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 other expenses and conditions are always normally required when completing a mortgage application? Please select all the correct possible answers.

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

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

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