First Home Buyer Case Study Introduction

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Welcome back listeners . Today is an interesting one . We're going to delve into a case study for first-home buyer clients . They've reached out to me a few months ago . They live in Greymouth of New Zealand , young couple in their 30s , they've got three young kids , they work hard and good incomes and they've been trying hard to save some money . So let's have a look into their case and what went wrong and what went well , because today we're very , very excited for them after a big blip that we've had . So they have approximately $68,000 in deposit and that comes from KiwiSaver and savings ,

Client Profile and Deposit Details

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dollars in deposit and that comes from KiwiSaver and savings . They have few assets like cars and contents , but the main thing they had going for them well was their incomes . They're both on $55,000 a year in a profession that's not going to go out of market anytime soon . So from the bank point of view they were ideal clients to help them out under the first home loan with Kayanga Ora . So we thought we'll have no problem at all . We've applied them to our preferred partner that has fantastic rates for first-home buyers Now , only to find out two weeks later that this particular place does not

Location-Based Lending Rejection

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land in West Coast of New Zealand .

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So these clients were not able to get approved just because of the location . Look , in my 15 years in finance , this is the first time ever that I see one of the lenders declining an applicant because of the location where they want to buy . If they wanted to buy in Wellington or Christchurch or anywhere else , they would have been fine , but because of where they were , the bank decided they were not ideal clients for them . So we had to regroup , we had to look at new options and we had to reapply them somewhere else . Now , because the banks are taking a very long time at the moment to come back to us , it took us a while to get a positive outcome for them , but

Success with Alternative Lender

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the good news is today they have been approved for even more than what they were requiring initially from another big lender , and this big lender didn't care about the location . All they cared about is the quality of the applicants . They looked at their incomes , they looked at their deposit and they looked at their expenses . And the greatest news is they got in before .

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The low equity premiums are changing for Kayanga Ora Because , remember , from 1st of July the low equity premium will change . The fee will change from 0.5% to 1.2% , and that's a huge change . In one of the next episodes I will do a breakdown for you of how much difference it makes on the average loan for average first home buyer . So good news for those clients . If

Upcoming Changes to Kāinga Ora Premiums

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you have been told no because of the location of where you want to buy or the house , don't lose hope . Reach out to us . We will be able to have a look at it and let you know what your next steps will be . Thank you and bye .