Simple Steps To Your First Home With TSB

Home ownership is in the Kiwi DNA. It may be harder than it used to be, yet every year thousands of Kiwis just like you buy their first home.

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Don’t worry if you don’t know where to start. The process of climbing onto the property ladder for the first time can be broken down into simple steps. The more you know, the smoother the process will be.

HOW MUCH CAN YOU BORROW?

First you’ll need to get your deposit together. Usually that’s 20 percent of the home’s value and the bank lends you 80 percent. Sometimes, however, you may only need a 10 percent deposit. It pays to talk to TSB to discuss your situation.

To work out how much you have as a deposit, find out how much you can withdraw from your KiwiSaver, and add this to your other savings and any monetary gifts from family. It’s not unusual for parents to act as a guarantor for a portion of your borrowing.

When working out how much you can borrow, TSB will consider your income and your borrowing history. It’s all about ensuring you can comfortably make the repayments, which is in everyone’s best interest.

WHAT GOVERNMENT SUPPORT IS AVAILABLE?