3 Easy Tips for First Time Home Buyers


Getting into a first home requires careful planning and budgeting, as most people know. However, these tips for first-time home buyers can help plan for the costs associated with owning a home, such as insurance, legal fees, and finding a loan through mortgage brokers Orewa. The sections below cover important aspects such as saving for the deposit, deciding where to buy, and how to find help.

Saving for the Deposit on a Home

To save for a deposit, the buyer will need to set a goal. Most mortgage brokers in South Auckland require a deposit of at least 20% of the loan’s value. However, there may be exceptions for first-time buyers, such as the Welcome Home Loan Scheme, which requires a 10% deposit. Consider that putting down a larger deposit means the buyer pays less interest over the loan term, meaning a loan for over 80% of the home’s value may cost more. Some lenders charge for mortgage insurance, while others raise the interest rate to cover their risk.

Getting Help From the Government

With a deposit of just 10%, a New Zealander may be eligible for the home loan scheme mentioned in the section above. In some cases, those who save for at least three years may receive a government grant of up to $5000 toward an existing home or $10,000 toward new construction or land. If a buyer visits a mortgage broker in South Auckland with a partner, the grants can be combined. Applicants have to meet other eligibility standards, and there are regional housing price caps to consider.

Deciding Where to Buy

That first home may not be a dream home, but it’s a step up on the property ownership ladder. There is no point in buying a home if the mortgage payments are not affordable, and buying a “fixer upper” may be the way to go. If buying a home as an investment, think about its resale value before signing for a low doc home loans in Auckland.

Buying a first home can be very exciting, but there are procedural and legal rules to follow. Consider consulting a lawyer before signing mortgage paperwork or a sale agreement. An attorney can, for varying fees, look over the paperwork and handle the conveyancing of the home. For home lending guidance, you can call on our experts at First Rate Mortgages, or visit us at nonbank.co.nz.


Buying or Building a Home in New Zealand


Once a New Zealander is ready to become a householder, they will find the buying process very organised and well-regulated. Here, readers will learn about the cost of NZ housing, borrowing, rates, and the purchase process. In New Zealand, a customer can buy a home in as little as one month once the bid is accepted by the seller. However, if the client chooses to buy a section of land, they have various options for new build loan in Auckland.

The Process of Buying a Home in New Zealand

Most land and home sales are facilitated through a real estate agent, but some sales are handled privately. In either instance, it is advisable for a client to get advice from a solicitor focusing on conveyancing before they make an offer on a home.

Housing Costs

It is quite common for buyers and sellers to barter over price during the purchase process. Property ads typically show an RV (rateable value), GV (government value), or CV (council value). These numbers are a reference to the valuation used by various bodies to calculate the property’s tax rates. They are not registered and, in many cases, do not reflect the true market value of the property.

Finding the Right Property

Property websites like TradeMe are a great place to begin the search for a new home. These sites have real estate agent listings as well as those from private sellers. However, some properties are only found on an agent’s website or on a brochure available locally.


Whether building or buying a home, New Zealanders should include rates in the budget. Householders and landlords pay taxes, but tenants do not. Rates are charged by the local council to pay for services provided to the community. They vary by location but are always based on property values. The local council’s website will have more info on the rates to be paid in each area. They will provide the best tax help in Auckland that you need.


Mortgages and new build loans auckland are available from all of New Zealand’s trading banks, and they can also be obtained through non bank mortgage brokers Auckland. New buyers often do not have a sufficient credit history, so they should bring some evidence of their creditworthiness. It takes a substantial deposit to get a home loan due to loan-to-value requirements or LVR. For help with bad credit loans Auckland, visit First Rate Mortgages – Non Bank at www.nonbank.co.nz.

Finding Non-Traditional Mortgage Lenders in South Auckland


Whether you are borrowing money from a bank or a nonbank, the lender carries all the risk. Here in New Zealand, many people believe that borrowing from non bank sources can be risky. While Americans get almost 90% of their mortgages from independent lenders, in New Zealand the number is under 25%. As a mortgage is most borrowers’ biggest single financial commitment so it makes sense to shop around for the best finance deal available including those from non bank home loan lenders in Auckland.

Banks are Profit Centres

All banks in Auckland, and the rest of New Zealand, subsidise low rates by cross-promoting other products such as credit cards, personal loans, and insurance. These products are not always in your best interest. Many borrowers take the bank’s word that they are getting the lowest possible rate, and they accept it without seeing what else is available. New Zealand’s three big banks are affiliated with ASB, which offers Sovereign products, and ANZ, which offers OnePath. Customer loyalty is a great thing, but an unquestioning customer can become a soft target for a profit-hungry bank.

The Advantages of Using an Independent Broker

By arranging a loan with the help of mortgage brokers in South Auckland, borrowers can avoid paying for expensive add-ons such as insurance. Brokers are unbiased, as all insurers and lenders pay the same commission. Therefore, the customer comes first in every instance.

However, if a New Zealander cannot borrow from a bank, does going with a non bank carry additional risks? Non bank home loans with bad credit in Auckland are priced to account for the additional risk, which simply means that lenders consider the customer’s circumstances in recommending products. Some lenders reward timely payments by reducing rates each year, with the goal to return to rates comparable to those available from New Zealand’s banks.

Are Non Banks Safe?

This is a common question, but it is often answered incorrectly. Non bank lenders follow the same rules that apply to banks. If you fulfil your part of the contract, you face no additional risk by going with a nontraditional lender. The worldwide financial downturn has brought about a significant amount of legislative change that protects consumers, and these changes apply to every lender in the country. Day-to-day banking stays where you want it, as non bank lenders do not insist on particular accounts or institutions.

Do Different Non Bank Lender Options Exist?

There are two primary types of non bank lenders: short-term loan and mortgage. All lenders are funded by the banks in the main, and they offer different products for your unique circumstances. Essentially, it all comes from the same source, it just has different labeling. Short term loans are handled by finance companies, also funded partly by banks. Non Bank is very active in this particular market.

Advantages of Choosing a Non Bank Lender

There are tremendous advantages to choosing a nontraditional lender. Banks only profit when they lend money, and if you’re declined, you should look elsewhere. By choosing one of these lenders, you can have more choices when fulfilling your other banking and insurance needs. Other benefits include:

  1. Better customer service. With banks, you’re just a number. With a non bank lender, you’re a customer and you get treated like one.
  2. Those with poor credit are more likely to get approved. Some defaults are unavoidable, leaving low-credit borrowers with few options. However, the non banks will help.
  3. Non bank lending begins at a half year of trading, while banks want more substantial deposits and a longer history. Nontraditional lenders are better for the self-employed because the documentation requirements are less strict.
  4. Non bank lenders can help those just starting out. They offer up to 90% LTV and more if your income is sufficient. They are also willing to refinance significant debts.
  5. They have competitive rates even if you have arrears and bad credit.

Is it Worthwhile if the Rate is Higher?

The answer depends on your goals. If you want to get a toehold in the Auckland market, it’s a resounding yes. Even 2% over the bank’s rate is a minor price to pay for the better value that’s coming in the next few years. When you refinance, if you can adhere to your new budget and pay down your debt, it is a good thing—but you may pay a bit more in the long term.

New Zealand Law

The 2007 Property Law Act covers lending by all lender types on residential properties. This means that there is a clear path if something goes wrong and you get into arrears. If that seems to be the case, you should act quickly by communicating with your lender. In almost 90% of cases, solutions are available.


In some countries, there are many lenders from which to choose. It is different in New Zealand, as the banks control almost 95% of the mortgage market. Therefore, they control what is spent on personal loans, credit cards, and mortgages. Lack of competition is unhealthy, and it only hurts you, the customer. Non bank lending is on the rise, but there are still many New Zealanders who are unaware that the option is available. As you will get the money from the lender, there is no additional risk in borrowing from a nontraditional source.

Who Can Benefit From Non Bank Lending?

Almost anyone can benefit from home refinance in Auckland, but certain classes can in particular. If you have poor credit or you can only afford a small deposit, it may be for you. The self-employed often choose these lenders, as there are fewer requirements for income documentation. Whether you have a history of arrears, you need bridging finance for your Auckland home or you need to secure capital for a construction project just contact Non Bank (www.nonbank.co.nz). Their South Auckland mortgage brokers can help you find the best finance option for your mortgage.

Different Ways You Can Finance an Auckland Home


Whether buying your first home, looking to buy a larger property for your growing family or an investment property there are a number of finance options available in New Zealand. First time home buyers may be entitled to discounts or grants, bridging loans can be an option for those already on the property ladder. There are even options for those with poor credit and you do not have to necessarily rely on the major national banks for their support.

Auckland is a housing growth area which means there is high demand for properties in many areas and prices have been rising steadily for many years. Getting your first property can be difficult but there are options. You may have to realise that your dream home may not be your first home. Buying a house in need of renovation will generally be cheaper but you may struggle to get finance from a bank for a home in need of too much work.

One of the biggest hurdles for first time home buyers can be the deposit required to secure that first mortgage. In some cases it is possible for a percentage of the deposit to be gifted if the remaining balance can be shown to have been saved over a period of time. Gifted deposits can be a way for an inheritance to assist with your home purchase.

What if you need bad credit loans or because you have no history in New Zealand (being a new resident) or have poor credit history? There are options for mortgages from non banks who will consider these situations. Non bank lenders include insurance companies or building societies who are involved in finance. It may be possible if you are selling your home and have found your new home to finance both homes with a bridging loan until your current home sells.

First time home buyers are supported by the New Zealand Government through a number of schemes. Some of these are subsidies linked to Kiwi Saver contributions and how long you have been contributing to your account. Welcome Home Loans are only available through banks and allow residents returning to New Zealand from overseas to buy a home with a lower deposit than might otherwise be required by the banks. There are also First Home grants providing for an amount up to 10% of the purchase price. All grants and subsidies are subject to change as well as certain terms and conditions.

Generally, home loan providers will require at least a 10% deposit and this must be saved. In some instances, likely depending on the amount you wish to borrow, you may be able to provide 5% as gifted savings. If you have a KiwiSaver account you may even be able to use a portion of that balance towards your deposit. In any financial decision you should seek expert advice as reducing your KiwiSaver balance can have implications for your long term plans and retirement.

If you are in the process of trying to sell a home ask about the options for bridging finance. There are even options for home loans with no financial documents, just send an enquiry via our website for more information. Visit First Rate Mortgages at www.nonbank.co.nz for mortgage broker in Auckland and New Zealand.

How to Get Home Loan Finance without Going to a Bank


People are increasingly becoming disillusioned with banks’ complex rules and their ability to provide sound advice. No wonder then that over 60% of home loans are taken out with the assistance of a broker.

If you’re looking at low doc home loans Auckland, and have attempted to get a mortgage directly from your local bank, you would have found yourself waiting many weeks for an appointment. If you’re looking to sort out your deposit or trying to compare quotes across a larger market, a bank’s website will be of little or no use. Making the wrong decision about your mortgage can cost you hundreds or even thousands of dollars. Whether you’re taking out your first home loan or opting for a refinance Auckland loan, a mortgage broker can:

  • Brief you on how home loan and mortgage arrears work, and help you zero in on one that aligns well with your requirements and financial situation
  • Assist in comparing and calculating all associated costs so you don’t end up paying over the odds
  • Lend a hand with the paperwork and improve your chances of getting approved for a mortgage

You can engage the services of a mortgage broker to get a loan from banks or non-bank lenders. Non-bank lenders provide a range of financing products at competitive interest rates, flexible terms and low mortgage deposits. One of the biggest benefits of going with a non-bank lender is that they hear out your financial circumstances and structure loans appropriately, something that the rigid rules of a banking institution will never allow.

Another is the potential to get a no deposit home loan using which you can buy a home with 100% finance. If you have funds in your KiwiSaver account or you can manage to get a gifted deposit from family or close friends, no deposit can be accessible to you and help you save a small fortune on deposits.

The step-by-step process for getting a home loan Auckland is outlined below:

  • Determine the amount of deposit you can put down. This will decide the amount you can borrow. Home loan deposit options include KiwiSaver, gifting and guarantees from loved ones, and existing equity (if you have an existing home)
  • Have the non-bank broker/provider discuss such issues as bad credit, gifted deposits and income that’s hard to show (if you’re self-employed)
  • Get confirmation on the amount of loan that the lender is willing to lend, subject to terms and conditions
  • Sign mortgage documentation sent from the lender to your solicitor
  • The ownership (title) passes from the seller to you
  • You insure the property

Non Bank: Simplifying the Loan Research and Approval Process

Non Bank is a one-stop information resource for home and commercial property buyers who have been turned away by banks for reasons such as poor credit, or the inability to show proof of income. We are also sought-after by individuals who seek to put down little or no deposit. Our goal is to connect borrowers with non-bank lenders who design loan products customized to individualized requirements and financial circumstances.

How to Determine Whether an Auckland Property Will Make You Money


The decision to invest in a particular property must be backed by solid reasons. There is no point in applying for bridging finance in Auckland if you’re not entirely sure of the potential to generate a decent profit.

Is your reason to get on the Auckland property ladder to secure another stream of income by renting it out or holding onto a property while it increases in capital growth? Before you invest in an Auckland property, here are some tips to identify whether that property can make you money or not.

Location, location, location

The value of identical homes can rise or fall depending on the location. What specifically makes a location great?

  • Food is important. Check how close local supermarkets, restaurants and coffee shops are to your property.
  • Properties that are within a short distance to basic amenities such as schools, motorways and local businesses are desirable.
  • Locations with a higher density of young people in their 20s and 30s are more likely to experience substantial growth. You can expect most of this crowd to consist of working professionals seeking quick access to transportation, shopping and restaurants. These areas can transform into small urban villages that attract interest from young families or singles with disposable incomes.
  • One way to identify areas that may witness growth over the next 6-12 months is to visit the websites of local real estate agents and see which areas are located on the outskirts of their most sought-after rentals.

Be aware of the job market in the area

Rental demand is high in strong job markets. It makes sense to check out fast-growing towns and cities where employers have set up shop. Where there is a need for a workforce, the need for housing will automatically increase.

If you have Auckland in your sights, read up, ask around or drive around potential investment properties before exploring self employed no financials loans. Specifically, in South Auckland, you can look at Mangere, Favona and Papatoetoe.

You may also want to put North Shore on your list. Though expensive, it is one of the best areas to raise a family because it has a low crime rate and is home to stunning beaches. It is worth taking out a second mortgage in Auckland on a North Shore property.

Crunch the numbers

If you plan to rent out your property, there is a simple way to determine if you will make money on it. Check if the mortgage payment will be less than 50% of the rent, in which case your mortgage payments won’t eat into your incoming rental income.

You also want to know the average weekly rent and sale prices in different Auckland suburbs. In Grey Lynn, Herne Bay, Ponsonby and Castor Bay, average sale price can cross the NZ$1,000, 000 mark. Resale prices in South Auckland can hover between $270,000 and $710,000. These statistics keep changing each year, so make sure you find an authoritative source for reference.

Inspect the property

It is important to make several visits to a property before buying it. A careful inspection can reveal problem areas and influence your purchase decision. For instance, you may discover that the neighbourhood’s noise factor is quite high as it is on an ambulance route or located near railway tracks.

Other aspects to assess include:

The possibility of a defective drain: Check the state of the drainage to avoid nasty surprises and big costs later on. See if there are any pools of water in the garden, which may indicate leaks in buried pipes, or grading issues that need to be fixed before the rainy season. Keep an eye out for water stains in the basements and deposits on walls. If you have any suspicion that the sewer may be clogged, have a professional sewer inspector video-inspect the sewer line.

Are there any easements on the property? An easement is a section of land registered on your property title that allows another person/entity to use the land for a specific purpose even though they are not the land owner. Easements may include access for camping or fishing, or the use of your property for laying electrical wires or railroad tracks. An example of an easement is when you and your neighbour have a shared driveway. It is wise to carry out a land survey to gain an understanding of property lines and zoning regulations.

Are there any landscaping issues? If the driveway of the property is steep, it may become a safety hazard during winter. You also want to check the area around the basement. If you find that the land slopes towards the basement, it could suggest a flooding hazard.

If you are looking for non bank lenders in NZ, visit www.nonbank.co.nz for a wealth of property mortgage options.

Understanding the Real Benefits of Homeownership (Even if You Have Bad Credit)


Buying a home may be primarily driven by emotional reasons, for example wanting a home to raise your family in or finding a renovation project to try out your creative skills. In the long run, however, a home could become one of your best investments.

Below, some of the largest benefits associated with homeownership will be discussed. Bad credit is also looked at. Perhaps you are wondering how to get back on the property ladder if you are black-listed?

The largest measurable financial benefit of owning your own home is price appreciation. Price appreciation builds home equity, which is the difference between the market price of the house and the remaining mortgage payments. It is important to make sure you buy a home that you can actually afford so that you can build wealth over time.

As mortgage is an easy way to create savings. It is money that you can’t access and therefore is gathering equity each month you make your mortgage repayments. A mortgage is also a way to protect yourself against costs associated with inflation. If you buy a home and lock in a fixed term mortgage rate, not only have you got a guaranteed roof over your head but you are protected against inflation rises which most landlords will pass on to their tenants.

How to buy your own home if you need bridging finance or have bad credit?

Consider the services of a non-traditional lender such as a ‘non bank’.
The term non bank simply means lenders who provide finance, but aren’t a registered bank including established insurance companies. If you are looking to buy a home in New Zealand there are specialist mortgage brokers that can help you find the best non bank loan for your purposes.

If you live in Auckland search online for ‘refinance Auckland, bad credit loans Auckland or bridging finance Auckland’ and you will find www.nonbank.co.nz. The Non Bank team provides information and advice on non bank loans, no deposit loans and non bank commercial lending.

Give them a call today on 0800 2328 48 to find out more about non bank loans in Auckland.