95% LVR??? Is this still possible?

95% LVR??? Is this still possible?31 Mar 2017

A common misconception that we hear every day is that you must have a 20% deposit to buy a new home or even 40% if you are buying a home as an investment property.
I would suggest using this as a guideline only, and only if you are looking to buy a second hand home. The restriction actually refers to how much of these ‘high lvr loans’ are allowed to make up a banks new lending (10% in the case of owner occupier and 5% in the case of investors).
How about if you are looking to buy a new home? A lot of people haven’t heard that there is a “New Build Exemption” to this rule. This actually means that these rules don’t even apply if you are looking to buy a new home.
To quote to Reserve Bank of New Zealand “The LVR rules do not prescribe the size of a deposit for new residences.”
Yeoman Homes have successfully helped new clients purchase new homes from us with as little as 5% deposit, and in some cases no deposit at all – yes zero! Give us a call today to see if you can qualify for a low deposit new home loan. Phone 07 834 0015