When we think of buying property, we usually think of a couple or young family looking to lay their roots down. But what if you’re looking to buy a property on your own? It can be overwhelming to think of accumulating a deposit and making mortgage repayments on your own, but with some smart thinking, it can be possible.
The first thing you’ll have to know as a solo buyer is your borrowing power, which hinges on factors like your savings, deposit, income and financial commitments. Because you don’t have a partner to pitch in, it’s more important than ever to develop your borrowing power.
To make things easier for yourself, it would be smart to pay off your other financial commitments such as your credit card or student debt first in order to free up money for your deposit. Focusing on building your house deposit NZ by making some budget cuts is also essential, as it will make future mortgage repayments easier to handle on your own.
Next, meet up with your Squirrel mortgage broker to find out your borrowing power so you can start looking for properties that fit the bill. The earlier you start talks with your broker, the more likely you are to make well-informed decisions the whole way through.