Khounch Cares Ep #2 - First-Time Buyers: Mortgage Myths and the 4.69% Rate Artwork

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Khounch Cares Ep #2 - First-Time Buyers: Mortgage Myths and the 4.69% Rate

March 08, 2025 • Zebunisso Alimova • Episode 26

0:00 | 3:29

Are you a first-time buyer contemplating whether now is the right time to enter the property market? We delve into this crucial decision as we explore the benefits of owning a home versus continuing to rent. Many first-time buyers can enter the market today with just a 5% deposit, making it more accessible than ever before. Given the current climate, the discussion includes the reality of interest rates that currently hover around 4.69%, presenting a remarkable opportunity for prospective homeowners.

Throughout the episode, we emphasize the importance of planning and saving for that initial deposit. With strategies in place, it's possible to set aside a substantial amount each month, helping to realize the dream of owning a home sooner than expected. We share personal experiences and insights drawn from working in the field, aiming to demystify the process and empower listeners to take action.

It's an exciting time for first-time buyers, but we urge you to consider your options carefully. With changing governmental support and market conditions, there is no better time to engage in discussions about your eligibility or the steps to purchase a home. Join us for this enlightening episode, and let’s navigate the path to home ownership together! We encourage our listeners to reach out, subscribe, and share your thoughts, helping to create a community around first-time buyer experiences.

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Speaker 1 0:10

Hello and welcome to the episode of Kunchai Cares . Hello , kunch Kia ora , hello everyone . So today we're going to address a very , very important topic for our listeners is first-time buyers , and why should they buy a house right now ?

Speaker 2 0:28

Yeah . So first-time buyer loans is still out there for our clients . Let's explain what does it mean . So first-home buy-on loans is actually you can get into the market for as little as 5% deposit . So , for example , if you are looking at purchasing for $500,000 , you only

Importance of First

Speaker 2 0:46

need a deposit of $25,000 . So if you've already got that in your KiwiSaver or in a savings account , it's definitely time to get into the market right now .

Speaker 1 0:57

That's amazing and in one of the episodes that we've covered with James is that if you actually have a certain household income and you look at your expenses , it's actually possible to put away at least

The Benefits of a 5% Deposit

Speaker 1 1:10

$2,000 a month to save that money . So you know you could have . If you've done it last year , you could have been buying this year . But hey , fear not , if you haven't , look at your KiwiSaver , look at how much you can get . You can still get in with 5% deposit , and we just never know , right with this government , at what point it's going to end , because they do make lots of changes Correct and we already saw that one of those changes where they took away the Kickstart contribution , the grant , last year .

Interest Rates and Market Insights

Speaker 2 1:40

Yeah . So there's still the KiwiSaver incentive helping first-home buyers . So if you're on the fence , I recommend to jump on board . Come have a chat to us .

Speaker 1 1:52

Yeah , but also a couple of other reasons , I guess , to get in now is the interest rates .

Speaker 2 1:57

Yes , there is a hot rate at the moment , like one of the lenders is putting out a first home buyer combo , and the rate that we've seen is under 4.99 . So currently I think it's 4.69 .

Speaker 1 2:12

Exactly , and I mean as a first time buyer . If you get a rate of 4.69 , absolutely mind blowing you can actually afford to buy a house , pay your mortgage and you're probably going to be better off than paying rent .

Speaker 2 2:25

Absolutely Like people are paying , you know , 600 a week on rent . Imagine that going to your own home , going to your mortgage , rather than paying someone else's mortgage .

Speaker 1 2:34

Exactly , and you can have the cats and the dogs in the house and you don't have to worry about your landlord coming around and you have to hide them .

Speaker 2 2:41

Absolutely Like , I think what ? New Zealand's average income is about 70k per person . So if you've got a couple husband and wife 140 , 5% deposit , let's go , let's do it Exactly .

Speaker 1 2:54

So , guys , if you're listening out there , feel free to reach out to us , drop us a comment , text the number on this episode and we'll reach out back and we'll help you , guide you through it to see if you qualify . Now remember , all of these episodes are not financial advice . This is us just sharing our knowledge of what we see there on the field , and we are here to help . So thank you Thanks .

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