First Home Buyers Alert: Kāinga Ora Premium Doubles from July 1st
Breaking news for Kiwi first home buyers! The Kāinga Ora low equity premium is more than doubling, jumping from 0.5% to 1.2% of your loan amount effective July 1st. This change significantly impacts anyone using the First Home Loan scheme with less than a 20% deposit.
Let's put this in real money terms: on a typical $600,000 mortgage, you're now looking at $7,200 instead of $3,000 – that's an extra $4,200 straight out of your pocket! And if you add this to your loan balance rather than paying upfront, you'll end up paying considerably more over a 30-year mortgage term. This fee increase only…
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