First Home Loan?

If you are planning on buying your first home, you’ve come to the right place. Mortgage Link has over 30 years combined experience in residential home loans and can help you navigate the labyrinth of products, interest structures and legal requirements.

If you have a minimum of 5% genuine savings there are several options in the market. Your savings can be from Kiwisaver if you have been in the scheme for 3 years. This is proving to be a great way of purchasing your first home as with the scheme you can also apply for the first home buyers grant of $3,000.

There are 100% mortgage products in the market with varying criterea. Included in the options available is the Welcome Home Loan. Call today to find out if this is the best option for you.

Welcome Home Loans

The Welcome Home Loans scheme is a Government initiative to assist low income individual and families to be able to own their own homes.

Under the scheme it is possible to borrow 100% of a property’s purchase price. In our area the total amount you can borrow is $200,000 without a deposit or up to $280,000 if you have a deposit of 15% of the amount above $200,000.

In selected areas you can borrow up to $350,000. This will also require 15% of the amount above $200,000.
(For example on a loan of $350,000 you will require a deposit of 15% of $150,000. So you’d need $22,500. Click here for areas eligible for a $350,000 loan).

It is possible for the deposit to be gifted.

Mortgage Link has access to providers of Welcome Home Loans, and has helped many first home buyers into their own homes using the scheme.

To be eligible for one of these loans:

• You need to intend to be an owner-occupier and live in the house you buy

• You cannot own any other property

• There is a maximum income threshold

• You need to be able to pay an application fee (if applicable) and a Lenders Mortgage Insurance premium (if applicable). These can be built into the loan.