Achieving the dream of owning your first home

Array
(
    [type] => Image
    [autoplay_video] => 
    [mobile_video] => 
    [image] => Array
        (
            [id] => 2299
            [alt] => 
            [title] => DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px
            [caption] => 
            [description] => 
            [mime_type] => image/jpeg
            [url] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
            [width] => 1327
            [height] => 1080
            [sizes] => Array
                (
                    [thumbnail] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [thumbnail-width] => 600
                    [thumbnail-height] => 488
                    [medium] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [medium-width] => 1327
                    [medium-height] => 1080
                    [medium_large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [medium_large-width] => 768
                    [medium_large-height] => 625
                    [large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [large-width] => 1327
                    [large-height] => 1080
                )

            [original_image] => Array
                (
                    [id] => 2299
                    [alt] => 
                    [title] => DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px
                    [caption] => 
                    [description] => 
                    [mime_type] => image/jpeg
                    [url] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [width] => 1327
                    [height] => 1080
                    [sizes] => Array
                        (
                            [thumbnail] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [thumbnail-width] => 600
                            [thumbnail-height] => 488
                            [medium] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [medium-width] => 1327
                            [medium-height] => 1080
                            [medium_large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [medium_large-width] => 768
                            [medium_large-height] => 625
                            [large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [large-width] => 1327
                            [large-height] => 1080
                        )

                )

        )

    [mobile_image] => Array
        (
            [id] => 2856
            [alt] => 
            [title] => DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped
            [caption] => 
            [description] => 
            [mime_type] => image/jpeg
            [url] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped.jpg
            [width] => 510
            [height] => 490
            [sizes] => Array
                (
                    [thumbnail] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped.jpg
                    [thumbnail-width] => 510
                    [thumbnail-height] => 490
                    [medium] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped.jpg
                    [medium-width] => 510
                    [medium-height] => 490
                    [medium_large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped.jpg
                    [medium_large-width] => 510
                    [medium_large-height] => 490
                    [large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px_510x490_acf_cropped.jpg
                    [large-width] => 510
                    [large-height] => 490
                )

            [original_image] => Array
                (
                    [id] => 2299
                    [alt] => 
                    [title] => DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px
                    [caption] => 
                    [description] => 
                    [mime_type] => image/jpeg
                    [url] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                    [width] => 1327
                    [height] => 1080
                    [sizes] => Array
                        (
                            [thumbnail] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [thumbnail-width] => 600
                            [thumbnail-height] => 488
                            [medium] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [medium-width] => 1327
                            [medium-height] => 1080
                            [medium_large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [medium_large-width] => 768
                            [medium_large-height] => 625
                            [large] => https://cloudcdn.nz/_classicproperty_/assets/uploads/DCBUILD_Lots17-19_R4_5KPrint-architectural-width-6000px.jpg
                            [large-width] => 1327
                            [large-height] => 1080
                        )

                )

        )

    [video_url] => 
    [use_srcset] => 1
)
DCBUILD Lots  R KPrint architectural width px
DCBUILD Lots  R KPrint architectural width px
31 May 2023
Becoming a proud homeowner through strategic planning and leveraging various schemes is possible. From KiwiSaver to KiwiBuild, budgeting to banks, there are options.

At Classic Property, we understand the aspirations of young Kiwis who dream of owning their own home. While some may feel discouraged by rising interest rates, we believe in empowering individuals to seize opportunities and realise their homeownership dreams. Our clients have successfully embarked on their journey to becoming proud homeowners through strategic planning and leveraging various schemes. From KiwiSaver to KiwiBuild, budgeting to banks, here are the options we’ve witnessed Kiwis utilise to turn their dreams into tangible achievements.

First Home Partner:

Introducing First Home Partner is a remarkable initiative Kainga Ora – Homes and Communities offer. Established in October 2019, its primary goal is to make homeownership more attainable for Kiwis. Aspiring first-home buyers who struggle to secure the necessary deposit and home loan approval can now bridge the gap through a shared ownership scheme.

Kainga Ora contributes up to 25% or $200,000 (whichever is lower) towards the property purchase, subject to meeting specific criteria. To be eligible, your household income, before tax, must at most be $130,000, and you must fulfil the lending requirements of your chosen bank. Additionally, a minimum 5% contribution towards the purchase price is required. It’s important to note that the property must be a new build, either off-plan or previously unowned, and must have received a Code of Compliance within the past 12 months.

KiwiSaver:

Under the KiwiSaver scheme, you can apply for the First Home Grant through Kainga Ora. If you’ve been diligently contributing to KiwiSaver for three to five years, you may qualify for a grant of up to $10,000. Even if you don’t meet the First Home Grant or First Home Partner criteria, you can still withdraw a portion of your KiwiSaver balance to contribute towards your first home deposit. However, remember that this option requires you to occupy the home you purchase, as it cannot be rented as an investment property.

Master Your Finances:

Accelerate your journey towards homeownership by fortifying your personal savings. Set a clear savings goal and adhere to it diligently. Saving may involve sacrifices, such as preparing meals at home, opting for a smaller rental, or even exploring living with family. ‘Sorted’, an excellent resource, offers a budgeting tool to help you track your progress and propel you closer to your savings target.

First Home Loans, LEMs & LVRs:

Contrary to popular belief, you don’t necessarily need a 20% deposit to secure a home loan. Savvy Kiwis are breaking free from the rental cycle and becoming homeowners with deposits as low as 10%, or even less, utilising schemes like the First Home Loans program available through select banks underwritten by Kainga Ora. With a minimum 5% deposit, you may be exempt from a Low Equity Margin (LEM) until your loan reduces to the 80% threshold (calculated on your Loan to Value Ratio or LVR). While a LEM may slightly increase your interest rate, the long-term savings from entering the property market sooner often outweigh the additional costs.

KiwiBuild:

KiwiBuild is vital in ensuring more New Zealanders can access affordable new homes. These homes are designed to remain within reach of first-home buyers and are subject to price caps. Participating in KiwiBuild may qualify you for financial support through the aforementioned First Home Grant. Remember that the available homes are limited to specific locations throughout New Zealand.

PARTNER WITH US FOR YOUR FIRST HOME

Classic Property is known for being a top choice for first-home buyers. Contact us today to understand how we can work with you to get the ball rolling so you can get into your first home sooner.

Keen to find out more? Talk to the team at Classic Property today.
Get in touch
Saved Listings
Login
Saved Enquiry
Email this list
Send an enquiry
Back
Ask us a question
Enter your details below and we'll be in touch as soon as possible.