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  • Writer's pictureMaria Temnyuk

First Home Buyer Service Case Study

Client Profile: Mark – single, no kids, in his early 40s, $80k deposit in KiwiSaver and income of $95,000 per annum.

First home buyers nz
Mark’s journey into his first home wasn’t instant. He had to prepare to become bankable to buy his first home.

A wonderful mortgage broker (the one we refer a lot of our clients to) advised Mark 12 months prior to him being bank-ready that he needed to overcome a couple of obstacles to increase his chances of getting a sufficient amount of lending. He had to repay $11,000 of consumer debt and it would be great to generate more income surplus by moving out of his fancy apartment in Milford and start flatting.

Mark was very motivated and took the advice. While he was busy paying off his debt and generating a greater income surplus his KiwiSaver continued to grow, the contributions of 8% helped a great deal.

When Mark came to us, we jointly decided that the most efficient way for him to buy a house would be by partnering with Kainga Ora and participating in the First Home Partner Scheme.

We designed a strategy that included a step-by-step plan, provided financial forecast and cashflows, and sourced 2 property options through a reputable building company in Auckland.

We spent a weekend looking at a couple of options and on the spot he signed a conditional agreement on a property. So no countless open home, missed auctions and awkward and expensive negotiations with unreasonable vendors. We did our homework very well by providing home options that were suitable for Mark’s profile.

5 weeks later he went unconditional and another month later he settled and moved into his own first home!

The next steps for Mark that we will be assisting him with are paying off his mortgage faster, buying our Kainga Ora and adding investment properties to build a nest egg for the retirement.

For more information about how we can help you into your first home, please head to our first home buyers info page.

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