You’ve finally found the home you’d like to buy. Now the big question is, how much should you offer? Before you can answer that there are three things you need to be clear about: 

1. How much can you afford to borrow?
   
   A Nectar broker can calculate how much you can afford to borrow based on your earnings and lifestyle, and will work with multiple lenders to find the mortgage that’s right for you. They can also help you get a pre-approved loan, which means you can act quickly when you find the property you love. We can help take the stress out of getting a mortgage.* 
   
   
2. How much is the property worth?
   
   There are a number of ways to find out what the property is roughly worth. Talk to your agent about comparable sales in the area, follow some local auctions to find out what properties are fetching and what’s getting passed in, or get a registered valuation. The local council website is also a great resource. 
   
   
3. How much are you willing to pay to make sure you own this home?
   
   How much you’re prepared to pay for the property might not be the same as what you think it’s ‘worth’.
   
   For example, you might put a higher value on a property because of its school zones or proximity to work, local transport, or family.
   
   Whatever the case, make sure you have a realistic figure in mind, and if you can, give yourself a bit of leeway. 

Can you afford to stretch yourself a little bit further?

The difference between owning the property of your dreams and seeing someone else own it could come down to as little as $5 a week. Being prepared to pay that little extra could make all the difference if you find yourself in a competitive situation, or if you’re buying a property that will require some renovating to make it work for you. The question is; just how far can you stretch? When you’re under pressure, it’s easier to make the right decision if you know exactly what it means in terms of weekly repayments. This table shows you what happens to your repayments if you increase your offer by up to $25,000. 

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This is a paid partnership with Nectar Mortgages PTY LTD (credit representative 446035) who is a Credit Representative of QED Credit Services PTY LTD (Australian Credit Licence number 387856). All enquiries are sent directly to Nectar and handled by their team of brokers. NZRelo can not be held liable for your enquiry and the steps you take after submission. All loans are subject to suitability, lender policy, terms & conditions. Rates available at the time of publishing 06/06/2024.