Feature article

First home buyer stories: from casual browsing to owning a hidden gem in Onehunga

Today's buyer-friendly environment is turning long-held real estate dreams into reality. Just ask Diana Ahumada.

AI summary

This first-home buyer story follows Diana Ahumada's journey to owning a home in Onehunga, Auckland, highlighting opportunities in the current buyer-friendly market.

Key strategies for success included:

- Seeking properties with a self-contained studio to boost mortgage borrowing power through projected rental income.

- Making a successful pre-auction offer to avoid competition and secure the property quickly.

Diana's experience shows that with strategic planning and persistence, even after initial setbacks, Kiwi buyers can secure their dream home.

Diana and Odin

Diana and Louis

The broker's tip

Banks often allow prospective buyers to include projected rental income from an independent studio or sleepout on their mortgage application. This added yield directly boosts your servicing capacity, unlocking a higher borrowing threshold.

Louis and Diana's home is bright and airy, with an Odin the cat-approved garden

Take the leap with the bank: "Don't be afraid to ask the bank or a broker for options! The absolute worst thing they can say is 'no,' and you'll never know where you stand until you put an application forward."
Explore multi-income options: "If you’re struggling with servicing limits, look for properties with an existing sleepout, studio, or granny flat. That extra rental income can significantly boost what the bank is willing to lend you."
Don't wait for the auction: "In a buyer-friendly market where CVs are lower, don't be afraid to put in a pre-auction offer. If the owner likes your price, they might just sign on the dotted line and take the stress of auction day off the table."
Trust the process: "Missing out on a house hurts at the time, but it usually means something much better suited to your lifestyle is right around the corner."

Author

Charlotte Rosier

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