It’s always interesting asking local business operators how they ended up…
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