Finally 5% Deposit Home Loans are back!

The days of 100% finance have come and gone – but the good news is banks are now lending up 95% deposit. Now all you need is 5% saved deposit (some areas require more than 5% deposit).

So what’s the catch? The catch is -

You need to prove that you have saved the deposit over a period of time. Have little or no short term debt like credit cards, car loans, hire purchase etc. Student loans are okay.

Have good incomes to service the home loan and of course a clean credit rating.

If you have saved the required 5% go to First Home Buyers for some useful tips.

What if I don’t have the required 5% saved deposit?

We do have some options if you don’t have the required saved deposit – these may include using your KiwiSaver savings, Government Welcome Home Loan or help from family members.

With our 20 years of banking and broking experience we can give you the advice you need to get going.

Call us on 0800 ADVOCO (0800 238 626) or email us.