Dear All,
Changes to the economy, inflation and home rentals are increasing at a greater rate than household incomes. This means saving for a home deposit has become increasingly difficult, particularly first home buyers.
Now, AffordAssist is offering an innovative solution to help buyers get into the property market by replacing the need for a typical 10 percent deposit with a deferred deposit solution.
“The dream of owning a home, has become an impossibility for many with the biggest barrier being the initial deposit. We have removed this obstacle for buyers, allowing people to get into the property market much faster,” said Anthony Aoun.
By providing a Deferred Deposit Agreement between the property seller and the buyer, AffordAssist’s approved lenders and mortgage brokers can offer loans of up to 85 percent. A property purchase with AffordAssist typically includes:
- Buyer: 5%*
- AffordAssist Interest-Free Deferred Deposit: 10%
- 1st Mortgage Loan: 85%
* Where possible, the buyer cash deposit may be sourced from your KiwiSaver account.
“Put simply, AffordAssist replaces the need for the full cash deposit. Purchasers can buy today with an initial part-deposit and pay the balance of the deposit most typically within 60 months without interest and they will have 100% ownership of the title,” added Aoun.
Buying a property with AffordAssist can reduce mortgage stress by reducing the loan amount, and thousands on interest repayments.
“Eliminating the need for an up-front deposit has been life-changing for us. With AffordAssist we have finally been able to enter the property market. We were paying exorbitant rent, and knew we could afford mortgage repayments, the challenge was coming up with the deposit. This has saved us years of waiting,” said Nadia M, AffordAssist client and homebuyer.
To find out more visit AffordAssist
Regards
AA
B2B – AffordAssist facilitates and oversees the governance process. Are you a mortgage adviser, lender, developer, real estate agent, affordable housing advocate, or housing minister? Pair your services with AffordAssist. Join us in our mission to expand access to home ownership. Together, we can make a lasting impact.
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