How to save for your first home based on a minimum wage...

Working full time earning $16.50 per hour gross and 40 hours per week = Net Income $ 534.38 (after tax and Kiwi Saver)

BUDGET
Rent    $150.00                 Like paying $450.00 per week 3 people flatting
Power $30.00                   Like paying $360.00 per month 3 people flatting
Phone $10.00 to $40.00   per month
Car expenses $40.00 to $173.00 per month
Food    $75.00 or $225.00 per week if 3 people flatting
Miscellaneous    $50.00 to $200.00 per month Doctor, dentist, gifts, holidays etc
Entertertainment    $50.00 to $200.00 per month Drinks, Takeaways, eating out
Insurance                $30.00 to $120.00 per month car, contents, life
SAVINGS $50.00
TOTAL $485.00
SURPLUS $49.38

NO DEBT IS GOOD !!!  - The reason most people don’t qualify for a home loan is due to having too much short term debt.

KIWISAVER & SAVINGS FOR DEPOSIT
Kiwisaver Your own contributions @ $19.80 per week x 52 = $1,029.60 pa.
Kiwisaver Your employers contribution @ $19.80 per week x 52 = $1,029.60 pa.
Government contribution @ $514.50 pa.
Savings @ $50 per week x 52 = $2,600.00 pa.
TOTAL $5,173.70

$5,173.70 x 5 years $25,868.50  Plus a First Home Grant of $5,000.00 Total = $30,867.50
The Government will contribute $0.50 cents for each dollar you contribute, up to the maximum member tax credit of $521.43. The member tax credit is calculated over the 12 month period from 1 July one year to 30 June the next and then within a couple weeks it is credited into your KiwiSaver account.

If two people on a minimum income purchase, there would be a deposit of $61,737.00 after 5 years and this amount is before any interest / return on your Kiwisaver investment which could top this up even more. - For example: If a couple purchased a house for $400,000.00 and put in a $60,000.00 deposit the calculation would be as follows...

$400,000.00 Purchase price
$60,000.00 Deposit
Loan $340,000.00 plus low equity fee $3,400.00 = $343,400.00 @ 4.65% over 30 years = $408.34 per week

Rates and house insurance also need to be taken into account. = Rates approx. $2,200.00 per annum plus house insurance the total per week = approx $58 - $62.00 per week. 
Total Including rates and insurance $470.34 per week.

WE CAN ASSIST AND ADVISE ON ALL YOUR LENDING REQUIREMENTS, INCLUDING ABOUT KIWISAVER & HOMESTART GRANTS PLUS WE DO IT FOR YOU ALL AT NO EXTRA COST. - That includes if you're a 2nd, 3rd or 20th home buyers plus loans for just about anything else!

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