If you are a first Homebuyer have you considered approaching Kiwibank to discuss the Welcome Home Loans. Kiwibank Welcome home loans is in conjunction with Housing New Zealand Corporation and is for individuals, couples and families with little or no deposit but who can afford the loan repayments.

How a Kiwibank Welcome Home Loan can make homebuying easier.

The deposit: No deposit for home loans up to $200,000.00. If you qualify, you won’t need a deposit for a home loan up to $200,000.00, based on the registered valuation or purchase price of the property, which ever is the lower. You can borrow the whole 100%

Deposit assistance: When your borrowing 100% of the purchase price or valuation, the person selling you the house will require you to pay them a deposit. This is usually payable before the home loan is available at settlement. Kiwibank may be able to arrrange an overdraft (upto a maximum of $7,500.00 or 5% of the purchase price which ever is lowest) to help you pay the deposit. This overdraft will become part of your loan when your home loan is drawn down. Deposit administration fees and conditions apply.

Home loans between $200,000-$350,000: In selected area you can borrow upto $350,000.

Are you eligible? To be eligible to apply for a Kiwibank Welcome Home Loan you must:

* Have a total household income of not more than $85,000 pa for individual or joint applicants.

* Have a total household income of no more than $120,000 pa if there is more main sources of household income.

* Have an acceptable credit history.

* Be able to meet the loan repayments.

*Buy the house to live in yourself.

*Do not own any other property.

*Have been in your employment for no less than 12 months.

*Meet Kiwibank lending criteria.