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CoreLogic data shows the median price for first-home buyers in April and May was $688,000. To borrow 80% of this, individuals need an income around $100,000, while couples need $124,000 to $140,000 depending on their expenses. For an $800,000 loan, an individual might need $150,000 and a couple with children $180,000. Borrowing capacity varies widely among lenders based on income type and expenses, with some banks allowing income from boarders. Debt-to-income ratios now cap debt at six times household income, including other debts. Despite these constraints, banks are eager to lend, particularly to first-home buyers, and options like the First Home Loan scheme are available for eligible incomes.
Key Mortgages shares details with Good Returns how expanded low-deposit lending options may help eligible first home buyers enter the market sooner and with better pricing
As featured in Stuff, buying property with friends or family can improve affordability, but clear agreements and proper structure are essential.
Banks and Mortgages advisers discuss with New Zealand Herald, why home loan approvals may take longer as lenders apply more detailed affordability checks and tighter financial assessments.
In our recent discussion with Radio New Zealand, we shared that age alone doesn't prevent home loan approval, but lenders carefully assess retirement income and long-term repayment plans.
Key Mortgages has been committed to supporting clients for nearly a decade, offering ongoing advice and tailored solutions without extra fees, even as industry changes occur.
Jeremy from Key Mortgages shares experiences of fixing in high rates long term and using break fee benefit calculator. One couple’s complaint over costly break fees after fixing five-year mortgage at 6.29%–6.66% rejected.
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