Step By Step Guide For First Home Buyers

Step One: Save for a deposit

A deposit is an important first step in getting the home loan right for you.

RESIMAC Home Loans  can lend up to 95%* of the property value, however you will need to show you have at least 5% genuine savings.

Also, you must take into consideration legal costs and insurance associated with buying a property.


Step Two: Find out how much you can borrow

How much you can borrow is determined by your income and your financial history which is usually your current savings, your credit history and your other financial commitments such as credit card and car loan repayments.

You can use our borrowing power calculator to estimate the amount you may be eligible to borrow.


Step Three: Determine which loan is right for you

There a different types of home loans to consider, for instance there are fixed rate loans, variable home loans and loans that offer you great benefits like unlimited redraw.

Find out more about what types of loans that RESIMAC Home Loans can offer you by clicking here.


Step Four: Get your home loan pre-approved

You can give yourself a head start by getting your loan pre-approved on principal.

This means that if you meet all the lending criteria you will:

  • Have financial approval from your lender on principle and you will know how much you are able to borrow
  • Have a realistic budget when you shop for a property
  • Will be treated as a serious buyer by agents


Step Five: Start looking for your dream home!

Now that you’ve saved a deposit, learnt how much you can borrow and received pre-approval you are all set to start looking for your dream home. Good luck!


All credit applications will be subject to our usual lending criteria, terms and conditions. Fees may apply. Lenders mortgage insurance may be required. Loans are for residential New Zealand property only.
Get started with your application today


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