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Whether you’re single or in a single-income household, the idea of buying property may sound a little intimidating. But if we can share one thing with you today, let it be this: with a solid plan, a lot can be achieved even if you have a limited budget.

With a good strategy, the right mortgage structure and some specialist help, your dream of owning a home may be just a few steps away. Let’s see how.

What's your borrowing power?

  • Before you apply for a home loan, understanding what it entails is a crucial first step.

    Try to take a holistic, pragmatic approach. What costs and expenses are involved? What type of property could you afford to buy? And how much would you be able to borrow, based on your earnings?

    For a rough idea of your borrowing power, you can use our handy calculator. And of course, if you’re looking for a more accurate picture, we can help.

Dealing with the deposit

  • Generally speaking, lenders require a 20 per cent deposit, but on a single income saving a deposit of that size can certainly be a difficult undertaking.

    While putting down a bigger deposit reduces the total amount that you will need to borrow and the total cost of your mortgage, there are many advantages of getting onto the property ladder sooner with a smaller deposit.

    At RESIMAC, we can lend up to 90 per cent of the property value.

    It really comes down to timing: whether you want to wait and save, or get into home ownership sooner. For example, for a $500,000 home, a 20 per cent deposit would mean saving $100,000, while a 10 per cent deposit would mean saving half of that amount ($50,000).

    Of course, when you have a smaller deposit, the focus needs to be on your ability to repay the loan without undue financial pressure. If you have worked out what you need to borrow and have saved a 10 per cent deposit, we welcome you to get in touch to find out whether you would qualify for a low deposit home loan with RESIMAC.

Finding your new home

  • Once you know how much you can afford to borrow, and what your weekly repayments might be, it’s time to shop for your new home.

    It’s not always easy – particularly with high house prices – to find a home that lives up to what you may have initially imagined. It’s not about forgoing the ‘dream’, but a dash of pragmatism when shopping around can certainly make the process a lot more enjoyable. Remember, your property today does not necessarily have to be the dream home, but rather the first step towards it.

    Try to be clear about your goals and expectations: which suburbs look most promising? Would you need to commute? Townhouse or apartment, and with how many bedrooms? A little garden, maybe?

    Obviously, websites like Trade Me Property and are handy home-hunting tools. But also remember that attending open-homes is one of the best ways to get a picture of what you can expect to find in your budget.

How can we help?

  • Like to know more about your options? Talk to one of our Lending Specialists at RESIMAC Direct. We specialise in helping Kiwis get onto the property ladder, and work with professional advisers to help you with every step of the process.

  • Use a calculator to get an estimate of how much you can borrow.
    Try one here

  • See if you qualify. To get a more accurate idea of how much you can borrow with RESIMAC Direct,
    click here

  • Call our Lending Specialists and they can do the calculation for you over the phone plus answer any questions you have at the time. Talk to us on 0800 466 656