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Optio finance
What is Welcome Home Loan?
Welcome Home Loan makes it easier for you to get into your first home.
Welcome Home Loan is offered by lenders, supported by Housing New Zealand, and, designed for first home buyers who can afford to make regular repayments on a home loan, but have trouble saving for a deposit.
Housing New Zealand does not issue the loan. This is done through normal lenders such as selected banks and credit unions. Housing New Zealand insures the loan for the lender. Housing New Zealand does not insure you, the borrower. You will still need your own mortgage repayment insurance. You will still need to meet the lender’s specific lending criteria.
How much can you borrow?
With a Welcome Home Loan, you can borrow:
Up to $200,000 without a deposit.
$280 000 is the maximum. The additional amount requires a deposit of 15 percent of the amount above $200,000. For example, on a loan of $280,000 you will require a deposit equal to 15 percent of $80,000 which is $12,000
You can borrow up to $350,000 in higher priced areas. (See link for areas).This also requires a deposit of 15 percent of the amount above $200,000. For example, on a loan of $350,000 you will need a deposit equal to 15 percent of $150,000 which is $22,500. Details of higher priced areas can be found here.
The deposit can be gifted which means someone else such as a relative can provide it for you as a gift. Three or more borrowers can also team up to purchase a home, making it easier for extended families to own a home.
Are you eligible for a Welcome Home Loan?
Welcome Home Loan has the following standard criteria. You will also need to meet the specific lending criteria of the participating lenders.
Applicants must be New Zealand Citizens or Permanent New Zealand Residents (holding a 'Permanent Resident Visa').
Maximum Income
For 1 or 2 borrowers you can have a maximum household yearly income of $85,000 (before tax).
For 3 or more borrowers you can have a maximum household yearly income of $120,000 (before tax).
Maximum amount of a Welcome Home Loan:
You can borrow up to $200,000 with no deposit required.
The maximum you can borrow is either $280,000 or $350,000 depending on where you will be buying.
The areas where $350,000 is available is determined by the lower quartile house prices across Territorial Local Authorities. Click here to view all the Territorial Local Authorities and their corresponding Welcome Home Loan maximums.
Other things you need to know
-The Welcome Home Loan is for owner-occupied properties only.
-It is not for rental properties.
-Borrowers must not own any other property.
Apply today!
Welcome Home Loan makes it easier for you to get into your first home.
Welcome Home Loan is offered by lenders, supported by Housing New Zealand, and, designed for first home buyers who can afford to make regular repayments on a home loan, but have trouble saving for a deposit.
Housing New Zealand does not issue the loan. This is done through normal lenders such as selected banks and credit unions. Housing New Zealand insures the loan for the lender. Housing New Zealand does not insure you, the borrower. You will still need your own mortgage repayment insurance. You will still need to meet the lender’s specific lending criteria.
How much can you borrow?
With a Welcome Home Loan, you can borrow:
Up to $200,000 without a deposit.
$280 000 is the maximum. The additional amount requires a deposit of 15 percent of the amount above $200,000. For example, on a loan of $280,000 you will require a deposit equal to 15 percent of $80,000 which is $12,000
You can borrow up to $350,000 in higher priced areas. (See link for areas).This also requires a deposit of 15 percent of the amount above $200,000. For example, on a loan of $350,000 you will need a deposit equal to 15 percent of $150,000 which is $22,500. Details of higher priced areas can be found here.
The deposit can be gifted which means someone else such as a relative can provide it for you as a gift. Three or more borrowers can also team up to purchase a home, making it easier for extended families to own a home.
Are you eligible for a Welcome Home Loan?
Welcome Home Loan has the following standard criteria. You will also need to meet the specific lending criteria of the participating lenders.
Applicants must be New Zealand Citizens or Permanent New Zealand Residents (holding a 'Permanent Resident Visa').
Maximum Income
For 1 or 2 borrowers you can have a maximum household yearly income of $85,000 (before tax).
For 3 or more borrowers you can have a maximum household yearly income of $120,000 (before tax).
Maximum amount of a Welcome Home Loan:
You can borrow up to $200,000 with no deposit required.
The maximum you can borrow is either $280,000 or $350,000 depending on where you will be buying.
The areas where $350,000 is available is determined by the lower quartile house prices across Territorial Local Authorities. Click here to view all the Territorial Local Authorities and their corresponding Welcome Home Loan maximums.
Other things you need to know
-The Welcome Home Loan is for owner-occupied properties only.
-It is not for rental properties.
-Borrowers must not own any other property.
Apply today!