Skip to content

House Deposit Loans

Loans for house deposits

It’s quite common that people ask Alternate Finance for assistance in meeting the bank’s lending requirements or for loans for house deposits.

When applying for your first home loan, it gets quite daunting quickly, and costs mount up, such as legal fees, insurances, rates, and the list goes on. Combine this with wanting to buy something just on the edge of your price range, and you may need a little assistance.

House Deposit Loans
Clock

APPLY IN UNDER 8 MINUTES

house-deposit-loans4

Get deposit loans for first home loans

We often help people with mortgage loans, but you can’t be seen as applying for multiple loans at the same time; otherwise, banks will get concerned with you over-leveraging. Instead, many people who are looking for assistance with their first home loan deposit, tap into their parents. Parents often apply for slightly larger loans on lower interest rates and have a personal agreement with you for the best way to pay it back, if at all. In a housing market where prices are rocketing, your parents might be the perfect answer.

How much can I borrow? NZ LTV ratio

New Zealand banks want to protect themselves against the worst-case scenario when lending for a first home loan. They calculate that if the housing market dipped, the most they could lose, and they protect themselves with a buffer. That buffer is often 20% of the purchase price of a home, the deposit on your first home loan. Unfortunately, purchase prices are growing quickly so getting a loan for house deposits could save you thousands in the long run, rather than waiting and saving.

Get a loan for house deposits from Alternate Finance with the freedom of loan repayments spread over 36 months, unless arranged otherwise. You’ll receive an email with an annual interest rate ranging between 13.95% & 26.98% p.a. for your short term loans.

For further details, including, how much can I borrow nz-wide and our loan default interest rate guide, please view our rates and fees here.

If you want to finance a first home loan deposit from Alternate, it’s important that you understand our terms of trade in detail. We are responsible lenders and want you to know the conditions. When making an application for your equipment loans, you’re granting Alternate Finance Limited permissions to store your sensitive information. Our company will endeavour to keep all information on the Alternate Finance website accurate and up to date, relating to your loan for business investment. If you find an error, and if brought to our attention in writing, we will rectify it within a reasonable timeframe. For more information relating to the terms of your financing, please view this page.

Your details are data protected when applying for an Asset loan, as we have end-to-end encryption on all of our webforms. All loan information you provide will be treated confidentially and you can have confidence that your loan application will remain secure.

Get a loan for house deposits from Alternate Finance with the freedom of loan repayments spread over 36 months, unless arranged otherwise. You’ll receive an email with an annual interest rate ranging between 13.95% & 26.98% p.a. for your short term loans.

For further details, including, how much can I borrow nz-wide and our loan default interest rate guide, please view our rates and fees here.

If you want to finance a first home loan deposit from Alternate, it’s important that you understand our terms of trade in detail. We are responsible lenders and want you to know the conditions. When making an application for your equipment loans, you’re granting Alternate Finance Limited permissions to store your sensitive information. Our company will endeavour to keep all information on the Alternate Finance website accurate and up to date, relating to your loan for business investment. If you find an error, and if brought to our attention in writing, we will rectify it within a reasonable timeframe. For more information relating to the terms of your financing, please view this page.

Your details are data protected when applying for an Asset loan, as we have end-to-end encryption on all of our webforms. All loan information you provide will be treated confidentially and you can have confidence that your loan application will remain secure.

Did You Know?

How to get ahead

How to get ahead

One way to get ahead is by getting a loan for house deposits. Chat to your family to see if they can help. Another way is to set up revolving credit, so you pay your loan off quicker. Lastly, always use a mortgage broker.

Investigate revolving credit

Investigate revolving credit

In short, revolving credit can be when you have a credit card that you put all of your expenses on that isn't due for another 30 days (interest-free), and in the meantime, you've put all of your wages onto a variable home loan that allows you to draw money when required. This will drop the interest you pay. You pay the credit card off just before it's due.

NZ borrowing limits.

NZ borrowing limits.

If you're asking How much can I borrow NZ-wide from banks, the answer is usually 80% of the purchase price of the house. This means you'll need a 20% deposit in most cases. For commercial buildings, you'll need to provide a 50% deposit.

Using a Mortgage Broker

Using a Mortgage Broker

You'll be surprised how much of a difference they can make to how much interest you pay in total and can talk you through the advantages of taking a loan for house deposits. Involve your family members in this discussion, too, for your first home loan.

Contact our friendly team for more information on a loan for house deposits