Buying your first home
If you’re looking to get a mortgage and you don’t have savings, you’re looking to buy your first property, what you’re probably going to have to do is use a combination of your KiwiSaver and whether you can get a gift from friends or family, there’s a lot of people getting help from mom and dad. And from there, you’re probably going to have to show at least a little bit of savings before you buy, but not always. So you need strong income, at least enough income to service the mortgage debt and potentially you get a gift from family or a guarantor situation where you might not have that 10% or 20% you need to buy the property, but you’re getting help from other places.
So don’t be scared if you don’t have savings. If you do have a lifeline in the form of help from somebody else and then from there, if your income is not going to support the mortgage, you might need to get borders, so flatmates to come in and contribute and it’s really important to pick the right advisor so that you don’t get declined.