Your own home is one of the largest purchases you will ever make. A mortgage is a big financial commitment, so it’s important that it’s managed properly. Find out how Camelot can help you decide which mortgage is right for you, and work with you to help you pay it off faster.

Buying a home

Buying your first home

Raising the deposit. You’re probably finding that saving a deposit is the biggest hurdle to buying your first home, and with the rapid increases in property values over the last few years, it has become even more challenging. We can give you savings advice that will help you get there faster. We can also help if you have parents who are willing to leverage the equity in their property to reduce the amount of deposit you need to raise.

Making use of KiwiSaver and HomeStart grants. If you’ve been a KiwiSaver member for at least three years, you may be able to use your savings to help you buy your first home. We’ll help you work out whether you are eligible. If you are, you may be able to draw out all of your own and your employer’s contributions, plus any returns you’ve made, as long as you leave $1000 in the account.

Another thing we can assist you with is working out if you’re eligible for a KiwiSaver HomeStart grant through Housing New Zealand. Depending on how long you’ve been in the scheme (minimum three years) you could get a grant of between $3000 and $5000 for an existing property, or up to $10,000 for a new home or land to build it on. There are other conditions that apply; we’ll work with you to see if you meet them. You can find out more information about KiwiSaver here. 

What if I’m self-employed?

Historically self-employed people have found it harder get a mortgage than wage and salary earners. In response to this need, we’ve found products that make it easy for you to get a mortgage if you’re working for yourself.

No financial records required. Your declared income might be lower than your actual income because your business pays for a home office, vehicle costs and many other legitimate ways of reducing your taxable income. Unfortunately, when the bank looks at your income for borrowing purposes, they see your declared income and not what you actually earn. At Camelot, we have access to lenders who have introduced a product that allows you to get a mortgage at standard rates without presenting financial records, as long as you have reasonable equity. This could be the right product for you if you

  • have a low declared income
  • find it difficult to complete financial statements
  • want a minimum of hassle

Alternatively, you can choose lenders who require only one year’s financial records, although typically two years are required.

We’ve had a lot of experience working with self-employed people. We can secure the best mortgage for your situation and will work with you and your accountant to decide the best way to structure that mortgage. Find an Adviser who can help you here.

Refinancing your mortgage

Over your life, you will spend literally hundreds of thousands of dollars paying off your mortgage, so it makes sense to get some expert advice when you first take one out, and during the time you’re paying it off. If you have a mortgage in place, you should regularly ask yourself the following questions:

  • Is your mortgage the best one for you?
  • Have your circumstances changed since you took it out?
  • Do you have a fixed term mortgage coming up for renewal?
  • Would you like some independent advice on what to do?

Managing your mortgage correctly is key to paying less overall, and paying it off faster. This is why we work hard to ensure you have the best mortgage to suit your needs, during all the stages of your life. You can trust our many years of experience helping New Zealanders in New Zealand’s mortgage market to provide you with the right advice and save you money.

Things that can influence your mortgage choice:

  • How much are you borrowing?
  • How long are you planning on living where you are?
  • Are you considering travel, renovations or any other major costs?
  • Are you a property investor, or would you like to take up property investment?
  • Do you have high-interest debt (hire purchase, credit cards, etc.) that you want consolidated?
  • Do you get paid regular lump sums (bonuses, self-employed, etc.)?
  • What are your financial goals?

These are some of the questions we'll ask you, and then, from a wide range of mortgages and home loans from banks and non-bank mortgage lenders in New Zealand, we'll help you choose the right one.

If you need to refinance, complete our preliminary mortgage application, then we'll work with you to identify the best mortgage solution for you.

Building your own home

There are some benefits to building a new home rather than buying an existing property. We can assist you with nil-deposit lending if you are taking out a mortgage for a new-build or turnkey property. You could also be eligible for a higher KiwiSaver HomeStart grant if you are building your first home.

There are different kinds of building contracts which may be treated differently by lenders.

Spec Home. This is an “off the shelf” product rather than a custom build. A developer will complete the property to their own specifications and then sell it as a complete, finished package.

  1. These homes are built by a developer and are designed to be sold as a completed product, but if you purchase them from the plans you may be able to choose some of the interior finishes. Often these can be purchased for a 10% deposit from the developer, or we can give you advice on how to apply for nil-deposit finance.

Building Under Construction. This is where you manage the build yourself or engage someone to do it on your behalf. You can choose a labour-only contract, where you manage the materials, consents, and sub-contractors yourself, or a fixed-price contract, where your builder looks after those things for you.

Lenders will have different policies for each kind of build, so we’ll help you work out which is most suitable for you, and assist you to get the right mortgage for your circumstances.

Building your own home can be an exciting and challenging adventure. To make sure you’re aware of all the steps you need to take, and any potential pitfalls, check out this handy 8-step guide.