Many young couples see their dream of home ownership just too far beyond the horizon, but there are things that can make the dream a reality.
\n\tThe first step is to talk to your bank face-to-face, or perhaps a competent mortgage broker. Find out your financing options and just what you can borrow for what repayments.
\nThen talk to a First National real estate agent about the market, preferred areas what can be bought for that price. (Kiwi Bank recently removed the interest penalties for loans above 80% of property value\u2026watch the others follow!) When you have a clear goal, it is far easier to write a budget. Set up a separate bank account for your deposit. Sell stuff and put the money into this account. Accept a more austere lifestyle for a while. It\u2019s worth it.
\n\tTalk to your family about shared equity \u2013 meaning that they have a stake in your first home. Perhaps they can pay 25% of the cost which significantly reduces your borrowings. Their payback is when it comes time to sell, as they get 25% of the sale price. This arrangement is much more common than you might think.
\n\tAnd the really BIG way to afford your new home is to lower your sights. Remember that this is a FIRST home, so you don\u2019t have to have a double garage, en-suite, two lounges and four bedrooms. That\u2019s what your second home will have. Right now, just get yourself on the property ladder.<\/p>\n","protected":false},"excerpt":{"rendered":"
Many young couples see their dream of home ownership just too far beyond the horizon, but there are things that can make the dream a reality. The first step is to talk to your bank face-to-face, or perhaps a competent mortgage broker. Find out your financing options and just what you can borrow for what […]<\/p>\n","protected":false},"author":1116,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"NEWS! Its easier to afford a first home - colinrealestate","description":"Many young couples see their dream of home ownership just too far beyond the horizon, but there are things that can make the dream a reality. The first step is"},"footnotes":""},"categories":[5532],"tags":[5533],"class_list":["post-14","post","type-post","status-publish","format-standard","hentry","category-real-estate-2","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/14","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/users\/1116"}],"replies":[{"embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14"}],"version-history":[{"count":0,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/14\/revisions"}],"wp:attachment":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}