New eBook to help first home buyers onto property ladder

11 June 2012

New eBook to help first home buyers onto property ladder

Buying a first home is within reach of those wanting to jump onto the property ladder even as house prices continue to climb, says the author of a new eBook.

Mortgage broker Campbell Hastie has written, The Bank Said Yes! How To Get A Mortgage If You're A First Home Buyer In New Zealand, to help first time buyers apply for a mortgage.

Buying a home is most people's biggest financial commitment. It can be time-consuming, expensive and frustrating. The Bank Said Yes! is a guide for first home buyers to them help navigate the mortgage application process and get them into a home faster. It aims to soothe any nerves by providing expert tips and insight on the questions most often asked by first home buyers. How much can we borrow? How do we save for a deposit? How do we fix our bad credit rating?

“First home buyers need to prove to lenders they are the most solid, stable and predictable people around. Don't switch jobs or load up the credit card in the months leading up to your mortgage loan application. Having a better understanding of how banks think only improves the chances of a mortgage application being approved,” says Campbell, who is also co-owner of mortgage brokerage business, The Go 2 Guys.

“Most people have a basic idea about what they need to do when applying for a mortgage, but given the numbers are big and the emotions are high, they need someone who knows what they are doing, is on their side and can help avoid the potholes on their road to home ownership,” he says.

Campbell’s book tackles the one issue that can feel like climbing Mt Everest for many first time buyers – saving for a deposit. But as he explains in his book, saving for a deposit has never been easy and if you’re struggling, you’re probably not trying hard enough.

“Ask your parents about saving for a house and you’ll hear tales of working three jobs, living on mung beans and using tea bags twice. The reality is, it has never been easier to save for a house than right now because the target has been getting progressively easier for first home buyers to hit,” he says.

The price range of the last four couples he helped was between $360,000 and $405,000.

“Typically they have saved $20,000-$25,000 and are in well paid, secure employment. They are sick of paying rent and want to know if a bank can help them get a house. With a bit of help from us, the answer is usually yes,” he says.

The first two chapters of The Bank Said Yes! are available for free from www.go2guys.co.nz.

Campbell’s tips for first home buyers

· Ask your Kiwisaver provider how much you can withdraw for a first home purchase. You might be closer than you think.

· Go through the application process even if you're not quite ready to buy. Having a broker screen your application before it goes to the bank will help set you up for success and a good deal.

· Budget, budget, budget. Understand your income and outgoings now and plan for how life will be once you get a mortgage.

ENDS

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