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flakesitchyfeet 
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Joined: 23 March 2008
Location: A cute wee place in the SI
Points: 1564
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 Topic: Welcome home loan eligibility question
Posted: 23 December 2008 at 11:05am |
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All I want to know is if I can do this!!
We are purchasing a relocatable home using bridging finance to get it on our site, connected and certified. We then want to use a welcome home loan to purchase the house.
Is it possible? Its not possible to get it straight off the yard, but once its on our site?
I've tried the welcome home loan website, info line, lender websites and lender infolines and I cannot get a straight answer.
This is our first home, and we can easily afford the repayments of a 100% loan, but don't have the 20% deposit required for most normal loans these days.
Any hel,p much appreciated!
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lilfatty
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Joined: 22 August 2007
Location: Waitakere
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Posted: 23 December 2008 at 11:17am |
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But wont you purchase the house at the stage before relocating it onto the section?
And wouldnt you have to own the land you are moving it onto?
From what I can gather about the loans you cant own any other property .. and if Im right in my thinking you will.
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minik8e
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Joined: 01 January 1900
Location: Taranaki
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Posted: 23 December 2008 at 11:19am |
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I think lilfatty is right - and I wonder, if you're getting bridging finance, what is it being secured by? It sounds like you already own the land - which means you wouldn't qualify unfortunately.
We got one, but we bought the house and land as a package I'm afraid!
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flakesitchyfeet
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Joined: 23 March 2008
Location: A cute wee place in the SI
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Posted: 23 December 2008 at 11:21am |
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The land is in a family trust, and we can purchase the house using 'bridging' finance, so by the time the welcome home loan kicked in it will be on the land already, just like the average first home.
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flakesitchyfeet
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Posted: 23 December 2008 at 11:21am |
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minik8e - the trust/family members.
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minik8e
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Posted: 23 December 2008 at 11:26am |
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Ok, the only way I can think that you would be able to get the Welcome Home Loan, is if the Trust pays for the house to be relocated and connected to utilities etc. and then you buy the whole lot from the Trust as an established property. Technically, even if you use bridging finance to pay for the house to be relocated etc., it means you actually already own a house/asset....
It may pay to give them a call though. This is just my understanding of the terms.
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lilfatty
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Posted: 23 December 2008 at 11:32am |
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Yes, from what I have read (and it was just a quick gander).
You would own the house once you purchased it with the bridging finance.
So you might have to get the trust to get bridging finance to purchase the house .. relocate it and connect it up to utilities.
Then purchase the house from the trust then as long as you have a combined income of $85k or less (assuming there are two of you) you should be ok.
Although I think they could get a little pedantic if they see from your financial records that you are repaying the bridging finance, so I would be careful.
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IVFGirl1111
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Joined: 01 January 1900
Location: New Zealand
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Posted: 23 December 2008 at 1:53pm |
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Also maybe worth giving a broker a call as they will be able to help you further and may be able to get you onto some other sort of deal if you cant get the Welcome home loan.
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IVF it is
IVF/ICSI round one
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Welcome home loan eligibility question