Welcome Home Loan
Help getting into your first home
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Want to get into your first home and have a 10% deposit? A Welcome Home Loan could be just the foot in the door you’re after.
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If you’re applying on your own, your income can be up to $85,000
If you’re applying with two or more people, the combined income can be up to $130,000
You’ll need to be a New Zealand resident or citizen
You’ll be asked to show an acceptable credit history
You’ll be required to live in the house you’re looking to buy for the length of the loan
If you already own a home, you’re not eligible for this type of loan
With a Welcome Home Loan, the amount you can borrow depends on where you buy your new home. See below to find out how much you could borrow in your area.
You’ll need a deposit of at least 10% or more of the purchase price. This can be from your own savings, gifted, or from a KiwiSaver HomeStart grant.
If you have been a member of KiwiSaver for at least three years, you may be able to get a head start buying your first home.
Your new home needs to fit the following criteria
If you choose to apply for a Welcome Home Loan, you’ll be able to make easy repayments that stay the same throughout the length of the loan, which is great for budgeting. This type of home loan structure is sometimes called a ‘Table Loan’. The proportion of interest you repay gradually decreases (subject to changes in interest rates) as the principal you repay increases, all while your repayment amount stays the same. You can choose to mix n’ match a range of interest rates, terms and repayment options to a home loan that suits you best.
Note: A Housing Corporation New Zealand (Lenders Mortgage Insurance) premium applies to Welcome Home Loans at 1% of total borrowings applies to Welcome Home Loans.
Take a look at the guides below from Housing New Zealand Corporation, to get all the information you need to know when taking the first step towards owning your first home:
Welcome Home Loan – your first home is within reachBuying your first home made easy with KiwiSaver and Welcome Home Loan
Terms and Conditions – refer to the terms and conditions of your loan. Take a look at our Disclosure Statement or grab a copy from your local branch. TSB’s current assessment lending criteria, lending terms and conditions, interest rates and fees apply. Use of accounts and services are subject to TSB’s General Banking Information.
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