This document provides tips for first-time home buyers in New Zealand. It recommends that now is a good time to buy a house given historically low interest rates and a more stable housing market. It offers advice on getting approved for a home loan, such as maintaining good credit, saving for a deposit, and keeping debts low. It also suggests steps for properly checking a prospective property, like getting a LIM report and building inspection. Finally, it outlines various costs associated with the home buying process, such as LIM reports, inspections, and conveyancing fees.

1. Tips for first-home buyers
Kiwi Mortgages Follow
Oct 3, 2018 · 3 min read
Home Mortgage Loan
Is it a good time to buy?
Any time is good time to buy the house you are going to live in. Quite
simply, pay your own mortgage, not someone else’s. The house prices
may fluctuate but in the long run and every reasonable aspect put
together, owning is a better option than renting. With interest rates
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2. continuing to be historically at their lowest and the property market
soberer than before, there has never been a better time for the first
home buyers.
What can you do for success of your loan application
Talk to a good and experienced Mortgage Advisor — it will not cost
you anything, but you will benefit from their expertise and knowledge
as they will provide options whilst guiding you through the whole
process.
Maintain clean credit history which does not have defaults / too many
enquiries in short span of time. You may request your own credit
history file free or at nominal charge.
Maintain good account conduct with no dishonors / unauthorized
overdrafts.
Resist avoidable purchases and continue saving towards deposit,
including Kiwi Saver.
Keep your debt to minimum possible.
Use your credit card sensibly and pay off in full at due date. Do not
use credit card for cash advances.
What do you need to look for when you do a property check?
Have proper due diligence while purchasing. Ask questions — it is
your right.
Seek advice from experts — RE Agents; Mortgage Advisers; Solicitors;
Accountants — Get the LIM checked by your solicitor.

3. Check the floor plan. Look closely if any additions not consented by
council?
Get a building inspection done.
Get a Meth test (P test) report, if you feel a need.
Visit the property more than once, especially evening and feel the
neighborhood.
Do your research carefully about the maximum you will pay for the
property.
Get the bank to approve the property before you make unconditional
offer or bid in auction.
What are the different costs involved in the process of buying a
property?
LIM — urgent orders may cost up to $389
Builders inspection report — may vary but around $600
Registered Valuation Report, if required may cost around $600-$700
for a standard residential property
Meth test — consider if required — may cost around $200
Conveyancing and legal advice to complete the purchase transaction
through your solicitor — may vary according to work involved, check
with your lawyer first
Getting a home loan is no longer a tedious process. Mortgage brokers
can secure mortgages at a much lower rate as compare to traditional
banks. Independent mortgage broker is a process that will save you
money, they are trained experts in the field of low deposit home loans,

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refinance housing loan and know their client’s financial situation and
attempt to find them a mortgage that suits their specific and individual
needs.
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WRIT T EN BY
Kiwi Mortgages Follow
Kiwi Mortgages Ltd, a finance company offers Home &
Personal Loan, Business & Self-employed Loan, Insurance
Advisers, Refinance, Mortgage Broker in Auckland, NZ