First Home Loan - Navigating Your Path to Homeownership
Embarking on the journey of purchasing your first home is an exciting and significant step. At Link Mortgages, we understand that this process can be both thrilling and overwhelming. Our First Home Loan service is designed to guide you through every step of the way, making the dream of homeownership a seamless reality.
Here’s a detailed overview of how we assist you at every stage of acquiring your first home.
- Determining Affordability
- Choosing the Right Location
- Securing the deposit
- Streamlining the Buying Process
- Securing a Great Mortgage Deal
- Auctions and Negotiations
- Settlement
Determining Affordability
Link Mortgages is committed to helping you figure out how much you can afford to borrow.
Our team meticulously assesses your financial situation, considering factors such as income, expenses, and credit history. We work closely with you to establish a realistic budget, ensuring that your first home aligns with your financial goals.
Choosing the Right Location
Deciding where to buy your first home is a crucial decision, and our experts are here to assist.
We provide insights into different neighbourhoods, considering factors like amenities, property values, and future growth potential. Access to property reports on potential homes ensures that you make informed decisions based on comprehensive information.
Securing the deposit
Link Mortgages specialises in securing financing through various channels, including Deposit, KiwiSaver borrowing and First Home Loan Grant.
For first home buyers aiming to acquire an existing home, a standard requirement is a deposit equivalent to 20% of the home’s value. For example, for a home valued at $500,000, you would typically need a $100,000 deposit. In cases where your deposit is less than 20% of the home’s value, obtaining a loan is still possible.
If you’ve been contributing to your KiwiSaver for at least three years, you may be eligible for a First Home Loan Grant which could get you into your first home with just a 5% deposit (criteria applies).
We guide you through the intricacies of these financing options, ensuring you understand the benefits and implications of each. Our goal is to secure the best possible financial arrangement tailored to your unique circumstances.
Streamlining the Buying Process
The path to homeownership often involves complex documentation and processes.
Link Mortgages is here to alleviate the stress. We assist in arranging property inspections and valuations, interpreting technical jargon found in LIM, Sale and Purchase agreements, and building inspection reports.
Our aim is to simplify these complexities, providing you with a clear understanding of every step.
Securing a Great Mortgage Deal
Our experts work diligently to get you a great deal from the bank and structure your mortgage in the most advantageous way.
Whether you opt for fixed, floating, or a mix of both interest rates, we ensure that the mortgage structure aligns with your financial goals and preferences.
Auctions and Negotiations
Participating in auctions and negotiations can be daunting for first-time homebuyers.
Link Mortgages steps in on your behalf, participating in auctions, negotiating with real estate agents, and ensuring that you secure the best terms for your property purchase.
Settlement
Getting the deal done and settling into your own home is our ultimate goal. We navigate the final stages of the process, coordinating with all parties involved to ensure a smooth settlement.
Link Mortgages’s commitment extends beyond securing the mortgage – we aim to make your transition into homeownership as seamless as possible.
Mortgage Structure
Navigating the complex landscape of mortgages requires a nuanced understanding of various structures to align with diverse financial goals. The mortgage structure, a blueprint for repayment and interest management, plays a pivotal role in shaping the financial journey of homeowners.
From fixed and floating interest rates to diverse terms and unique features, choosing the right mortgage structure is akin to tailoring a financial garment to fit individual needs. At Link Mortgages, we understand the significance of a well-crafted mortgage structure in achieving long-term financial success. Our expertise lies in demystifying the intricacies of mortgage structures, empowering clients to make informed decisions that not only suit their current financial capacities but also pave the way for a robust and secure financial future.
Fixed rate home loan
Link Mortgages understands that each client’s financial situation is unique. The banks offer fixed rate home loan terms ranging from 1 to 5 years, allowing you to choose the option that aligns with your specific needs and goals. Whether you prefer the stability of a longer-term fixed rate or the flexibility of a shorter term, Link Mortgages will help you make an informed decision.
Floating rate home loan
Do you have extra earnings available each month? Link Mortgages can guide you toward floating rate home loan that allow you to take advantage of your financial flexibility. The interest rate and the payments you make can change over the term of your loan. Their expertise ensures you make the most of your resources, helping you achieve your financial goals sooner.
Offset home loan
Offset home loans offer a strategic approach to mortgage financing by factoring in the combined balance of linked savings and everyday accounts. By leveraging the offset mechanism, borrowers can potentially save on repayments, as the total balance across these accounts is used to offset the outstanding loan amount. This financial synergy not only optimises interest payments but also provides a practical avenue for individuals to make the most of their available funds while effectively managing their home loan obligations.
Revolving credit home loan
Link Mortgages understands the importance of maintaining financial security while enjoying life’s pleasures. If you’d like to keep funds on hand for emergencies or travel, they can recommend revolving credit accounts that provide both financial flexibility and peace of mind. It works a lot like an overdraft, but on a much larger scale. You have a credit limit which you can draw up to at any time.
At Link Mortgages, our First Home Loan service is more than just securing a mortgage – it’s a holistic approach to guiding you through the entire journey of acquiring your first home. With our expertise, dedication, and personalised assistance, we make the dream of homeownership a reality.