Category Archives: First Home Buyers

Top Tips For First Home Buyers

This article provides top tips for first home buyers by Angela Downie at Platinum Mortgages. This blog is for first time buyers wanting to make sure they’re doing everything correctly when purchasing their first home

First home buyers are not surprisingly nervous about the large sums they need to spend on their first home. A Mortgage Adviser from Platinum Mortgages will help you understand the process involved in purchasing your first home. Furthermore, they explain some of the costs you may encounter along the way!


You’ve found the ideal first home, great, but you’ll need to apply for a mortgage to buy it. it. Don’t be intimidated – mortgage applications are fairly simple these days. However, there are some things you can do ahead of time to make your application process go as smoothly as possible.

  • Set up an Appointment

Contact us to set up a free consultation, skype call, or face-to-face meeting to discuss your requirements. We’ll talk about your specific situation and how we can help you achieve your goals. This discussion includes deposit requirements, whether you are eligible for a first home grant and maps the pathway to achieve your objective.

We’ll send you an email with a link to fill out your personal information online. This is something you can do at your leisure with our online services.

  • Gather Supporting Documents

First Home Loan applications require information such as statements, ID, proof of income etc. We will let you know exactly what you need to get organized for your application.

  • Application Is Submitted to Chosen Lender

Once all your supporting documents have been uploaded through your own unique portal online, your situation gets assessed. Following that, we will provide a recommendation on where we believe we will get your home loan approval or pre-approval. Your application is then formally submitted to the lender for consideration.

  • Await Approval

Depending on the Lenders workload, an outcome can take up to 5 working days. In higher volume times this may be a little longer. Once a decision comes back, we contact you and discuss the outcome or some alternative solutions if the Bank Said No!


There’s an old saying that says, Home is where the heart is. But if you want to keep your wallet happy, then you should also think about your local real estate market. If you’re thinking of taking that next step and purchasing your first home, there are a few things to keep in mind:

  • Get your financials in order. This includes making sure you are taking advantage of all the Government help for first home buyers.
  • Speak to a highly qualified and experienced Financial Adviser, like Angela Downie at Platinum Mortgages New Zealand Limited. You will receive free mortgage advice on your eligibility to receive the grant for First Home Grants, Kiwisaver withdrawals, and other ways to save for a deposit.
  • Learn all about the home buying process as we guide you along the way, and clarify what you need.


  • Many first home buyers ask when is a good time to start looking for their first home loan. Every circumstance and situation is different. There are some general rules you can follow, giving yourself the best chance of getting approval for your first home loan.
  • Another point to consider is how long a pre-approval is valid. Find out what those rules are now, by contacting us today on email via [email protected]


At the start, spending your commute scrolling through houses for sale and wondering through strangers’ homes at the weekend, are very low-cost activities. Once you start looking seriously, it’s a smart idea to seek professional help. Ensure you’ve got as much information about a property as possible, before you make any big decisions.

Use Recommended Professionals as part of your “Home Buying Team” is an important tip for First Home Buyers

  • Mortgage Adviser from Platinum Mortgages (Free – Paid by the Lenders)
  • Real Estate Agent (Free – Paid by the Vendors)
  • Lawyers / Conveyancer (Costs involved)
  • Building Inspector (Costs involved)

With these experts on board, you’ll be able to negotiate wisely, know about any structural or building problems prior to purchasing your first home. A good Mortgage Adviser like Angela Downie at Platinum Mortgages will ensure you’re getting a good solution on your future home loan!

Always remember, your first home will likely be one of your biggest investments ever – both financially and emotionally. The investment in professional financial services help is worth every cent! Contact us to set up a free consultation.

Real Estate Investment

How much deposit do I need to buy a house in NZ?

Buying your dream home in New Zealand is simple. You select the house you want to buy. Thereafter you put down a deposit as the down payment. Your lender covers the rest of the difference. That sounds easy, but you might ask how much deposit do you need to buy a house in NZ?

Before looking at properties, you need to save for a deposit. How much deposit you need, depends on whether you are buying the property as an investment property or you will be living in the property.

The mainstream banks’ requirement for a deposit to buy a home in New Zealand is also influenced by the circumstances. It is either 20% for a pre-approval or 10% when there is an existing offer in place. Furthermore, if you are an existing client at the bank, some banks will allow a 10% deposit for a pre-approval. The non-bank lenders, may only require a 10%-15% deposit.

Of course, many people do not have the 20% deposit to buy a house in NZ they need for their dream home. That is why they come to Platinum Mortgages to seek advice on how they can achieve that goal. As the first step, Platinum Mortgages Advisers will need to understand how much deposit you have. They will guide you on how much you can borrow with your deposit. Finally they work on plan with you to help you achieve the purchase price of your desired house.

By looking at the gap between your deposit and house purchase price, we can provide the best mortgage option for you or help you work towards your savings goal. Even if you don’t have enough deposit for your dream home, we can look at alternative options or ways to help you achieve your goal.

If this is your first home, or you have previously owned a house, you have been contributing regularly to KiwiSaver, and you intend to live in the property, then you may only need a 5% deposit.

What the lenders need to know

Most lenders want a guarantee that you will be able to pay off your loan once the contract is signed and the house is yours. They do this by:

  • Looking at your income: your financial transactions, savings, credit lines, and how responsible you have been with previous rent or mortgage payments.
  • How much deposit you currently have: your savings, gifting from parents or relatives, KiwiSaver, and First Home Grants.

Contact Platinum Mortgages to get a better understanding of what information you need to provide for your mortgage application. The team are here to steer you in the right direction, and they will be honest with feedback or suggestions.

Make sure you can afford your repayments

Especially for a first-time buyer, the most important thing to consider is whether you can afford your mortgage repayments. Mortgage repayments means the amount you need to repay after deducting your deposit from the property purchase amount. Every lender will have different interest rates. Therefore, use our Mortgage Repayment Calculator to work out your monthly, fortnightly, or weekly mortgage repayments.

At Platinum Mortgages, the Financial Advisers will also work together with you to put a budget plan in place before you start looking for a property. This way you have a plan to get to the required deposit to buy a house in NZ. You can also prove to the lender that you have sufficient income to repay your mortgage after deducting the expenses.

Taking the Final Decision

Talk to Platinum Mortgages and obtain expert advice before making any final decisions. They will provide you with the best advice for your particular situation. Considerations should include the deposit amount, mortgage term, interest rates, loan structures, affordability and sustainability, planning for a rainy day and exit plans etc.