Why A $7,000 Deposit Can Be Enough
“Deposit” sounds like one simple word, until you realise it can mean two totally different things in a New Zealand home purchase. We keep hearing the same worry from buyers: how can the bank talk about 5% or 10% while the sale and purchase agreement seems to expect 10% as well? That mismatch creates panic, especially for first home buyers relying on KiwiSaver and tight savings.
We break down the difference between a bank deposit (your equity for lending) and the contract deposit paid after you go unconditional. From there, we get practical: why a contract deposit does not have to be a…
The skinny
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