Welcome Home Loan nz

welcome home loan nz


Welcome home loan is one of the best type of home loan to get when you have not enough deposit to get a home loan. To qualify a standard criteria must be met. Also a definite criterion of the participating lenders is to be met to qualify. Most importantly, applicants under this scheme must be New Zealand Citizens or Permanent New Zealand Residents that is holding a permanent resident visa. 

House deposit

The income criteria for borrowers qualify as followers:

  • Having a maximum yearly income before tax for household income for 1 or 2 borrowers equals to $85k

  • And for three or more borrowers one can have a maximum household yearly income of $120k which is also before tax.

Furthermore, the highest amount of loan given by Welcome Home loan includes:
  • One can borrow up to $200k without any deposit requirement.

  • Depending where one is willing to buy the home, with regards to that one can borrow either maximum $280k or $350k.

  • Borrowing between $200k to $280k, one will need 15% deposit of the amount $200k above and

  • For the amount $350k, a 15% deposit is also required of the amount above $200k.

Welcome home loans also hospitalities for building a new house but that clearly depends on lenders. One will have to ask the preferred lender for allowing of building new house. In addition, this scheme loan is for owners to occupy the property and not to rent out the property; the person borrowing must not own any other property; and also the borrower must pay fees such as application fee and Lenders Mortgage Insurance premium fee. 

Welcome home loans, also helps people of New Zealand in getting one’s first home. To keep it simple, this organisation provides a free online course educating the people interested in buying first home. To elaborate a little more on the online course offered, one will be able to understand the home buying process as it includes important information such as;

  • Benefits, risks and costs as well as obligations of owning a new home whether to build or buy the new home

  • Plan and advice to achieve home ownership goals.

How to save up to Buy your first home ?

There are plenty of ways that you can save up to buy your first home, some are easy and some not. At loan nz we have sourced out some of the best tips, information that will help you in saving up enough deposit to buy your first home. Check out How to Save up to buy a house.