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Sick of paying off someone else’s mortgage? Get your own! Buying a house can be a daunting task. It’s a big deal, but it’s a smart investment. You’ve got the deposit, so now what?
Keep an eye on the market be on the lookout for properties in your desired area. Start this as early as possible so you can see pricing trends in the suburb you want to live in. Get your hands on the local paper, the Property Press, and real estate publications and websites such as www.open2view.co.nz, www.allrealestate.co.nz, and even www.trademe.co.nz. Keep a scrapbook of houses you like, the features you like about them and the asking price.
Get yourself a mortgage broker You could go from bank to bank and be overwhelmed by the different mortgage scenarios presented to you, but why go to all the hassle? An independent mortgage broker will work for you to get the best deal. They do all the leg work to find out which bank will offer you the best interest rate and overall package. They will also sit down with you and figure out how much you can afford to borrow.
What type of loan to get If you don’t have a deposit, you could borrow 100% of the house price. I would only recommend this to those in the higher income bracket as you could be swimming in debt for some time as there is more to pay back. If you save a deposit, you can borrow less and have more equity in the property. Once you’ve decided what you’re going to go with, the next step is to negotiate a prior approval with the bank. The mortgage broker can arrange this too. Now that you know how much you can spend, it’s time to go shopping!
You can never look at too many open homes It will help you to get a feel for exactly what you want in a property and what you can get in your price range. You’ll be better equipped to spot a bargain. Pay attention to the neighbourhood and any potential noise in the area. Ask lots of questions, check out storage options and turn on the shower tap to check out water pressure. Talk to the real estate agent at the open home about what you’re looking for, they may contact you later with other suitable properties. Go and see those too.
Make an offer You’ve found the place for you so it’s time to put in an offer. Start lower than the asking price. Usually it will go back and forth between the vendor and you until you reach an agreement on the purchase price. Don’t commit yourself to more than you can afford, but be flexible. Your lawyer will get involved at this stage and you should make the purchase conditional on a builder’s report and a LIM report (obtained from your local Council).
Once your lawyer and the bank have given you the go-ahead, the place is yours. Congratulations, you’re on the property ladder!
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Buying a house can be a daunting task. It’s a big deal, but it’s a smart investment. You’ve got the deposit, so now what?
be on the lookout for properties in your desired area. Start this as early as possible so you can see pricing trends in the suburb you want to live in. Get your hands on the local paper, the Property Press, and real estate publications and websites such as 
If you don’t have a deposit, you could borrow 100% of the house price. I would only recommend this to those in the higher income bracket as you could be swimming in debt for some time as there is more to pay back. If you save a deposit, you can borrow less and have more equity in the property. Once you’ve decided what you’re going to go with, the next step is to negotiate a prior approval with the bank. The mortgage broker can arrange this too. Now that you know how much you can spend, it’s time to go shopping!
Make an offer