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Things To Consider Before Taking Your First Home Loan In NZ

When shopping for first  home loans in NZ, it’s important to consider your goals and financial constraints. There are a lot of factors to consider before taking out your first home loan, and not all of them are financially related. You can also click over here to know more about first home loan. When you’re ready to take the plunge and buy your first home, there are a few things you need to think about before getting a mortgage. 

Here are a few things to keep in mind: 

1. Your credit score – A good credit score is key when it comes to getting a home loan, so make sure you have checked it recently and made any necessary repairs or updates. If your score is below 620, you may want to consider a different type of loan. 

2. Your down payment – It's crucial that you have enough money saved up to cover the down payment on your first home. This can vary depending on the lender you choose, but in general, you'll need between 3 and 20% of the purchase price of the home. 

3. Your mortgage term – One of the most important factors when looking at home loans is the mortgage term. You'll want to find a mortgage that has a term that works best for you and your financial situation. 

4. Your interest rate – Another important factor when looking at home loans is the interest rate. Make sure to compare interest rates from several different lenders to find one that matches your budget and needs.