Helping build financial security for Kiwi & their whānau
Following her role in On the Ladder with Kiwibank, we asked Mobile Mortgage Manager Dee Vyas for her insights, and what it takes to achieve your property goals. This is helping Kiwi on the ladder.
Kia ora Dee, what advice would you give to those who are struggling to get into their first home?
Buying a home can be a daunting and overwhelming process, so my first tip is to go and talk to a home loan specialist. A home loan specialist can provide guidance on your budget to help you reach your goals, while also exploring low deposit options, which customers are often unaware of.
I always tell people not to assume that you can’t own your own house, regardless of what your friends and whānau say. Friends and whānau don’t always know the full financial situation, so talking to a specialist where you can discuss your finances openly can make this journey smoother.
What are your tips for Kiwi looking to buy their next home?
It's crucial to evaluate how a new purchase aligns with your long-term financial goals. You should review your current mortgage and plan your next investment accordingly.
It’s important to understand how much equity is available in your current house and how your current mortgage can affect your borrowing capacity.
Along with talking to a home loan specialist, it’s also important to understand the tax implications and seek advice from an accountant or solicitor. Finally, and most importantly, you’ll need to assess the impact on your total cash flow and interest rates fluctuation. This can be done by talking with a home loan specialist or by using our helpful home loan calculators.
We want to help people to be financially secure and to have a great independent life in their own home. Owning your own home provides great financial stability and builds wealth for future generations. This is what makes a huge difference in the lives of Kiwi.Dee Vyas, Mobile Mortgage Manager at Kiwibank
What’s your fondest memory of helping someone into their first home?
About two years ago, a customer came to me after they’d put an offer on a property. When they approached me, they had less than 10 working days to get the deal done and several other banks had already turned them down.
The banks had declined their loan request because they had a low deposit of 10%, which means their Loan to Value Ratio (LVR) was high at 90%. This means additional RBNZ requirements need to be met, and the other banks didn't have any capacity within the RBNZ limits.
Thankfully, we did. I could see that they could service the loan as they were currently saving one person’s whole income, on top of paying for rent. I was thrilled we were able to work through these and get the application approved in time, especially when it seemed like there was no hope.
Are you able to share a memorable experience where you've helped a customer leverage equity in their home to reach other financial goals?
I recently helped a couple who wanted to downsize their home, but also wanted to keep their larger property as an investment. They were already working with a mortgage adviser and had made an offer on a new property, but unfortunately, they hadn't secured bank approval yet.
When they reached out to me, the deadlines were fast approaching with settlement due in two days. A lot of work needed to be done to ensure that everything went through smoothly on the day.
After assessing their financial situation, I knew they could make it work as they had a good deposit and the equity on their current property. With the help of our operational teams we managed to process their application in just one day. I was so proud of how our team pulled together to make this outcome possible.
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