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How to Buy Your First Home with a Low Deposit Option?

How to Buy Your First Home with a Low Deposit Option?

May 28, 2023

Are you ready to purchase your first home, but feeling overwhelmed by the idea of saving for a 20% deposit, especially in larger cities like Auckland? Don't let that stop you from achieving your dream! With a First Home Loan through Kainga Ora, you only need a 5% deposit, which means you can get into your first home sooner than you thought.

At Benchmark, we are experts in dealing with these types of loans and can work with you to discuss which selected banks and other lenders offer this service. We will also guide you through the necessary steps with Kainga Ora, the underwriters of this product.

The process is simple:

  1. Check your eligibility for the First Home Loan
  2. Work with us to process your application
  3. Submit your application to your preferred lender for assessment
  4. Receive your approval and start searching for your first home!

It's important to note that due to the low deposit requirement of less than 20%, banks and the underwriter tend to have more conditions and require more documentation upfront before any approval is given. Key documentation they will require includes proof of income, employment contract, and bank statements, and they also like to see good account conduct for at least 3-6 months.

Don't let a lack of savings hold you back from owning your first home. At Benchmark, we're here to guide you through the process and ensure you get the best possible outcome on your application. For more information on the First Home Loan offered by Kainga Ora, visit their website at https://kaingaora.govt.nz/home-ownership/first-home-loan/

Don't wait! Take the first step towards your dream of homeownership today with Benchmark and Kainga Ora's First Home Loan.

DISCLAIMER: The information contained in this blog is general in nature. We cannot assess anything about your personal circumstances, your finances, or your goals and objectives, all of which are unique to you. Before making financial decisions, we highly recommend you seek professional advice from someone who is authorized to provide financial advice.

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