Few people can afford to buy a home without borrowing money.
When you are thinking about looking seriously for a new home, a good starting point is finding out how much you can afford to borrow. Once you know how much money you have to spend, stick to your limit and be realistic. There’s no point having a beautiful home to live in if you don’t have any money left over to eat.
When sorting your finance you can go directly to a financial institution such as a bank and make a home loan application. They will usually provide you with one of their home loan options and this may not necessarily be the right one for you.
Given the number of home loan products on the market, you may prefer to talk to a mortgage broker who is registered with the New Zealand Mortgage Brokers Association. Mortgage brokers are independent and specialise in finding the most appropriate home loan for you.
Remember, the price you pay for your home is not the only cost involved. Some of the additional little extras you need to take into consideration are legal fees, building reports, mortgage insurance, moving costs, property valuation and insurance.