First Home Buyers
What Are Welcome Home/First Home Loans?
These are loans backed by new crown entity Kāinga Ora (previously by Housing NZ) and available via certain banks. Minimum deposit is 5% from 1 October 2019, amongst other criteria around income and price caps in certain areas. First Home Loans (formerly Welcome Home Loans) are useful if banks' supply of low-deposit loans are limited due to Reserve Bank restrictions.
Is This Service Free?
The bank or lender pay for our service when you settle a loan so most of the time there is no fee to use our service. There are rare occasions when we have to charge a fee such as commercial loans, business loans, bridging loans, 2nd mortgages and personal loans, which would be agreed in advance.
KiwiSaver: Can I Use It, And How Does It Work?
If you are a first-home buyer (or Kāinga Ora approved 'second chance' buyer) and have been in the scheme for at least 3 years, you should be eligible to use your KiwiSaver funds excluding the $1,000 Kick Start. You may also be eligible for the KiwiSaver First Home subsidy (formerly HomeStart Grant), between $3,000–$10,000.
How Much Deposit Do I need?
We can obtain finance from as little as 5% depending on the circumstances. Ideally you will have at least 10% or 20% which will make the loan cheaper and easier to get and improve your borrowing power. Gifts and family guarantees can also be part of the deposit.
Can I Use A Guarantor?
Using a parent or family member's equity can be a good way to help pull together a deposit. The guarantor does need to have a sound financial position and prove they could service the guaranteed portion of the loan on top of their existing financial commitments.
Get Pre-Approved For A Home Loan
Whether it’s your first home, investment property or you are upgrading, before you head out house hunting you need to determine exactly how much you can afford. We get this for you in writing so you know exactly what the boundaries are in terms of loan amount and conditions attached to the loan offer.
What Info Do I Need To Provide?
How Much Can I Borrow?
There are many factors which determine this including age, dependents and debts you have. The percentage deposit you have is the first key factor. If you have less than 20% deposit, then approximately 3-4 times your annual salary is a guide to loan size. If you have a 20% deposit, it could be 5-6 times your annual salary just as a guide.
Please click on the below link to work out repayments
Where do I start?
The best place to start is with your Pope & Co. mortgage broker. Find out your borrowing power—we help with the forms, KiwiSaver, HomeStart/First Home Grant and getting pre-approved. We'll also provide guidance on the house-buying process, placing offers and working through to an unconditional stage. Then we help negotiate rates and give you a personalised mortgage reduction plan, to help you get mortgage free quicker.
Trading Up to a New House & Bridging Finance
Buying a new home when you already own one is a tricky business. Whether you decide to sell your home first, or buy your new home before you sell, there are pros and cons to consider for each option.
Investing in a rental property
As property investors ourselves, we understand the unique challenges of property investment. We also know how to get you the best deal for your current property investment and future plans. Whether it's your first investment property or adding to your existing portfolio Pope & Co. are here to help!
Debt Consolidation / Mortgage Arrears / Top Ups
Need to consolidate some debt, clear some mortgage arrears or top up for home improvements? We can help with free advice no matter what your situation.
Non-NZ Resident Loans
If you are looking at immigrating to New Zealand or you are a non-resident we can help you every step of the way to obtain a New Zealand mortgage (home loan). Current bank lending policies make it difficult to obtain funding with less than 20% deposit, so please contact us.
Mortgage Reduction Plans
As part of our day-to-day service we can provide you with a tailored mortgage reduction plan to get you mortgage free quicker. We delve a bit deeper into your financial situation to identify the best way to save thousands in interest.
New Build / Construction Loan
Doing a new build or construction loan can be a great option for a dream home or property investment with deposit options ranging from 5%. There may also be additional Housing NZ HomeStart subsidy options available.
Refinancing & Re-Fixing Rates
Whatever your refinancing needs we can help quickly. Perhaps you want help to negotiate rates with your bank or need to formally test the market and look at fresh options? We can also analyse the feasibility of breaking a fixed rate.
If you are self-employed it can sometimes be difficult getting a mortgage. This can be because your financials are not up to date, you are a new business, you have a complex structure or the bank or banking consultant doesn’t understand your needs. So proving income can be tricky, even if you have been in business for more than a year.
Bad Credit & Non-Conforming
Need a mortgage but having trouble with getting approved because of bad credit or adverse credit history? Worried that your situation is a bit outside the box? Don’t be as we may have a solution to help!
Vehicle / Business / Commercial Finance
If you are looking to buy a car, business or commercial property we can help! We have access to sharp vehicle finance rates and can also guide you through the process of buying a commercial property.
There are many types of mortgages to consider, whether you are a first-home buyer or next-home buyer. For instance you may be wondering whether you should fix or float, get a revolving credit facility, get interest only and so on. Pope & Co are here to help you understand your options and choose the best solution for your individual circumstances.
Pope & Co have made health insurance options easy. We've done the research for you and offer two of the best health insurance providers in New Zealand—Accuro and Partners Life.
Limit waiting times for diagnosis, treatment and specialist tests; get instant cover online; access multi-policy benefits and discounts; add health cover without changing your existing policies; insure your child's health from just $1 per day—and for larger families, pay for the first two children and the rest are free.
Mortgage Repayment Protection
Mortgage repayment insurance helps pay the mortgage in the event that you are unable to work due to illness, injury or disability.
This means your family home is protected while you focus on recovery.
Having life insurance takes the pressure off family members financially if the unmentionable should happen.
Make sure the ones you care about, are cared for after you are gone.
If you were unable to work due to illness or injury would you still be able to pay your bills and live your lifestyle?
Do you have enough money stashed away just in case this happens, most of us don’t.
This is where Income Protection saves us
If you survive a serious health event the financial impact can be devastating and long-lasting. With conditions covered by trauma insurance you can receive a lump sum payment to help you recover from the financial set-back. Trauma insurance is more affordable than you may realise and children automatically receive trauma cover as part of an adult's policy at no extra cost.
Children's Trauma Insurance
Children’s Trauma Insurance will pay a lump sum to you so that you can be by your child’s side if they suffered from a major illness, without the added worry of financial commitments.