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Savings Plan Calculator
What do you need to do to get your first home?
If you aren't quite ready to purchase your first home yet, this savings calculator is a great tool to grow your deposit. The savings plan is based on what the weekly costs are for owning a home. Enter your desired loan amount and current rent payments to see how much you should be saving each week. If you think you might be ready to apply now, contact one of our New Zealand Mortgage & Finance Specialists to help you with your loan application.
Benefits of the Savings Plan
This tool can be useful for increasing your savings to put towards a deposit and gives an indication into the cost of owning your own home. When the time comes to put your application together this savings plan demonstrates to lenders you ability to meet payments which can strengthen your application. The weekly savings figure shows the extra costs you will face in your own home compared to your current rent payment.
How it works and why it helps.
Owning your home
Enter in your weekly rent cost. When you purchase a home your rent payments will be replaced with repayments towards your mortgage.
House Price and Deposit required
Include the house price you wish to purchase and input your current deposit. In order to purchase your first home lenders require a deposit to be paid. This can be made up of Kiwisaver, savings stocks or gifts from family and friends.
The benefit of working with a mortgage specialist is we have access to a range of lenders with different deposit requirements. Get in touch with one of our specialists to see what deposit you will need to get your first home.
Cost of the mortgage
Once you have entered in your loan details, figures will be produced showing the cost of your mortgage.
Owning your own home gives you the freedom of your own space and gets you on the property ladder. With this freedom comes other necessary costs associated with owning a house. These costs have been added on a weekly basis. The annual costs can be seen below and are based on current industry averages.
$2,500 - Rates Cost
$1,200 - Home Insurance
$1,440 - Utilities
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Disclaimer
This calculator is for information purposes only and does not provide financial advice. We recommend seeking financial advice about your situation and goals before getting a financial product. Get in touch with one of our specialists through our contact page.
This calculator provides an estimated amount and is for illustrative purposes only. The figures produced are for illustrative purposes and may differ from real life figures. It is based on the accuracy of the limited financial information provided by you and assumptions made by us. Results are based on amortised scheduled repayments with a constant interest rate for the term of the loan which will likely not reflect a real situation. This is not an offer of finance or demonstration of approval with any of our partnered lenders. Approval is subject to a successful lending application and financial situation.
The information collected in this calculator will not be saved to our systems and is only seen by you.