small deposit? no worries now (again

We've almost done a full circle and some banks are back to offering loans to people with less than 20% deposits.  In fact in one case you only need 5% deposit - but mostly 10% seems to be ok for the right customers...

Of course, the Welcome home loan stopped the gap in the past 6 months, however it is a bit cumbersome to get approved and so I'm thrilled to see the banks come back into this space.  Some won't give us a pre approval over 80% unless you have a house in mind - some will but its only good for 2 months so you really need to be ready to buy.  AND most of them have dropped the higher interest rates for people with small deposits that made it really hard (nigh on impossible) for the past 6 months.


So what does this mean to you?  


Well... judging by the approvals Ive got already these are the things the banks are looking for:

• If you were pre approved before with a small deposit you are probably ok for us to refresh the info and go again
• Two incomes is always better than one - they really want to see strong cash flow
•  The 10% can be made up of kiwisaver and savings.
• Excellent bank account conduct and very little short term debt.

If you only have 5% deposit and very strong incomes one lender will allow a 2nd mortgage over 80% - this is a more expensive option that may suit some people. 

So, if you think this seems perfect for you or it sounds like a good idea but you don't know how it might work for you then give me a yell and we can see what might be the best option.
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 Contact me if you'd like to discuss your situation. 027 503 1080 or 03 319 5482.
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