Can I get a home loan with only a 10% deposit?

Can I get a home loan with only a 10% deposit?

Good news you can!  Recent changes mean this is now possible, albeit conditions will apply.

Banks come and go.  Some weeks ASB will have the necessary funds to lend, then two weeks later it could be Westpac’s turn and so on. So before you rush out and make an offer, check what the current lending landscape looks like.

Deposits come from a number of different sources, personal savings, KiwiSaver, gifts from parents, lottery wins etc. Check with your KiwiSaver what can be released and better still, get a letter from them confirming this and the timescale they work to. Find out if you qualify for a KiwiSaver HomeStart grant. This can be worth up to as much as $10,000.

More and more parents are helping their children with deposits. There are ways to do this and ways not to do it. We can help with this,  as we have probably seen most options.

Paperwork required to get a loan can be quite overwhelming but if you work with an experienced person who knows what the banks are looking for, this can be made much easier.