How Global Finance guided Marisa and Kiran through the first home buying maze
Marisa and Kiran, a couple from West Auckland, were ready to buy their first home. With a steady combined income and some savings behind them, they thought they were in a good position; they assumed the process would be simple. However, once they started browsing real estate listings, they quickly realised they had no clear idea of how to proceed.
“We didn’t know where to start,” says Marisa. “We were searching online for homes without really knowing how much we could afford. It was stressful because it was like we’d put the horse before the cart; we didn’t want to fall in love with a house we couldn’t buy”.
Thankfully, a family friend suggested they talk to Global Finance before going any farther.
Why the first step should always be a preliminary assessment
Marisa and Kiran’s experience is not unusual. According to Aseem Agarwal, Head of Mortgages at Global Finance, many first home buyers are unsure of what to do first and sadly, they often get it wrong.
One of the most common mistakes, he tells us, is waiting until they’ve found a house before thinking about finance. Then it’s often too late.
Your guide through the maze
Aseem compares the first home-buying journey to being dropped in the middle of a maze.
“If you don’t have a map, you’ll just wander around getting frustrated. What we do at Global Finance is give you that map. We help you take the right turns and avoid the dead ends.”
Starting with the right advice
In today’s market, it can be much easier to find a house than it is to get a home loan. So, the very first step should always be a preliminary assessment.
This finance check helps buyers understand their borrowing capacity and their readiness to apply for a loan. It means buyers like Marisa and Kiran avoid wasting time and energy falling for homes they may not be able to buy.
Helping buyers avoid the wrong turns
In some cases, a preliminary assessment might show that buyers aren’t eligible right away.
“If buyers are not ready, we’ll tell them what to work on,” says Aseem. “It might be the deposit, debt, income, or even their credit score. We’ll explain exactly where they fall short.”
Sometimes, it’s even more serious. For example, if someone has a history of bankruptcy, liquidation, or a credit write-off, it might not matter how much deposit they have: banks simply will not lend to them. In those situations, Global Finance can suggest alternative options like private lenders.
“It’s much better to know this upfront,” Aseem says. “Otherwise, people waste time thinking that if they just wait or save more, the bank will say yes. But sometimes, for a bank, no amount of waiting or saving will fix the problem”.
Knowing where you stand
When Marisa and Kiran met with a mortgage adviser at Global Finance, it immediately changed their approach.
Through a preliminary assessment, Global Finance helped the couple figure out where they stood. Because Global Finance works with all major lenders, they could compare rates and terms and help them choose the best, most affordable option.
“We use tools like affordability calculators,” says Aseem. “We’re trained to know the right questions to ask. So, virtually straight away, we can say whether someone qualifies for a home loan, how much they qualify for, and what type of home loan will work best for them.”
Understanding what banks really look at
“Banks check several key areas,” says Aseem. “They will look at your deposit amount, your current income, your ongoing expenses, any debts you have and your repayments. They’ll also check your credit score, your account conduct—how you manage your bank accounts—your family size, and your residency status.”
It’s not just one or two of these factors that matter. Banks assess all of them together, and every bank has different policies for first home buyers.
“There are also different loan options depending on your situation,” Aseem adds. “You might qualify for a loan with a 20% deposit, or you might be better suited to a Kainga Ora First Home Loan, which only requires a 5% deposit but is only available through certain banks.”
Banks often don’t give the full picture
Another important benefit of working with a mortgage advisor is understanding why you might not qualify for a home loan and what you can do about it if you don’t.
“What a lot of people don’t realise is that if a bank says you’re not eligible, they often don’t tell you why, or what you can do to fix the problem,” says Aseem. “It’s just a no, and that’s it.”
Aseem explains that the issue could be any number of things: not enough deposit, not enough income or too many ‘buy now pay later’ (BNPL), or credit card debts. Without a specialist like Global Finance, many people would have no idea where they need to improve.
Steering clear of guesswork and heartbreak
“Knowing exactly where you fall short is crucial,” he says. “It could be something you can fix in three, six, or twelve months. But if you don’t know what’s wrong, how can you fix it?”
Finding the best loan and the best scheme
By doing a full preliminary assessment, Marisa and Kiran were able to see exactly where they stood and which options best suited them.
The preliminary assessment revealed that they were eligible for a Kainga Ora First Home Loan, a government-backed scheme for buyers with smaller deposits. This was something they didn’t even know existed.
“Not all banks participate in Kainga Ora,” explains Aseem. “If Marisa and Kiran had gone to the wrong bank, they would have ended up with a loan at a higher interest rate or paying low equity margins. With Kainga Ora, they avoided all that extra cost.
“And that’s why it’s so important to talk to us first. We always try to find the path that suits the client best.”
Support every step of the way
Global Finance didn’t stop there. Their adviser helped Marisa and Kiran gather the paperwork, guided them through the application process, and answered all their questions about KiwiSaver withdrawals, legal fees, and working with real estate agents.
“They made everything simple,” says Marisa. “Whenever we were unsure about something, they explained it in plain language. It really felt like they were on our side.”
The result
With their pre-approval sorted and a clear understanding of their budget, Marisa and Kiran could focus on finding a home that was right for them.
Marisa and Kiran bought their first home within a few months of meeting with Global Finance. “They gave us so much clarity,” says Kiran. “We knew exactly how much we could spend, what paperwork we needed, and what schemes we qualified for. It took a lot of the pressure off.
“We couldn’t have done it without them. They really were our guide through the maze.”
Thinking about buying your first home?
Talk to Global Finance before you start house hunting. A free preliminary assessment could be the difference between getting a loan and getting lost in the process.
*The information and articles published are true to the best of the Global Finance Services Ltd knowledge. Since the information provided in this blog is of general nature and is not intended to be personalized financial advice. We encourage you to seek Financial advice which is personalized depending on your needs, goals, and circumstances before making any financial decision. No person or persons who rely directly or indirectly upon information contained in this article may hold Global Financial Services Ltd or its employees liable.