Lending options for your deposit

When it’s time to get your deposit together, 10% of the price is the minimum you need (though it could be higher depending on the property), and there are a few ways you can get this together.

Savings – the most straightforward is savings in a savings account. Ideally have it in one account, so its easy to see. If you have term deposits, bonus bonds etc, you need to make sure you have the statements.

KiwiSaver or Work Super – after 3 years you can use your KiwiSaver for your first home. If you have a different super through work, many of them allow you to get money out for a first home as well. There are a lot out there but some I know for sure are the SSRSS and also the Police Super scheme. Check with your provider for the others.

HomeStart grant – for your first home, if you meet the criteria you could both get up to 5K (10K for a new home) towards the deposit. It requires an application and has a lot of hoops to jump through but it is there.

Gift from family – if family want to help, a gift can help here.

Selling stuff – if you sell off a spare car, some stuff you have, this is going to help with your deposit. Ideally get it into your bank account 3 months before you want to buy as it is counted as regular savings.

Generally you need to have at least 5% from genuine savings or KiwiSaver, or a gift for the lot.

If you need help with sorting your deposit, we can help.

Alan Borthwick