Example 2 - David and Avani

Published: 1 August 2016

David and Avani

David and Avani live in Dunedin, and have been renting together for five years. Both work fulltime, with a combined income of $118,000. This is under the FirstHome income cap of $130,000 for two or more people buying a house together.

 

They are interested in a FirstHome house which is worth $250,000. David and Avani are eligible for a Welcome Home Loan, so they only need to raise a minimum 10% deposit of $25,000.

FirstHome gives them a grant of $20,000, which is the maximum available under the initiative. By using $5,000 of their savings they can afford the deposit, and buy their FirstHome house.

Purchase price $250,000
Bank loan $225,000
Personal Savings $5,000
FirstHome Grant $20,000
Welcome Home Loan deposit 10%
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