[ad_1]
Courtney Mason, a first-time buyer, never imagined that she would own her own home. Her mother never had one, so it never occurred to her that at 24 she might.
Then the topic came up about two years after her relationship with her now-husband, Ben, 27. With their combined Kiwisavers and a Kāinga Ora First Home Grant to go with it … they could do it.
COURTNEY MASON / SUPPLIED
Courtney and Ben Mason, outside the one-bedroom house they bought in Napier.
Now the couple, who work long hours in manufacturing for not much more than minimum wage, are the proud owners of a one-bedroom home in Napier. And the best part is …
“We didn’t get any help,” says Mason.
It’s not that the family wouldn’t have done it if they could, but Ben’s mother was unwell and in no financial position to help, and Mason’s family had never bought a home before, so she couldn’t help either.
That’s “fair enough,” says Mason.
“They are our lives and we have to do what we have to do to get where we want to be. Knowing that we did it alone makes the achievement more special. “
It was Mason’s sister, who had bought a house about five years ago, who suggested they try a mortgage broker. They ended up relying on Napier’s Mortgage Link to guide them through a process so new to them that they didn’t even know they needed an attorney – until they did.
The process was “very stressful”, even with the help of the runners.
“We had no idea what we were doing. It was very uncertain for us; we had no one to guide us.”
COURTNEY MASON / Supplied
“It’s not much, but it works for us.”
Although they both work full time, Mason says that after paying the high rents in Hawke’s Bay and their bills, the couple “lived week to week” and couldn’t save much, but had been contributing the maximum amount towards their expenses. Kiwisavers.
For five years, each had about $ 26,000 in their plans. That gave them about $ 50,000, minus the $ 1000 they must leave behind.
With a first home grant, your deposit would be about $ 60,000.
The next hurdle was the cap on the price of homes you can buy with Kiwisaver and First Home Grants. In Hawke’s Bay, the cap is set at $ 400,000.
“Right now, that’s really tough with house prices,” Mason says.
“The first two houses we examined had major renovations that need to be done. One of them didn’t even have an oven, things like that. “
While properties suitable for first-time buyers are increasingly difficult to find across the country, the situation is exacerbated in places like Hawke’s Bay, which reported record increases in home prices in the 12 months through August 2020, according to Interest.co. New Zealand.
STACY SQUIRES / Stuff
The housing market is still hot, despite the predictions, and shows no signs of cooling.
There are also no signs that the market will cool down anytime soon.
With more newbies than ever fighting their way up the ladder, they face fierce competition for the right properties. A real estate agent in the Hawke’s Bay area told Homed that it was “increasingly difficult” to find homes that beginners could enter without significant work, or even without paying.
Added to that, the Masons cut 80 percent of their salaries during the lockdown, and saw their Kiwisavers take a hit of $ 5,000.
They persevered and eventually found a one-bed single-family home in Marewa in excellent condition that they could afford.
After rejecting two more offers, the Masons ended up “just getting it,” paying the full amount they were allowed to spend.
“For me and my husband, a room is good. It is not much, but it works for us at the moment. We are very happy with that.”
COURTNEY MASON / Supplied
The house had been recently renovated and was ready to move into.
They are also very happy paying $ 5 Less for the mortgage than for the rent, which was $ 320 a week.
The couple see the house as a great investment in their future. In the future, Mason hopes they will need something bigger, but will keep the property as a rental home or for older relatives.
Meanwhile, Mason is eager to enjoy the benefits of owning a home, both large and small.
“We’re going to have a kitten! Now we can have pets and put things on the wall.
“It’s like moving out of your parents’ house again, if your parents were owners, and now we don’t need to do that. It feels like another kind of layer of freedom.
“I just wanted to share our story to inspire other low-income youth and hopefully encourage them to work toward their goals.”
