In New Zealand, home ownership is now more achievable.
Established in New Zealand in 2023, AffordAssist has adapted a system established across the Tasman in 2017 and that has assisted over 2,800 purchasers, to New Zealand conditions
What We Do
AffordAssist works with developers of residential property to establish a list of approved residential properties that are suitable for the AffordAssist low deposit program. Intending Purchasers apply to AffordAssist for a “Deferred Deposit Agreement” (DDA). The DDA is an arrangement where purchasers repay 10% of the purchase price over 60 equal monthly instalments, without interest. This is achieved via an arrangement with the approved developers whereby they defer receipt of 10% of the purchase price over a 5-year term, again without the developer receiving any interest.
AffordAssist will initially determine your eligibility with the Pre-qualification form. Once eligibility has been confirmed, AffordAssist will introduce you to a fully licensed financial adviser/mortgage broker that has been accredited and trained in the program by AffordAssist. This accredited mortgage broker will work with you to obtain a first mortgage loan from our panel of approved lenders.
The AffordAssist Deferred Deposit Agreement will be managed by AffordAssist. The AffordAssist Deposit Solution complies with the requirements of the Credit Contracts and Consumer Finance Act 2003 (CCCFA).
You are protected by responsible lending laws. Because of these protections, the recommendations given to you about the Deferred Deposit Agreement are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed.
AffordAssist is a member of Financial Services Complaints Ltd – FSP1006239.
How It Works
An AffordAssist accredited mortgage broker will work with you to obtain a first mortgage loan from our panel of approved lenders.
With AffordAssist, your home ownership journey will be achieved by:
Cash Deposit
Deferred Deposit
1st Mortgage Loan
Purchase Price
** Where possible, the cash deposit may be sourced from your KiwiSaver account.
Selecting a Property
You then work with approved developer partners and licensed real estate agent to select a property from the list of completed and approved properties.
Once a property is selected, approval from AffordAssist is confirmed and a 1st mortgage loan approval is obtained, you can then proceed to settlement.
VERY IMPORTANTLY
At settlement of your purchase you become the proprietors of the property – The AffordAssist program isn’t a shared equity or ‘rent-to-buy’ scheme!
Right through the process you are assisted by the services of an AffordAssist customer care consultant.
What We Don’t Do!
- Receive any form of ‘kick backs’ or commissions from the provider of the first mortgage loan.
- Deal with any developers that increase the price of properties for participants in the AffordAssist program. Our ‘uniform pricing policy’ is rigorously enforced.
Am I Eligible?
Our eligibility process:
- Your eligibility to secure a home loan is based on your (and if applicable that of your co-purchaser) compliance with the chosen lender’s usual criteria, including annual income and outgoings including payments under the Deferred Deposit Agreement;
- AffordAssist collates the information including the Pre-qualification form and determines whether you are eligible for the AffordAssist program; and
- It is essential you work with professionals who understand the AffordAssist process and Deferred Deposit Agreement (DDA) to ensure your successful property purchase. Approved professionals includes: lenders, mortgage brokers, developers, property consultants and agents.
AffordAssist helps with the deposit for the first home buyer. AffordAssist replaces the need for a substantial cash deposit with our innovative deferred deposit solution.
AffordAssist is the new way to buy your first home today and to defer and pay the balance of the deposit over 60 months without interest.
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