Can you afford to buy property?

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First things first – you’ll want to figure out where you stand financially. That includes what you’ll need for a deposit, how much you might be able to borrow, and looking into things like how KiwiSaver could help. 

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The information below will give you a good head-start to answering this important question, and includes a guide to what things cost. Make sure you try out Westpac's handy calculators too.

Once you’re ready, talking to one of Westpac's Mobile Mortgage Managers is a great way to determine your financial situation, so give them a call and they will send one out to visit you.

How much can I borrow?

How much you can borrow depends on a few factors, like:

  • the value of the home you want to buy
  • how much equity or deposit you have to contribute
  • how much you can afford to pay towards your mortgage.

How much will I need for a deposit?

Every lender has different guidelines so it is important to check with Westpac how much you need for the property you are interested in buying.

As a general rule, to purchase residential property, you will need a deposit of 20% of the value of the property. In some instances less deposit is needed, such as buying or building a brand new home. There are also circumstances where more deposit is required, for example if you’re buying an investment property, a small apartment or bare land.

But don’t stress, there are ways you could get help with your deposit.

Remember the more deposit you have, the smaller your regular repayments will be, allowing you to own your home and still have a life!



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Westpac’s current home loan lending criteria and terms and conditions apply. An establishment charge and a Low Equity Margin may apply. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria.