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newme 
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Joined: 11 January 2009
Location: Christchurch
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 Topic: Mortgage Providers for those on low incom
Posted: 08 February 2012 at 11:55am |
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Hi
DH and I are wanting to take out a home loan. We are a single income family and get around $70000 per year. We are with Kiwibank and went to them to ask about the welcome home loan, they pretty much laughed us out of the bank - were SO RUDE. Told us we would need a $40000 deposit, even for the welcome home loan, which is totally the opposite of what the advertising literature says.
If you are on a similar income and have a home loan, who did you get it through?
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Hopes
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Posted: 08 February 2012 at 12:10pm |
 I'm no expert in any way, but would have thought that that kind of income was plenty enough to service a mortgage...
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fattykat
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Posted: 08 February 2012 at 12:11pm |
I would go to a mortgage broker, then they can do all the work for you 
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Jaune
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Posted: 08 February 2012 at 12:42pm |
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The deposit required would totally depend on the value of the house you were wanting to buy...and most banks will give up to 90-95% of the value of the house, but you need to pay a low equity premium as well which is worked out on a sliding scale.
But as fattykat said, get a Mortgage Broker in...they get all your info and will approach a number of different banks for you.
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AandCsmum
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Posted: 08 February 2012 at 1:25pm |
Ditto the mortgage broker, you don't pay them the banks do. So bonus is they're free & they do all the leg work
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Kel
A = 01.02.04 & C = 16.01.09 & G = 30.03.12
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AbzandH
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Posted: 08 February 2012 at 1:47pm |
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That's so rude!! Kiwibank have given us the welcome home loan on a $65k salary, and we had our deposit through kiwisaver. I would ring the Welcome Home Loan team as they might have another bank in your area a bit more willing to help. You def wouldn't need $40,000!!! We put down $12k on a $279k house...
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newme
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Posted: 08 February 2012 at 2:19pm |
 AbzandH wrote:
That's so rude!! Kiwibank have given us the welcome home loan on a $65k salary, and we had our deposit through kiwisaver. I would ring the Welcome Home Loan team as they might have another bank in your area a bit more willing to help. You def wouldn't need $40,000!!! We put down $12k on a $279k house... |
Wow!! We only want to borrow $240k, have a $7k dep and the best they said they could offer us was $105k (like that is going to buy anything!). I will try another welcome home loan provider, and also go to a broker.
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Free2BeMe
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Posted: 08 February 2012 at 4:32pm |
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I was also laughed at by Kiwibank, I'm a solo mum, so LOW income, though I do have a good deposit.
Anyway, in the end ASB came to the party, but yes, a mortgage broker is an excellent move :)
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Kellz
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Posted: 08 February 2012 at 4:42pm |
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I wouldnt think $70000 is low income. We are on a much much lower income than that and got a morgtage through a broker- i guess it depends on the house price and the ammount u are wanting to worry/how much the repayments will be, and your other debts/outgoings/credit history. I know the mortgage broker didnt mention I was preg with #2 at the time, so the ammount we could borrow was more than if it was worked out on 2 kids.
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kernowexile
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Posted: 08 February 2012 at 4:52pm |
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Go to a broker. We borrowed through SBS - Southland Bank - as we had a low deposit and they were the only ones who would lend to us despite the broker looking. We had a $27k deposit I think it was to borrow $250k.
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newme
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Posted: 08 February 2012 at 5:07pm |
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Thanks everyone. The kiwibank lady (aka bitch) was the one who told us 70k was a low income. I just did their homeloan calculater thingee and it said that we could borrow up to $290k! I don't know why she is being like this!
I will get everything I need together and try the broker, and a couple of other banks tomorrow. A bit stressed out as we have just been told we have to move very soon as where we are living is getting major earthquake repairs done to it.
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Danda08
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Posted: 08 February 2012 at 8:44pm |
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Another recommendation for going through a broker - don't even bother going to any other banks, let the broker do the work. We've just bought a house using a broker and he was awesome!! Free service and the guy we have also helps with insurances and is a financial advisor so helps structure your mortgage to make the most of the current low interest rates and does follow up when your fixed periods are due to expire.
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emz
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Posted: 08 February 2012 at 9:37pm |
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Go through a broker (we always have) - the only bank that won't work with brokers (from memory) is BNZ.
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peanut butter
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Posted: 09 February 2012 at 12:07am |
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When we had a house in Chch we used Mortgage Select. A man name John Whisker. He was brilliant!
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Isabella
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Posted: 09 February 2012 at 1:28pm |
We have used a broker this time, although he does have a $250 fee (hes worth it!). Most banks will lend 95% but that is for a house which can be easily recovered (ie sold) should you not meet your repayment obligations.
We were looking at other options of building and rural which both needed 20% deposit. It varies with loads of things so sometimes those online calculators can be quite misleading.
Good luck with it
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epictraveller
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Posted: 09 February 2012 at 2:17pm |
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I don't have any information as we are looking at at purchasing a house soon as well, but I just wanted to say its shocking that they laughed at you like that! Is is possible they got their numbers mixed up and thought you wanted to borrow a lot more? Or that your income was less than it is?! I'd be tempted to ring them up and do as much as you can online and go back in there to say look... they gave me a mortgage. Either that or complain about the woman to her superiors :)
I'd be interested to know who you end up with! Where are you buying? We are in Dunedin and that amount would buy a decent first house here!
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Candkids
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Posted: 09 February 2012 at 3:54pm |
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westpac laughed at us !! and to this day i will never bank with them again, they were rediculas, we had all of our business accounts, personal accounts & savings with them and they were so rude even though they could see from all our financial stuff we were quite ok for the loan, in the end the indian guy was just so rude we closed all our accounts that day and moved to natonal
i would definatley go through a broker tho as they are on your side and get the best deal for you and give you all the options on what banks would give you a home loan
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kandk
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Posted: 09 February 2012 at 8:57pm |
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But brokers don;t deal with all banks - not with Kiwibank, for one. As far as I know.
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clover
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Posted: 09 February 2012 at 9:11pm |
Brokers do deal with Kiwibank. Like emz said, the only lender that I'm aware of that doesn't deal with brokers is BNZ.
What you need to watch is that all brokers are more closely affiliated with one lender over others, however, as long as you are getting a good deal it doesn't really matter.
Our mortgage is with Kiwibank and I found them great, pitty how experiences differ. I had terrible dealings with National when we were looking for our mortgage and found them terribly arrogant, and so went to Kiwibank instead. Was going to change our daily banking but in then end couldn't be bothered
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_SMS_
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Posted: 10 February 2012 at 12:23pm |
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I dealt with a broker through BNZ 3 years ago also
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Mortgage Providers for those on low incom
