| Many people feel that owning a home is out of their reach. But it doesn't need to be. We can give you some great advice about the financial options available to make it happen.
Can't afford a home of
your own? Go in with your friends or flatmates.
Buying a place with a partner isn't the only way of sharing the cost of home ownership. You could also explore buying a place with your friends - or current flatmates. So rather than paying dead money in rent, you could be investing in your future. If you decide to go down this track, we recommend you seek legal advice.
Not enough deposit? You could be surprised at how little you need.
Saving money for a large deposit isn't easy when you're still paying rent. But thankfully, you could need as little as 5% of the value of the place you want to buy. Or if your family can help out, we may even be able to explore some no deposit options with you*.
Could you manage a Home Loan right now?
You may be surprised to see how much you can afford, paying no more than you do now in rent. Here are a couple of examples:
Example 1: Jane and her flatmate Sue
each pay $250 rent per week for their Auckland apartment. Between them,
they've saved $20,000. With that deposit and level of repayments, they
could afford to buy a house for $300,000 with a Home Loan from BNZ^.
Paying a similar amount to what they currently are in rent will be enough
to repay the loan. Please note that Jane and Sue will still need
to include in their respective budgets the one-off costs associated
with buying (see above) and the ongoing costs of home ownership (see
above).
Example 2: Mark is currently paying rent for
a flat he shares with two mates. He's also been paying large instalments
on his student loan and this is due to be paid off in the next couple
of months. As a result Mark has found it difficult to save much of a
deposit and is concerned it will take him another 1-2 years, diverting
what he was paying in Student Loan repayments into a savings account
before he'll even be in the market to buy something. However, what he
didn't realise is that with his parents' support, in the form of a guarantee,
BNZ may be able to explore no deposit options with him to help get into
his first home much sooner.
It's easy to apply
for a BNZ home loan today.
BNZ home loans are not available through brokers.
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Special conditions apply and a Low Equity interest rate premium will apply when you (and any interlinked borrowers) borrow more than 80 percent of the value of any relevant properties. |
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Our home lending criteria and an establishment fee apply. A Low Equity or Low Doc interest rate premium may apply. Not available for business purposes or packaged offers. For a loan amount of $280,000 over 25 years at an interest rate of 7.99% p.a., the indicative repayment is $498.28 / week. Special conditions apply and a Low Equity interest rate premium will apply when you borrow more than 80 percent of the property's value. |
Our home lending criteria and an establishment fee apply. A Low Equity or Low Doc interest rate premium may apply. Not available for business purposes or packaged offers. |
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