Stellar Financial Solutions will help you to deal with the challenging process of buying your first home. Talk to us & we can help you to review your finances and also to ascertain how much you can afford to spend before you start house hunting.

We can assist you to acquire a pre-approval from a bank so that you can hunt your house with confidence.

We will help you choose a loan structure that is tailored to your circumstance. This may help you to pay less interest and could take years off your home loan.

Later when you want to renovate, construct a new house, consolidate debt, buy a bigger house, invest in another property (investment) or restructure your home loan we are ready to help you reach that next milestone.

Things that you may need to consider when buying your first home:

1. Deposit Options: Using equity, Using Kiwisaver or First Home grant from Kāinga Ora - Homes and Communities or getting help from family (Gift, Loan, Guarantee).
2. Cost's associated with buying a house:
   Fixed: Solicitor's fees, LIM report, Building inspections, moving costs. Ongoing: Home Loan repayments, insurance (house & Life), Council rates, house maintenance.
3. Type of Loans:
   1. Fixed: The interest rate is set for a fixed period & your repayments during the term remain fixed.
   2. Floating: The interest rate changes & hence your repayments. Particularly preferred by people who have the potential to earn commissions. Can make lump sum repayments to reduce the loan without being charged a penalty.
   3. Flexible: A revolving credit facility (Works like an overdraft). You only get charged interest on the amount you overdraw.
   4. Off-Set: Can help offset interest cost on loans based on the amount saved in offset accounts. Interest is charged on the balance amount.
4. Kiwisaver: If you're buying your first home, you may be able to use your KiwiSaver savings. You'll need to have been a KiwiSaver member for at least three years. There are two ways KiwiSaver can help:
   • Make a first home withdrawal from your KiwiSaver account.
   • Apply for a First Home grant from Kāinga Ora (depending on the house you're buying is existing or newly built.
5. Buying a home with Kiwibuild: Available KiwiBuild homes are sold by direct sale or ballot to individuals that meet eligibility criteria.
   • Register your interest at kiwi build.govt.nz.
   • KiwiBuild will keep you updated on available homes.
   • Once you have identified the property then talk to us to secure approval for the property.
   • Have your solicitor complete all documents required to finalise the sale with the KiwiBuild partner
   • Be ready with your deposit (usually the deposit is 10% of the purchase price, paid by bank transfer)