There’s lot of talk about recent changes to Loan to Value Ratios (LVR) in NZ, and of how, generally speaking, first home buyers now need a 20% deposit, which is a loan to value ratio of 80%. The part that most people don’t realise is that home buyer lending can still be done for people with less than a 20% deposit, just less of it. Lenders can still apportion some of their lending to buyers who don’t have a 20% deposit.
This means if you don’t hit the 80% LVR threshold or don’t have a 20% deposit, in some cases you may still be able to get finance, particularly if you have all of your ducks in a row.
Contact your local NZHL team to find out more