Show me the MONEY – are you aware of these?

Have you seen the movie Jerry Maguire? It’s about an NFL players agent (Tom Cruise) and the player he has just signed asking Jerry to “SHOW ME THE MONEY!!” in a not-so-subtle way.

Jerry’s job is to do the grunt work in finding the best team & deal for his clients to sign with and, in return, the athletes have to stay in shape, be available and perform when given the opportunity.  It’s a bit of a laugh and I was thinking that there are a few similarities with the relationship between you and I, your Mortgage Advisor.  Our job is to do the grunt work too to get the best deal for you and your job is to be available and provide information.  Fortunately, I’ve never had anyone on a “Show me the money” call but I suspect that is what many are thinking.  But aside from the obvious ‘show me how much money we can borrow’ did you know that there are a couple of other times that you could ask the same question?  The first is Kainga Ora’s First Home Grant and the second is lenders cash contributions.

The First Home Grant is essentially free cash to help first-time homebuyers purchase their first home and is added to your deposit. To be eligible a number of things are considered including income thresholds (can’t earn too much – crazy right), your citisenship or residency status, and the intention to reside in the property for at least six months. You have to apply through Kainga Ora and could be eligible for up to $10,000 per couple for an existing property purchase or $20,000 for a new build. Not a bad return for filling in a form and supplying some documents right!

As for cash contributions.  These are provided by lenders as way of attracting new customers and are, normally, based on a percentage of what you borrow.  You can use the money for what every you like but most borrowers apply this toward the cost of their solicitor or moving costs.  However, you need to know that if you receive a cash contribution and repay your loan before three years (refinance or win lotto) the bank will ask that some, or all, of the money is repaid.  So not exactly free money but if you stay the course at the same bank it pretty much is.

So there you go, if you are keen on learning more about the above drop me a line below or here.