Key Facts:

  • The dream of first home ownership is becoming increasingly challenging for many in New Zealand.
  • Rising house prices and tougher lending criteria are making it difficult for first-time buyers to enter the property market.
  • However, there are various options and strategies that can help potential buyers achieve their goal of owning a home.
  • Saving for a deposit, exploring government-assisted schemes, seeking out favorable mortgage options, and adjusting expectations are some of the key aspects to consider.
  • Engaging with a mortgage advisor or financial planner can provide valuable advice and support throughout the home-buying process.

Article Summary:

The dream of owning a first home is becoming increasingly challenging for many individuals in New Zealand. Rising house prices and stricter lending criteria have made it difficult for first-time buyers to enter the property market. However, there are various options and strategies that can help potential buyers keep their dream alive.

One of the most crucial aspects is saving for a deposit. By setting aside a specific amount regularly, potential buyers can accumulate the necessary funds over time. Additionally, exploring government-assisted schemes, such as the HomeStart Grant and KiwiSaver, can provide financial incentives and assistance for those trying to get on the property ladder.

It’s also important to consider adjusting expectations, particularly regarding the desired location and property features. Being open to different areas or alternative housing options can increase the chances of finding an affordable first home.

Seeking out favorable mortgage options is another key factor. Different lenders have varying requirements, and it can be beneficial to engage with a mortgage advisor or financial planner who can provide guidance and support throughout the home-buying process.

Overall, while first home ownership may seem challenging, there are strategies and resources available to help potential buyers achieve their goal.

To read the full article, go to:

https://i.stuff.co.nz/life-style/homed/first-homes/300974209/keeping-the-dream-of-first-home-ownership-alive