It’s not what will stop you getting a home loan, but what will start you.
For many home buyers, the problem with getting a normal home loan is finding the deposit. Most lenders currently require a minimum 20 percent deposit. With a Welcome Home Loan you only need a 10 percent deposit.
There are two income caps that apply for a Welcome Home Loan. For one borrower you can have earned $80,000 or less (before tax) in the last 12 months. If you are borrowing with one or more other people you can have earned a combined household income of $120,000 or less (before tax) in the last 12 months.
Help with your deposit is available.
Your deposit can be gifted by a relative. You can apply for a KiwiSaver Deposit Subsidy or KiwiSaver Savings Withdrawal. Find out how here or read the case studies to see how other borrowers have financed their home. You can team up with other borrowers to put together your deposit and purchase a home.