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Our Services First Home Buyers
First Home Buying Overview
Buying your first home is an exciting journey! Our service is tailored to help you navigate the complex world of a property purchase, providing you with the expert guidance and financial solutions you need to make your dream home a reality.
Not sure where to start?
If you’re dreaming of owning your first home but feel overwhelmed by the process, you are in the right place. We’re here to support everyone from those who’ve just started saving for a deposit, to those who are ready to sign on the dotted line.
Whether you’re single, partnered up, or have a growing family, if you’re ready to own a piece of paradise, we’re here to guide you every step of the way.
Owning a home is a big step forward, like stepping into the great wide open. Our service ensures you’re well-prepared, helping you understand the market, secure financing that fits, and avoid common pitfalls that first-time buyers face.
Here’s a quick step guide on getting started:
- Know your numbers – What income is coming in and what is going out?
- What deposit do you have? (Cash savings, Kiwisaver, Assets you could sell?)
- Reach out so we can help identify any remaining gaps and help you make a plan to fill them.
Whether you think you’re not quite there or you are there – We are there to help coach and guide you through the process. This may be long or short but the important thing is you have awareness of your situation AND someone to help you through this process.
S & Family Case Studies
S & Family
Purpose: Purchase her first home for her and her three kids to live in.
Challenge: When S first reached out, she was finishing up maternity leave and didn’t have a job to go into. She wanted to buy her first home and wanted guidance on the steps she needed to take to fill the gap. She also didn’t have 20% deposit lined up.
Actions: S knew she needed a stable income to be able to move forward and show servicing. She went out and found a good job that was stable and worked with her young children. She started budgeting immediately – potential mortgage repayments plus rates plus insurance – rent = $x. This was what she was putting aside to either close Afterpay/overdraft and then save for builders reports and solicitors fees. It also showed the bank she was able to service a mortgage.
To fill the 20% deposit gap, S ended up having a small gift from her mum to fill this gap. This mean the interest rates were going to be lower for her and help with her daily budget.
Outcome: S & her kids moved into their new home a couple of weeks ago. She is over the moon and was incredibly determined to reach her goal. Following advice and putting actions and hard work into place, she got there 4 months later.
Ready to apply?
To get started on your home buying adventure, you’ll need to gather some essential information for us. This helps us find the best mortgage options tailored just for you.
Proof of Income
Document your earnings to show you can handle a mortgage.
Deposit Information
We need to know where your deposit is coming from and provide evidence of savings and Kiwisaver (if using).
Budget information
Let us know what your expenses, assets and liabilities look like so we can run the numbers.
Why work with Paradise?
Paradise Financial is all about making your wildest (property) dreams come true. We believe in transparent processes, and supporting you at every step of your home-buying journey.
You’re part of our whanau, so we’ll give you straight up advice, tough love and won’t beat around the bush! Guiding you through the complexities of residential lending, you can focus on creating your own paradise instead.
Why work with us?
Contact UsWe know our stuff
Together we have 25 years banking experience. We'll get the most out of your application.
Relationship
Here for you now and in the future. Take us on your adventure.
Speedy
No mucking around, we choose quality over quantity to deliver a fast and informed process
FAQs
Find answers to common questions about our services to help you make informed decisions.
Still got a burning question? Give us a yell.
What's the first step for a new home buyer?
Start with a consultation with one of our advisors. We’ll help tune your financial situation so you’re pre-approved and ready to hit the high notes when bidding for homes. This can look different for everybody. Some things to think about is your deposit, your income, your spending and lifestyle, what are you looking for in a home and why you want to buy a home.
Can I buy a home if I have other debt like student loans?
Yes, your debts, such as student loans are factored into your debt-to-income ratio, so they don’t automatically disqualify you from buying a home.
Other debts are taken into consideration as we need to make sure you can afford to take on a big debt and be able to live.
What fees are involved?
We are free to work with because the bank pays us for our time and expertise for helping you. No hidden charges, just clear skies and smooth sailing. If you’d like to know more about how we are paid for our service, head over to our disclosure page
There may be lender fees and interest associated with our advice, but we will always disclose this to you and make sure we are getting you the best deal for your situation.
How long does the buying process take?
It varies, but usually, it’s a couple of months from your first consultation to moving day. Don’t worry, we’ll keep you in the loop at every step and make sure the wheels keep turning for you. We can also go at your pace – whether that’s slow or fast, we don’t mind!
What’s the minimum deposit I need for a first home?
Typically, you need 20% of the home’s value as your deposit. However many lenders are doing ‘low equity loans’ which means if you only have 5% still reach out! There may be options for you now or we can help guide you to where you need to be.
Can I use gifted funds for my first home deposit?
Lenders like to see you have some skin in the game – so typically we like to see no less than 5% of the deposit coming from your hard work and dedication to your goal (Kiwisaver counts!).
We will require a gift certificate to confirm the terms of the gift and provide this to the lender.
How long does it take for my Kiwisaver to be withdrawn?
Depending on the provider and their workload, your Kiwisaver can take up to 15 working days to be withdrawn. However it is typically a lot quicker than this with some coming back within a couple of days.
Do I need a registered valution?
If you have less than 20% deposit, you will always need a registered valuation.
If you have more than 20% you likely will not need one, unless the bank requests one.
A private sale, build or ‘turn key’ build- you will always need a registered valuation.
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