fbpx

First Home Buyer Mortgages

Jump on the

Property Ladder

Talk to a Mortgage Broker

First home buyers, we can help turn your dream into reality

Buying your first home is exciting, the prospect of a place that is truely your own.

Your head fills with thoughts of where and what to buy. You spend hours scrolling through property listings, going to open homes and discussing (sometimes arguing over) the pros and cons with loved ones.

With all that, having to then navigate the finance process can turn an exciting time into a stressful one. It’s a big job to get your head around the different banks’ lending criteria; criteria that can change at any time. What one bank may approve, another may decline.

That’s where we come in.

We manage the finance process for you. We navigate the various banks and lenders and negotiate the best possible terms on your behalf. Keeping you informed and involved every step of the way, we minimise your stress and save you time.

We do not charge you for any of our services. Whether you need some initial advice or are ready to go through the application process it will not cost you anything.

Realise your dreams without the stress, contact us today!

Our mortgage brokers can help you…

  • Calculate affordability
  • Find the best bank for you
  • Give you step-by-step guidance
  • Help you get up to 95% LVR
  • Get KiwiBuild pre-approval

Not sure whether now’s the right time?

It’s never too soon to start preparing for your first mortgage.

Talking to one of our mortgage brokers will clarify your situation for you. You may be ready to buy sooner than you think.

In many cases, it’s just a matter of rethinking your strategy to be in line with the bank’s lending policy. Or perhaps you qualify for a Home Grant or are eligible to access your Kiwi Saver.

Now is always the best time to get all your ducks in a row. Contact us for a consultation today.

Can you get KiwiSaver help?

When you are buying your first home, one of the first things to confirm is whether you have access to KiwiSaver and/or a HomeStart Grant. Our article tells you everything you need to know about these options. The use of your KiwiSaver increases your deposit, which can make borrowing significantly easier and cheaper.

Remember, we’re here to help: for all questions contact your local mortgage broker directly. A quick conversation will give you immediate answers, at no cost.

FAQs

You absolutely can!  That’s what it is meant for.  One thing to know is that you will usually need to have saved at least 5% of the purchase price on your own and the First Home Grant doesn’t count towards this goal.

The First Home Grant is a Kainga Ora cash grant designed to help lower-income purchasers buy lower-priced houses.  There is a maximum amount of income that you can earn and a maximum purchase price that you can pay to be eligible for the grant.  Here’s an article that we wrote on the First Home Grant.

You will want to apply for the grant early as it takes time to process.

The banks typically try for 5 working days.  The timer starts when we receive all the required documentation and submit your application.  Sometimes turnaround can be as low as 2 days or sometimes it can be slightly longer.  If your application is urgent (required in less than 10 working days), let us know as soon as possible and we will mark it as urgent.

It’s important to get us all the documents before we can submit the application.  This includes proof of income (payslips or year-end financials) ana bank statements (click here to learn how to correctly export your bank statements).

Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.

The exceptions to this:

  • If a mortgage is paid off or discharged within 27 months, a fee may be incurred.  See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?
  • Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.
  • If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided.  The maximum charge we will typically invoice for is $2,500.

The commissions paid are below.  These commissions are accurate at the time of writing – 15th March 2021

LenderUpfrontTrailRefix
ANZ0.85%N/a$150
BNZ0.55%0.15%N/a
ASB0.85%N/a$150
Westpac0.60%0.20%N /a
Sovereign Home Loans0.60%0.20%N/a
ASAP Finance LimitedFee ChargedN/aN/a
Avanti FinanceUp to 0.80%N/aN/a
CressidaFee ChargedN/aN/a
DBRFee ChargedN/aN/a
First Mortgage TrustFee ChargedN/aN/a
Heartland Bank (Reverse Mortgage)1.50%N/aN/a
Liberty Financial0.60%0.15%N/a
NZCU (Personal Loans)1.00%N/aN/a
RESIMAC0.60%0.15%N/a
SBS Bank0.80%N/a$150
Southern CrossFee ChargedN/aN/a
The Co-operative Bank0.70%N/A$150

The banks all have different policies and risk tolerances. Buyers can get frustrated and waste a lot of time going to banks that won’t suit their needs.

Using a mortgage broker gives you a view of all the banks and their policies. It means you find the right bank faster and with less stress. With a mortgage broker, getting a mortgage isn’t complicated. It’s about proving you have enough deposit and enough income and then heading to the right bank with that information.

Some tips to making your mortgage application easier: get your documentation sorted early and keep your spending as low as possible in the 3 months leading up to your application.

If you’d like to learn the basics, we have a course which teaches you everything you need to know about buying your first home.  You can find out more here.

Using a mortgage broker generally means no direct costs to you but there will be a couple of unavoidable costs there. These may include:

  • A Registered Valuation ($800 – $1,200)
  • Solicitor Costs ($800 – $1,500)
  • LIM report ($150 – $400)
  • Builder’s Report ($100 – $500)
  • Weather Tightness Report for Monoclad houses ($300 – $1,000)
  • Finance fee for non-bank lending (~1%)

Prices can vary. Always request a quote before ordering a report.  For a list of property professionals that you’ll likely work with, see our article here.

As above, sometimes a bank just isn’t looking for you as a client. In this instance, they can either decline you or make the terms of your lending so ridiculous that you either accept (sucker!) or you go away. We know what banks have an appetite for and send you to the right bank without you shopping around banks.

We Have Launched An Online Course

“How To Buy Your First Home”

We’ve just released this specifically to help first home buyers.  

What you’ll learn:
  • Mortgage fundamentals
  • How your income affects your mortgage
  • How much deposit you’ll need
  • How to get more deposit if you don’t have enough
  • What to do once you’ve got your approval

Why Choose Us?

Because when it comes to your first home, you deserve the very best…

 Stress-free process

We act quickly to reduce the hassle and hold-ups of the financial approval process

 Expert advisers

We’re highly experienced and trained to help you through the mortgage approval process

 Friendly service

We’re here for you and we genuinely care about helping make your dream a reality

What Past Clients Say…

From our very first meeting, Karen was friendly, professional, helpful, informative and very, very knowledgeable. We asked many questions which I’d imagine are rather simple and repetitive to an advisor but Karen happily responded with helpful information, provided links to further information, helped…

Karen Hyland

First Home - S Greco, Auckland

Lynne was excellent to deal with, very friendly and very knowledgeable. I would recommend her service.

Lynne Dent

First Home Buyer - M Ebsworth, Christchurch

Laura was absolutely amazing and I know how difficult me and my situation where to deal with! Without her I would not have bought my first home! You can’t ask for a better mortgage broker, or person, to be guiding you through it!
Thank you Laura!!!!!

Laura Cates

First Home - Z Starr, Northland

Lynne, was fantastic from start to finish. She took the stress out of buying a house and even helped us look for a house which we now proudly own. Thank you!

Lynne Dent

First Home Buyer - H Patel, Christchurch

Robyn was fantastic! Always available and really responsive. She helped us understand all of our options and was always there to answer all our questions big or small. I would recommend Robyn to anyone and will use her for our future mortgage needs.

Robyn Turner

First Home Buyer - C Beech, Waikato

We went through Robyn Turner from a recommendation, it was the best decision we could have made. She was lovely from the start and really went that extra mile for us. We had a deadline going into it and while some of this adventure was luck, we owe so much of the success to Robyn. There were times we we…

Robyn Turner

First Home - Bay of Plenty

Lynne was very helpful, positive, and worked hard to get the best deal for us. She made it possible for us to be able to buy a house much sooner than we expected. She respected our wishes, explained things well, and adapted to the changes necessary with lockdown very well. She always conducted herself p…

Lynne Dent

First Home Buyer - B Dickinson, Invercargill

Robyn goes above and beyond at every turn, she is prompt and efficient and has never left us feeling like we don’t know what is going on, I would recommend her in a heart beat to anyone looking for a broker.

Robyn Turner

First Home - Tauranga

Robyn was so helpful, kept us well informed of the process, and made everything so simple and straightforward. It was a dream, and we’re so pleased with the whole process.

Robyn Turner

First Home - Tauranga

Robyn is phenomenal. There wasn’t a moment I didn’t feel that she wasn’t invested in my journey. She took her time to explain the nuances of the property market and gave great advice. She gave space for autonomy and supported me through a really emotionally intense season! I would reco…

Robyn Turner

First Home - Tauranga

I loved working with Robyn. She was so helpful, answered all my questions in an easy to understand way. And helped me every step of the way.
I felt like I would’ve been lost without her through the whole process. I can’t recommend her highly enough! Thanks Robyn!

Robyn Turner

First Home - Z Franich, Tauranga

Lynne is the best! She helped us a lot. Always answer our questions. Thank You Lynne

Lynne Dent

First Home Buyer - S Petrova, Christchurch

Very helpful! Couldn’t have done it without her 🙂

Huriana Tahere

First Home - A Axis, Christchurch

Amazing every step of the way, no question was too hard and kept us up to date with how everything was going.

Rachel Railey

First Home Buyer - L Fisher, Waikato

Brett was awesome! Very thorough with his explanations, always available and going the extra mile. Loved dealing with him and he made the process very easy for someone who had never had the experience of buying property in NZ.

Brett Davies

First Home - P Costa Auckland

Robyn from mortgage lab is knowledgeable and helpful. She has been a a great support in getting us what we need for our family.

Robyn Turner

First Home - Tauranga

Robyn was incredible and so encouraging. I would never have thought I could buy a place in my dream location, but with her help I did. She was a wealth of knowledge and always happy to answer my (many!) questions.

Robyn Turner

First Home

Samuel was so knowledgeable and made the whole process so easy. I would definitely recommend him to anyone looking to buy a house!

Samuel Eva

Purchase of First Home

Very professional, I was very happy with the overall experience and manner that Samuel presented to me.

Samuel Eva

Purchase of First Home

Lynne is great, she showed me how to manage my finances more effectively and how this affected my application with the bank and went above and beyond to get my loan through for me!

Lynne Dent

First Home Buyer - J Keegan, Christchurch

Brett was amazing, he really looked after us and made every effort to get us our home loan. I would recommend him any day.

Brett Davies

First Home Buyer - S Vatble, Auckland

Brett was wonderful and professional patient! Nothing to improve.

Brett Davies

First Home - P Yin, Auckland

Rachel was the best friend we didn’t know we needed. She is warm, understanding, knowledgeable and will fight for you. You NEED Rachel on your team.

Rachel Railey

First Home -T Bryant, Waikato

I am a middle-aged single female buying a first property in Christchurch post-COVID lock-down; the most difficult market to not only get finance but actually get a property to put an offer on! My excitement quickly turned to agitation, anxiety and straight out confusion. Lynne was ready, willing and able to g…

Lynne Dent

First Home Buyer - T Theyers, Christchurch

Samuel has been awesome to deal with & we’ll certainly be recommending him in the future.

Samuel Eva

First Home Buyer - Auckland

Johnny was exceptional throughout the process. I will definitely recommend his services.

Johnny Ang

First Home Buyer

We had the most awesome experience, we had been trying to buy a house for the entire 2020 and used a number of mortgage brokers but each asked more and more from us. They wanted us to cancel our KiwiSaver deposits and cancel this and that. We were about to give up when a friend told us about Lynne and w…

Lynne Dent

First Home Buyer - E Hilder, Timaru

Keith was excellent to work with, especially in helping me to navigate through what could have been quite a stressful process as a first home buyer. Not all of it was straightforward, and his additional work was much appreciated.

Keith Munro

First Home - Wellington

Two thumbs up for Johnny, his excellent service and hard work. I would 100% recommend Johnny to my friends and family without doubt.

Johnny Ang

First Home Buyers - Auckland

Kyn is an excellent mortgage broker, he made my first home purchase a breeze. Despite the strict lending criteria (LVR etc.) on low square metre Auckland CBD apartments, Kyn worked really hard to find a finance solution that would work. Would recommend him as a broker and adviser to all. Cheers Kyn.

Kyn Jackson

First Home Buyer - S Sinton, Auckland

Amazing.

Robyn Turner

First Home - Tauranga

I can’t speak highly enough of Rachel – she was was incredible!! From the very first time we contacted her she gave us a sense of being 100% invested in our home-ownership journey with us. Rachel, from the bottom of our hearts thank you so much for your skills, knowledge, optimism and passion!

Rachel Railey

First Home - Z Parton, Waikato

Lynne did a brilliant job organising us into our first/down sizing home. We didn’t think we had things quite in place but non the less when a place popped up we were really interested in she was able to work her magic and we have now been in our own home for a couple of months.She was so knowledge…

Lynne Dent

Purchase of New Home

Rachel was a pleasure to deal with in navigating our way through purchasing our first home. She’s friendly, professional and applied a common sense approach to make sure we got the best mortgage which suited our needs! Thank you

Rachel Railey

First Home - J Mangan, Thames

Lynne was very easy to work with and got my mortgage sorted for me fast. I would highly recommend her.

Lynne Dent

First Home Buyer - S Sathiyanathan, Christchurch

Lynne was fantastic to work with and we are so glad we went with her as our advisor. The whole process was easier than I expected thanks to Lynne’s help. We would definitely recommend her to our friends and family.

Lynne Dent

First Home Buyer - S Swift, Christchurch

Keith is absolutely incredible to work with and we could not be happier with the outcomes he’s provided for us. If you are looking for an Adviser who always gets back to you promptly, explains everything clearly and gets you the best deal possible, Keith is the who you are looking for.

Keith Munro

First Home Buyer - S Fourt, Wellington

Laura was so amazing and understanding. Really helpful especially as all the work was done during level 4 lock down. I can’t recommend the service and experience highly enough.

Laura Cates

New Purchase

Lynne was recommended to me by a previous customer and for good reason, she was AMAZING and made the whole process of buying our first home so much easier! She went above and beyond! Would totally be recommending! Thanks Lynne!!

Lynne Dent

First Home - S Calder, Christchurch

Johnny helped me with every step of my first home purchase. He’s very responsive and helpful. He patiently assisted me through the entire process. I found Johnny to be extremely knowledgeable and was very prompt on communication with the many queries I sent to him. Definitely saved me a lot of str…

Johnny Ang

First Home - M Angelica, Auckland

Helpful, knowledgeable.

Johnny Ang

First Home Buyer

Brett was a real pleasure to work with. Being first home buyers in New Zealand, Brett guided us through every step along the journey. Always available and very responsive, we couldn’t be happier.

Brett Davies

First Home - G Ferreira, Auckland

Want to DIY but need a little more help?

Purchase our book online to become the next successful first home buyer

Our paperback book “The Successful First Home Buyer” walks you through the entire process of preparing to buy your first home.

The goal? By the end of the book, you will present to the bank as the perfect buyer!  Follow the To-dos at the end of each chapter and make the entire home-buying process easy.

Send us a message:

Get in touch with Mortgage Lab. Simply send us a message via the form and we’ll be in touch shortly.