You’re getting closer to knowing where you want to live and what type of property you can buy. You may have even spoken to a real estate agent and attended some open homes, and you have an indication of how much the bank is willing to lend you. You can now get fully prepared to buy. This mostly includes making pre-applications and applications for loans and for government grants and schemes that may be available to you.
If you’re unsure of how or if the government can help you to buy a home, please check the Investigating phase above to find out more.
For more information on what you can do to make things easier in this phase, please see below:
- It’s time to start preparing documents for your bank or mortgage broker. You can do this by working closely with the representatives of these companies. Get all of the required information together before you apply to avoid delays later. You’ll need things such as proof of residency, wage slips, bank statements and application forms.
- First Home Loan - If you are interested in the First Home Loan (where you only need to provide a 5% deposit to purchase your home) you’ll need to start the application process. Not all banks offer this loan so visit the Kāinga Ora website for a list of participating banks and to see if you are eligible.
- First Home Grant - This is the right time to apply for your First Home Grant or to seek pre approval for this grant. By stating this process now, you’ll find out if you’re eligible or not.
First Home Partner - If you are interested in the Kāinga Ora First Home Partner scheme, you will first need to check your eligibility. You can do this here. Once you have confirmed your eligibility, you will need to gather your documents together (things like photo ID, proof of income and bank statements) then you are ready to apply. You can submit your application by creating an account in the Kāinga Ora Portal which you will find here.
For further information on First Home Partner please go to the First Home Partner information page on the Kāinga Ora website.
- KiwiSaver first home withdrawal – If you are preparing to buy, you will need to start the application process for the KiwiSaver first home withdrawal. This will enable you to access your KiwiSaver funds to help with the deposit to purchase your home (you must leave $1000 in your KiwiSaver though and there are eligibility criteria that apply).
- KiwiBuild - If you are interested in buying a KiwiBuild home, you will need to first check your eligibility and submit an application on the KiwiBuild website to get pre-approved as an eligible buyer. You will need your eligibility confirmed in order to a complete a purchase for a KiwiBuild home or enter a KiwiBuild ballot. You can view all the currently available KiwiBuild homes on the KiwiBuild website. Remember, you will need to have received confirmation of your KiwiBuild eligibility before you can complete the purchase on a KiwiBuild home.
- You may also want to start thinking about your legal representative at this time – particularly if you are applying for a grant and for the KiwiSaver first home withdrawal as these funds will need to be directed to your lawyer’s Trust account. A good place to look for a lawyer is the Law Society website which provides a list of recommended lawyers in your area.