our article “5 Creative Ways to Get into Your First Home” which was published on our blog last year.  Since then, we have noticed that this topic has been in the media and it appears that first home buyers (“FHBs”) raise concerns about this option being too restrictive or complicated. It also appears from social media posts that there is a major lack of understanding when it comes to the current Bright-line rules.  Generally, there is also a lack of knowledge in relation to how a property sharing agreement (“PSA”) can make a group purchase less complicated.  

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How do banks calculate home loan affordability?

When reviewing a home loan application, banks consider a variety of factors to calculate affordability. However, all factors considered, it can be summarized into this simplified equation:

So, let’s look at these 4 components in more detail to understand what you can do to put your best foot forward when applying for a home loan, and identify any hurdles you may need to overcome.

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Legal Toolkit: Do I need a Contracting out Agreement or a Property Sharing Agreement?

The team at Schnauer & Co's have put together a resource toolkit to highlight some of the common misconceptions that some first home buyers have and provide you with tips on how to avoid some easy mistakes when buying your first home. Our expert tips will be presented over six easy to read articles, and they are all designed to help you achieve your goal of homeownership in NZ. 

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