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Barriers for Buying New Home

At The Blueprint, learn how to overcome the barriers to home ownership.

There are generally 3 barriers to home ownership:

  1. Your ability to afford a home
  2. Your ability to save a deposit for a home
  3. Your ability to obtain a loan

1) Your ability to afford a home

This normally exists because of two main factors such as the average prices of the area you wish to purchase in;employment situation, family circumstances, children’s education

Level of income: the higher the income, the more affordable,budget will outline funds available.

2) Your ability to save a deposit for buying a new house

Four considerations you will need to consider: 
  1. How much does the finance require 5% to 20%.  
  2. Can I really afford to save $20k to $80k?  
  3. Can I really afford to save as a first time home buyer - Kiwisaver is an option and your personal savings plan. 
  4. Ability to save for a deposit will be dependent upon your budget.

3) Your ability to obtain a loan to buy a house

If you have tried to obtain a loan for buying a new house in the past and have been unsuccessful, there could be a number of reasons for that such as; you being considered as a credit risk. What does this mean? This means that your character is considered as too risky – unfavourable credit history, criminal record, not disclosed all relevant information.

The second reason for not getting a loan for buying property may be due to your current level of shortterm debt.  This may include hirepurchases, overdrafts, credit cards, personal loans, vehicle loans.  Best to remove as much of the short term debtas possible before embarking on a mortgage. 

The third reason for not able to obtain loans for buying a house - The amount you wish to borrow and if you can afford to repay the loan.  It is important to understand the bank’s criteria and how they will assess your application. 

Saving for a Deposit to Buy a New House

The first step in saving for a deposit is to set yourself asavings goal.  Most lenders will requirea deposit of at least 5% of the amount you are borrowing

How much can I afford to pay?

Your entire mortgage payment should be no more than 25% ofyour gross income.  You can stretch thisup to 28% if you have no other debts at all. If you are taking out two

Market Statistics

Average sales price over the last 3 months.  More affordable areas, Manukau central, parts of Waitakere $350k - $450K.  North Shore and Auckland city $700k - $850k.

Supply vs demand

More demand for homes than we have available.  Auckland has had a housing shortage for a number of years, it isn't new.  This could be driven by a number of factors – large decline in building consents in the past 4 years, which has meant that no new homes have been built.  Increase in mortgage enquiries rose 44% in July.  Surprisingly this figure has been driven by first time buyers in particular those with Kiwisaver.

The Blueprint Steps For Buying A House

Where would you like to buy?
There are a number of factors that you need to take into consideration. Contact us or call us on 09 360 1993

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The Blueprint
300 Richmond Road Grey Lynn
Auckland , NZ , 1021




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