The Budget Announcement is Huge for First Home Buyers
Channel: The Mortgage Lab
Date: 2022-05-31

Mortgage Lab CEO Rupert Gough wraps up what's been happening with interest rates in May 2022 and shares big news about the First Home Loan and First Home Grant schemes. This is a must watch for first home buyers!

"Firstly, with the First Home Loan, there is now no price cap for getting a First Home Loan. In other words, there is no maximum purchase price when using the First Home Loan scheme.  That means, whatever you can afford on your income, up to the threshold of $150k for couples and single parents, you can buy with just 5% deposit. This is huge news for anyone in the smaller, more affordable towns who may be able to get a decent sized house around $800k to $850k where previously they could only spend a maximum of $500k..."

If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

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Our Video Chapters
0:00 - The Budget Announcement is Huge for First Home Buyers
0:34 - No significant changes to First Home Partners Scheme but...
0:45 - No Purchase price max for...
2:10 - Inflation is currently...
3:00 - Economists expect further increases