A Foot in the Door

If you can dream it, you can achieve it. Now discover a loan that makes the path to your first home a whole lot easier.

You work hard and try to save but as house prices soar, your spirits sink. Reports that home ownership is slipping from the grasp of the average New Zealander can leave you feeling despondent.
 
The good news is that Welcome Home Loan is for people like you. It could transform your dream of owning a home from fantasy into reality. And you may not even need a deposit.
 
Sounds almost too good to be true, so how does it work? Welcome Home Loan is not a typical bank loan. It’s backed by Housing New Zealand Corporation, in partnership with selected lenders, which allows you to secure a home loan with little or no deposit. If you’re a potential first-home buyer, it pays to take a close look at the Welcome Home Loan.

You can borrow up to $200,000 with absolutely no deposit, or up to $280,000 with a deposit of just 15% of the amount borrowed above $200,000.

To make things easier, your deposit can be gifted and you can join together with three or more borrowers (living together) to purchase a home. If you meet certain eligibility criteria, Welcome Home Loan gives you the ability to take that first step on the property ladder.

Check out www.welcomehomeloan.co.nz to see if you’re eligible. It could be the foot in the door to your very own home.

Loan facts

• To be eligible for a Welcome Home Loan, your maximum household income can be no more than $85,000 per annum (one or two borrowers) or $120,000 (three or more borrowers).
• You can borrow up to $200,000 with absolutely no deposit, or
• up to $280,000 with a deposit of just 15% of the amount borrowed above $200,000.
• The loan is valid for owner-occupied properties only and may not be used to purchase rental properties.
• Borrowers must not own any other property.

Note: Borrowers may need to pay fees such as an application fee and a Lenders Mortgage Insurance premium fee of 1% of the loan amount. But in most cases these can be added on to the home loan.
While there are standard eligibility criteria for Welcome Home Loans, each participating lender will also apply their own credit criteria.