OHbaby! Forums : welcome home loans https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Wed, 13 May 2026 17:01:24 +0000 Sat, 27 Mar 2010 21:56:42 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 11.10 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=32461 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[welcome home loans : oh now the reason comes floading...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981647&title=welcome-home-loans#981647 Author: BaAsKa
Subject: 32461
Posted: 27 March 2010 at 9:56pm

oh now the reason comes floading back to me!! - we applied through SBS and they took AGES to get back to me then when they did they said we missed the cut off point and we now dont meet their criteria!! i was so pissed off and the lady was rather rude too!!! ]]> Sat, 27 Mar 2010 21:56:42 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981647&title=welcome-home-loans#981647 <![CDATA[welcome home loans : rules seemed to have changed quite...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981469&title=welcome-home-loans#981469 Author: lizzle
Subject: 32461
Posted: 27 March 2010 at 6:33pm

rules seemed to have changed quite a bit. i remember our broker telling us if we had waiting two more weeks before applying, we probably would not have got the loan]]> Sat, 27 Mar 2010 18:33:52 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981469&title=welcome-home-loans#981469 <![CDATA[welcome home loans : One thing to clarify, we got a...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981285&title=welcome-home-loans#981285 Author: kathamill
Subject: 32461
Posted: 27 March 2010 at 1:49pm

One thing to clarify, we got a WHL through SBS, and my dad was gonna gift us the deposit. BUT two weeks before applying, SBS changed their rules saying that gifted deposits also needed to be saved, and needed 3 or 6 months of bank statements proving that. My dad has their house on revolving credit, so it wasn't gonna be saved as such. So we had to break the term deposit on my DH's family trust account . that was about 6 weeks ago. It all worked out in the end tho]]> Sat, 27 Mar 2010 13:49:46 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981285&title=welcome-home-loans#981285 <![CDATA[welcome home loans : Yeah I know Kate, but you dont...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981144&title=welcome-home-loans#981144 Author: Raspberryjam
Subject: 32461
Posted: 27 March 2010 at 10:09am

Yeah I know Kate, but you dont always get all the info with a mortgage broker.
We meet the criteria for a loan but have no deposit . No big deal though we will have no debt at the end of the year so will save as of next - Id rather enjoy a bottle of wine or a weekend away when we want than have to stay stuck at home to meet a mortgage payment just now, its only 2 more years]]> Sat, 27 Mar 2010 10:09:27 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981144&title=welcome-home-loans#981144 <![CDATA[welcome home loans : We got declined for this through...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981030&title=welcome-home-loans#981030 Author: Snappy
Subject: 32461
Posted: 26 March 2010 at 11:21pm

We got declined for this through TSB. Took us almost 4 months to get a final answer - going back and forth with all the paperwork! Then, when we finally had everything they needed they announced they had changed the criteria and we now had to be in a job for longer than 1 year (rather than 6 months)



Edited by kaiz231]]> Fri, 26 Mar 2010 23:21:43 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981030&title=welcome-home-loans#981030 <![CDATA[welcome home loans : Bobbie to be honest i actually...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981008&title=welcome-home-loans#981008 Author: BaAsKa
Subject: 32461
Posted: 26 March 2010 at 10:38pm

Bobbie to be honest i actually cant remember why!! but it clearly didnt matter to national!! ]]> Fri, 26 Mar 2010 22:38:34 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981008&title=welcome-home-loans#981008 <![CDATA[welcome home loans : RJ - 100% lenders are pretty think...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981006&title=welcome-home-loans#981006 Author: minik8e
Subject: 32461
Posted: 26 March 2010 at 10:36pm

RJ - 100% lenders are pretty think on the ground at the moment, except of course WHL, simply because of the economic situation. The most common way to get 100% finance is to have a second tier/mezzanine lender on board (Bridgecorp, Liberty Financial which is a subsidiary of National Bank etc)...however those lenders have HIGH interest rates (like over 10%) and VERY high lending fees (in the $'000s) plus low equity fees.

Bobbie - def go to a mortgage broker, they will investigate all of your options. They tend to know who is more sympathetic to certain situations etc. We got turned down by Westpac for a 100% loan (they were doing them at that stage) but ended up with SBS via a WHL. ]]> Fri, 26 Mar 2010 22:36:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=981006&title=welcome-home-loans#981006 <![CDATA[welcome home loans : Definitely talk to a mortgage...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980974&title=welcome-home-loans#980974 Author: emz
Subject: 32461
Posted: 26 March 2010 at 9:50pm

Definitely talk to a mortgage broker Bobbie, they can go through all of the scenarios with you.]]> Fri, 26 Mar 2010 21:50:36 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980974&title=welcome-home-loans#980974 <![CDATA[welcome home loans : If anyone through all this does...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980955&title=welcome-home-loans#980955 Author: Raspberryjam
Subject: 32461
Posted: 26 March 2010 at 9:36pm

If anyone through all this does find a place that does %100 home loans Id be stoked to know! ]]> Fri, 26 Mar 2010 21:36:25 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980955&title=welcome-home-loans#980955 <![CDATA[welcome home loans : Why did you get declined? If that&#039;s...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980902&title=welcome-home-loans#980902 Author: Bobbie
Subject: 32461
Posted: 26 March 2010 at 8:41pm

Why did you get declined? If that's not too personal? I just figured they accepted most people.


Edited by Bobbie]]> Fri, 26 Mar 2010 20:41:07 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980902&title=welcome-home-loans#980902 <![CDATA[welcome home loans : we tried to get a WHL and were...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980873&title=welcome-home-loans#980873 Author: BaAsKa
Subject: 32461
Posted: 26 March 2010 at 8:22pm

we tried to get a WHL and were declined ....we then went straight to national bank and got accepted no sweat! ]]> Fri, 26 Mar 2010 20:22:28 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980873&title=welcome-home-loans#980873 <![CDATA[welcome home loans : thats good to know lizzle, but...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980700&title=welcome-home-loans#980700 Author: Raspberryjam
Subject: 32461
Posted: 26 March 2010 at 6:27pm

thats good to know lizzle, but where abouts in NZ are you?]]> Fri, 26 Mar 2010 18:27:27 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980700&title=welcome-home-loans#980700 <![CDATA[welcome home loans : we got turned down by kiwibank,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980664&title=welcome-home-loans#980664 Author: lizzle
Subject: 32461
Posted: 26 March 2010 at 5:54pm

we got turned down by kiwibank, but were accepted no (real) problem from TSB. we went through a mortgage broker and while in the end it was happy, she caused us a lot of stress and "misplaced" several documents that meant our application took 6 weeks!!!]]> Fri, 26 Mar 2010 17:54:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980664&title=welcome-home-loans#980664 <![CDATA[welcome home loans : oh well your in the same boat...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980654&title=welcome-home-loans#980654 Author: Raspberryjam
Subject: 32461
Posted: 26 March 2010 at 5:47pm

oh well your in the same boat as us for a while it sounds, so I can tell you now we have been down that path and kiwi bank was the best we could find.
They do do the welcome home pack but clearly we wouldnt meet the criteria.
Our mortgage guy was great but then we had Milla so it will just have to wait til til I go back to work in a few years time
]]> Fri, 26 Mar 2010 17:47:29 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980654&title=welcome-home-loans#980654 <![CDATA[welcome home loans : Yeah I was just wondering as brokers...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980530&title=welcome-home-loans#980530 Author: Bobbie
Subject: 32461
Posted: 26 March 2010 at 4:10pm

Yeah I was just wondering as brokers make their money from the banks don't they? So if they couldn't do anything for us they would end up doing a lot of work for nothing.

RJ no savings like that. Definitely not 5% of a house unfortunately. We have enough to put food on the table and a little extra if the car breaks down and that's it.

Edited by Bobbie]]> Fri, 26 Mar 2010 16:10:16 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980530&title=welcome-home-loans#980530 <![CDATA[welcome home loans : Mortgage broker service is free,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980424&title=welcome-home-loans#980424 Author: caliandjack
Subject: 32461
Posted: 26 March 2010 at 2:58pm

Mortgage broker service is free, and they are there to help and offer financial advise, it would be pretty poor service on their part if they completely dismissed or ignored you.

]]> Fri, 26 Mar 2010 14:58:30 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980424&title=welcome-home-loans#980424 <![CDATA[welcome home loans : Id check it out Bobbie, thats...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980250&title=welcome-home-loans#980250 Author: Raspberryjam
Subject: 32461
Posted: 26 March 2010 at 12:38pm

Id check it out Bobbie, thats what they are there for. Or you could just go straight to kiwi bank - you can get a loan on 5% deposit

I couldnt live in a box or an apartment and the houses in beachhaven are in the bronx - Id rather wait I think]]> Fri, 26 Mar 2010 12:38:10 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980250&title=welcome-home-loans#980250 <![CDATA[welcome home loans : RJ you can get some ok places...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980200&title=welcome-home-loans#980200 Author: Bobbie
Subject: 32461
Posted: 26 March 2010 at 11:52am

RJ you can get some ok places out in Albany and Birkenhead etc. for $350 but they would be small lockwoods or little units.

On a slightly different topic - Is it worth going to see a mortgage broker if you don't think you can buy a house? Like DH and I are busy throwing rent into the abyss and no savings but we keep thinking well maybe there is a way to get a house but we just aren't able to figure it out.

Would a mortgage broker get upset with us if we went and it was just a waste of time (or even worse be scathing?)]]> Fri, 26 Mar 2010 11:52:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980200&title=welcome-home-loans#980200 <![CDATA[welcome home loans : Well I have no income so counts...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980080&title=welcome-home-loans#980080 Author: Raspberryjam
Subject: 32461
Posted: 26 March 2010 at 10:09am

Well I have no income so counts me out, and I probably wouldnt live in an area of auckland that had house for under $350 k - pretty dodgy. Although there may be some left in west auckland. I think you need at least $400k to get anyhting near decent up here Kate.
Will just wait til I have had my babies , its no biggy, Id rather have a lifestyle at present]]> Fri, 26 Mar 2010 10:09:31 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=980080&title=welcome-home-loans#980080 <![CDATA[welcome home loans : Ok, just checked it, and it&#039;s...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979930&title=welcome-home-loans#979930 Author: minik8e
Subject: 32461
Posted: 26 March 2010 at 7:45am

Ok, just checked it, and it's mostly five years except for bankruptcies....

How long is the information held in my credit file?

    * Payment defaults and collections (overdue accounts) are held on your file for five years
    * Bankruptcy notices is held on your file for seven years
    * Credit applications and Previous Enquiries are held on your file for five years
    * Court judgments are held for five years
    * Subject details, which include name, date of birth, gender, and address history, are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database.

NB: Even when a payment default has been brought up to date or paid in full, it will not be removed from your credit file.

All payment defaults remain on file for five years from the date of listing. The fact that an account has become overdue, and then been paid becomes part of your credit history.



You can get a copy of your credit file by filling out this application and sending it away - it costs nothing.]]> Fri, 26 Mar 2010 07:45:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979930&title=welcome-home-loans#979930 <![CDATA[welcome home loans : minik8e wrote:freckle - like...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979866&title=welcome-home-loans#979866 Author: Lexidore
Subject: 32461
Posted: 25 March 2010 at 11:18pm

Originally posted by minik8e minik8e wrote:

freckle - like I said above, DH and I did also. Bear in mind that they only stay on your credit history for 7 years - I'm not sure how long ago yours were, but it's something to remember!!


This 7 year thing, is that 7 years since you finished paying said glitch

sorry totally OT I know but was just curious!]]> Thu, 25 Mar 2010 23:18:32 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979866&title=welcome-home-loans#979866 <![CDATA[welcome home loans : Your DH wouldn&#039;t be able...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979825&title=welcome-home-loans#979825 Author: minik8e
Subject: 32461
Posted: 25 March 2010 at 10:35pm

Your DH wouldn't be able to be included then, as he currently owns a house. You can borrow up to $350,000 in Akld which isn't so bad is it?? (Bear in mind, I do NOT know Akld prices at all!!!)

Just remember as well - if you purchase in only your name, then a) the risk is ALL yours and b) only your income can be included in the calculations, which may well reuce how much you can borrow.]]> Thu, 25 Mar 2010 22:35:22 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979825&title=welcome-home-loans#979825 <![CDATA[welcome home loans : oh ok, well we have both owned...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979817&title=welcome-home-loans#979817 Author: Raspberryjam
Subject: 32461
Posted: 25 March 2010 at 10:26pm

oh ok, well we have both owned a home in a previous marriage, in fact DH still has his name on the ex's so I doubt it... in saying that its not like you can buy stuff all in auckland for what they offer you]]> Thu, 25 Mar 2010 22:26:29 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979817&title=welcome-home-loans#979817 <![CDATA[welcome home loans : My friend has just got one of...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979748&title=welcome-home-loans#979748 Author: AandCsmum
Subject: 32461
Posted: 25 March 2010 at 9:29pm

My friend has just got one of these & she has owned a home before, prior relationship though. Her Hubby hasn't owned one before & they've been renting for at least 5 years.]]> Thu, 25 Mar 2010 21:29:17 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979748&title=welcome-home-loans#979748 <![CDATA[welcome home loans : thanks so much for the feedback...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979720&title=welcome-home-loans#979720 Author: blossombaby
Subject: 32461
Posted: 25 March 2010 at 9:08pm

thanks so much for the feedback guys will keep you updated on how it goes .. for those that are interested in it for them!]]> Thu, 25 Mar 2010 21:08:49 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979720&title=welcome-home-loans#979720 <![CDATA[welcome home loans : Good luck and happy house hunting!...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979719&title=welcome-home-loans#979719 Author: hannibal
Subject: 32461
Posted: 25 March 2010 at 9:06pm

Good luck and happy house hunting! Best get in quick as the talk is the banks are really tightening up and WHL especially. ]]> Thu, 25 Mar 2010 21:06:26 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979719&title=welcome-home-loans#979719 <![CDATA[welcome home loans : I think the requirements are that...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979663&title=welcome-home-loans#979663 Author: emz
Subject: 32461
Posted: 25 March 2010 at 8:24pm

I think the requirements are that you have to be in the position of a new home buyer, so very little deposit, haven't been able to have financial success from owning your own home etc. This is the recent change some were talking about.]]> Thu, 25 Mar 2010 20:24:25 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979663&title=welcome-home-loans#979663 <![CDATA[welcome home loans : thanks - yeah I saw that minik8t......]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979639&title=welcome-home-loans#979639 Author: freckle
Subject: 32461
Posted: 25 March 2010 at 8:12pm

thanks - yeah I saw that minik8t... that's what gives me some hope ]]> Thu, 25 Mar 2010 20:12:13 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979639&title=welcome-home-loans#979639 <![CDATA[welcome home loans : freckle - like I said above, DH...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979614&title=welcome-home-loans#979614 Author: minik8e
Subject: 32461
Posted: 25 March 2010 at 7:58pm

freckle - like I said above, DH and I did also. Bear in mind that they only stay on your credit history for 7 years - I'm not sure how long ago yours were, but it's something to remember!!]]> Thu, 25 Mar 2010 19:58:42 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979614&title=welcome-home-loans#979614 <![CDATA[welcome home loans : minik8e wrote: Carin - your...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979608&title=welcome-home-loans#979608 Author: freckle
Subject: 32461
Posted: 25 March 2010 at 7:56pm

Originally posted by minik8e minik8e wrote:



Carin - your DH is similar to mine - he knows everything there is to know about things, even if it's not actually quite right

.


LOL isn't that most men

This thread has been really interesting... I think we'll look into one of these too... mind you we have a few credit glitches between us from younger years ]]> Thu, 25 Mar 2010 19:56:46 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979608&title=welcome-home-loans#979608 <![CDATA[welcome home loans : RJ - I would double check, as...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979542&title=welcome-home-loans#979542 Author: minik8e
Subject: 32461
Posted: 25 March 2010 at 7:08pm

RJ - I would double check, as I think they changed the requirements, and now it's as long as you meet the criteria and do not CURRENTLY own a home, you qualify. Might pay to give them a ring though!!! Our mortgage broker did say something like this to us but I never paid much attention, just because we were trying to buy our first home at the time and buying another wasn't even remotely worth considering LOL

Carin - your DH is similar to mine - he knows everything there is to know about things, even if it's not actually quite right

Oh, and it is taking a wee bit longer than 1-2 days to get confirmation at the moment, mainly because of Housing NZ (who have to approve the loan as well as the lender). It's taking around a week or two to get the final confirmation at the moment.]]> Thu, 25 Mar 2010 19:08:44 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979542&title=welcome-home-loans#979542 <![CDATA[welcome home loans : No, you won;t be able to Raspberryjam....]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979482&title=welcome-home-loans#979482 Author: pekay
Subject: 32461
Posted: 25 March 2010 at 6:04pm

No, you won;t be able to Raspberryjam. But the person you are buying with may be able to. We have just put this loan under my name, incase we need to use the scheme again and DF can do the next one. ]]> Thu, 25 Mar 2010 18:04:26 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979482&title=welcome-home-loans#979482 <![CDATA[welcome home loans : Has anyone bought a house through...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979474&title=welcome-home-loans#979474 Author: Raspberryjam
Subject: 32461
Posted: 25 March 2010 at 5:55pm

Has anyone bought a house through this that has already owned a home ever??

I know a few who have used this scheme too and love it, but I owned a home once so I dont think I can do it through this scheme]]> Thu, 25 Mar 2010 17:55:16 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979474&title=welcome-home-loans#979474 <![CDATA[welcome home loans : Hi, My husband & I purchased...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979043&title=welcome-home-loans#979043 Author: KM1979
Subject: 32461
Posted: 25 March 2010 at 1:14pm

Hi,

My husband & I purchased a house a year ago with Welcome Home Loan Scheme though TSB, We didn't need to get a deposit as our house came in under $200k but if you can get on the scheme I reccomned it, we were 4 months pregnant & had been looking for awhile at houses but not taking that step to do it but after finding out we were pregnant it gave us the push. Good luck it's a great scheme to get you into the house market. & we even brought in Taupo in a nice area.]]> Thu, 25 Mar 2010 13:14:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=979043&title=welcome-home-loans#979043 <![CDATA[welcome home loans : LOL Kate - we all know my DP is...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978933&title=welcome-home-loans#978933 Author: RinTinTin
Subject: 32461
Posted: 25 March 2010 at 11:48am

LOL Kate - we all know my DP is full of it though right
]]> Thu, 25 Mar 2010 11:48:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978933&title=welcome-home-loans#978933 <![CDATA[welcome home loans : I can&#039;t comment on the scheme,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978920&title=welcome-home-loans#978920 Author: EmDee
Subject: 32461
Posted: 25 March 2010 at 11:30am

I can't comment on the scheme, but just wanted to say best of luck and you have awesome parents! ]]> Thu, 25 Mar 2010 11:30:30 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978920&title=welcome-home-loans#978920 <![CDATA[welcome home loans : Good luck you will be totally...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978917&title=welcome-home-loans#978917 Author: IVFGirl1111
Subject: 32461
Posted: 25 March 2010 at 11:28am

Good luck you will be totally fine!

My brother is a mortgage broker and he puts A LOT of people on the WHL scheme - its a great scheme.]]> Thu, 25 Mar 2010 11:28:19 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978917&title=welcome-home-loans#978917 <![CDATA[welcome home loans : Well, I am one of those lucky...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978879&title=welcome-home-loans#978879 Author: pekay
Subject: 32461
Posted: 25 March 2010 at 10:55am

Well, I am one of those lucky 7 that have one of these loans....

It was the MOST SIMPLE thing I have ever done. It was by far easier than getting a 5k car loan. I went through SBS and I had one initial appt. They called me a day or 2 later to tell me it was accepted. And from there, all I had to do was sign a few papers.

The phone calls are annoying, but like someone has already said- they last 5 minutes. I'm not sure if it is the same for all sales, but we had to have a valuation and they would only lend up to that price (which is smart). It was just having to pay $400 for the valuation which bugged me.

]]> Thu, 25 Mar 2010 10:55:51 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978879&title=welcome-home-loans#978879 <![CDATA[welcome home loans : I wish we could do it. We meet...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978852&title=welcome-home-loans#978852 Author: Bobbie
Subject: 32461
Posted: 25 March 2010 at 10:30am

I wish we could do it. We meet the criteria but because DH doesn't earn enough for the repayments we only qualify for about $180,000 or something which won't get you anything in Auckland.

Great scheme though.]]> Thu, 25 Mar 2010 10:30:06 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978852&title=welcome-home-loans#978852 <![CDATA[welcome home loans : Good luck - it&#039;s a great...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978576&title=welcome-home-loans#978576 Author: emz
Subject: 32461
Posted: 24 March 2010 at 10:28pm

Good luck - it's a great scheme, wish the limit was high enough when we purchased for us to get a house under it

My cousin and her hubby had gifted money and bought their first home under WHL - they have nothing but positive words about it.]]> Wed, 24 Mar 2010 22:28:31 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978576&title=welcome-home-loans#978576 <![CDATA[welcome home loans : thank you so much. has answered...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978547&title=welcome-home-loans#978547 Author: blossombaby
Subject: 32461
Posted: 24 March 2010 at 9:57pm

thank you so much. has answered a few questions. we can service a home loan no problems we just havn't had the saving thing going on .. we have very small debt .. and it is possible for us to pay this off .. very lucky to have parents that are wanting to help us out and get ahead which i am so thankful for!! will let you know how i get on.
i know of a few people that have got loan via WHL but am yet to ask how we go about it.
thanks]]> Wed, 24 Mar 2010 21:57:07 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978547&title=welcome-home-loans#978547 <![CDATA[welcome home loans : Hi there, I have a friend and...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978527&title=welcome-home-loans#978527 Author: countingdown
Subject: 32461
Posted: 24 March 2010 at 9:45pm

Hi there, I have a friend and her husband who have just moved into their new home which they purchased through the scheme. They didn't seem to have any trouble, and they didn't have to 'save' the money for 6 months. They were gifted the deposit, and I think they were given it not that long ago.

The only trouble they had was finding a house that didn't have to have too much doing to it, I think HNZ would only allow $5K worth of renovations as part of the loan.

Good luck, it's definitely worth a go. The govt wouldn't have set the scheme up if they didn't want people to get into their own home, so I think you can feel positive and excited about it. Good luck.]]> Wed, 24 Mar 2010 21:45:56 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978527&title=welcome-home-loans#978527 <![CDATA[welcome home loans : Carin...don&#039;t take this the...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978526&title=welcome-home-loans#978526 Author: minik8e
Subject: 32461
Posted: 24 March 2010 at 9:44pm

Carin...don't take this the wrong way, but your DP needs to get his facts correct. The reason I say that is because WE have a Welcome Home Loan (and have had for over 2 years now), and I know of over 7 people in Taranaki alone who have them also. I think there may be a couple of other people here on OB who have one as well. Not only that, savings has nothing to do with it - we had none at all, and we went for 100% lending. We ALSO both had glitches on our credit history and other debts. Hello $205k mortgage and home ownership. They also accept gifted deposits quite happily - in fact they explicitly state it on their website.

We went through a mortgage broker for our loan, and he approached various lenders. We ended up with SBS, and they are fantastic. Even when we refinance off the Welcome Home Loan, we are likely to stay with SBS. There were a few conditions to the loan - you need a registered valuation (approx $500), you pay a low equity fee, which goes to Housing NZ as they underwrite the borrowing (basically they guarantee it) - this is approx 1% of the loan, and is added on to your mortgage. They prefer you to have no other debt, or low debt, but mostly they look at your ability to service. Sure, if you have a savings history it will count in your favour! But it's not essential. We had unpaid accounts with Baycorp (long story - we didn't even know they were there until SBS did a credit check) and we had to pay them in full before we could get our final acceptance. They also require a copy of the sales and purchase agreement, your last 3 months bank statements and confirmation of your income. Back when we got our mortgage, it was a little less strict than what it is now in relation to the payment to income ratio, but YOU need to be realistic about what you can afford.

Remember the other charges you need to pay - insurance (you HAVE to have house insurance as a term of the mortgage), lawyers fees (approx $1000), rates, the valuation fee, money for a LIM report (some people would say don't bother with one, but unless you know what you are looking for in Council reports, I would suggest it's better to get one) which is usually $100-200, and any moving costs - these are all payable by you and are unable to be added to the loan. If you think home ownership is definitely the way you want to go, get in touch with a mortgage broker - sometimes they also have other options besides a WHL that would be suitable

Oh, and with the WHL they do catch up phone calls every 6 months just to make sure everything is going ok etc. Pain in the bum, but they last about 5 minutes and that's it for another 6 months!! Like I said, we've had ours for just over 2 years, and without it, we wouldn't have our own home If you want any specific info, feel free to ask, or PM me I also have a lot of knowledge regarding the legal side of things, as it is my background (property law and insurance) so any questions about that are quite welcome too!!

Last but not least.....sorry for the novel and good luck!!!!



Edited by minik8e]]> Wed, 24 Mar 2010 21:44:43 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978526&title=welcome-home-loans#978526 <![CDATA[welcome home loans : http://www.welcomehomefirststeps.co.nz/This...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978488&title=welcome-home-loans#978488 Author: RinTinTin
Subject: 32461
Posted: 24 March 2010 at 9:14pm

http://www.welcomehomefirststeps.co.nz/

This site is a step by step guide on how to get through the process and they offer a free course.

Good luck! Apparently you'll need it.
DP was just telling me that these guys have only ever given out something like 7 loans in NZ...EVER. And they also require you to prove savings, so being gifted a deposit won't help, you'll have to put it into savings for 6 monhs and show you can save it.
And then if that is the case, you're better off getting a loan through Kiwibank.

Sorry if I burst your bubble...not my intention. Just don't count on these guys and be prepared to look elsewhere for a home loan.

Edited by Mum2Mac]]> Wed, 24 Mar 2010 21:14:22 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978488&title=welcome-home-loans#978488 <![CDATA[welcome home loans : hey guys, we have just been gifted...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978434&title=welcome-home-loans#978434 Author: blossombaby
Subject: 32461
Posted: 24 March 2010 at 8:38pm

hey guys,
we have just been gifted a amount of $$ that we have relised will be enough for us to get a house through welcome home loans, however we have never been down that sort of road before!!! anyone know where 2 start .. what do we do?? and has anyone got theirs through them .. is there anything we should know, we are so excited as least we know we are spending the $$ wisely and have somewhere secure, warm etc for bubs!
]]> Wed, 24 Mar 2010 20:38:30 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32461&PID=978434&title=welcome-home-loans#978434