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Do you know what is required when buying a Home? Mortgage Basics Quiz!

Which of these should be your first step in the home-buying process?
Attend open Homes
Find a real estate agent
Find out how much you are able to borrow
True or false: You must put down a 20% deposit (down payment) in order to buy a home.
True
False
Experts recommend you spend no more than, as a percentage of your monthly/weekly/fortnightly income on your mortgage repayments than what %?
22%
25%
28%
32%
What is the maximum amount an individual be granted by applying for a First Home Grant with Kāinga Ora (Previously known as Housing New Zealand)?
$3000
$5000
$10,000
$15,000
What is APR?
Annual Points Return
Annual Percentage Rate
Annual Purchase Rate
Annual Percentage Return
What is LVR?
Lending Value Return
Loan (to) Value Ratio
Living Variance Results
Lending Variance Rates
What is LEM?
Living Expenses Monthly
Lending Evaluation Method
Low Equity Margin
What is the minimum deposit possible (with the assistance of Kāinga Ora) with lenders in New Zealand?
3%
5%
10%
20%
30%
What other expenses and conditions are always normally required when completing a mortgage application? Please select all the correct possible answers.
A RV (Registered Valuation)
Property Lawyers Fees
A $5000 application fee
A Builders Report
An updated LIM
A Certificate Of Currency (This is insurance for the property)
It is only possible to qualify as a first home buyer provided that you have never owned property or real estate in New Zealand previously.
True
False
Using a Financial Adviser (a Mortgage Adviser or Broker) is absolutely FREE for individuals
True
False
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