Debt of any nature brings a lack of freedom. You feel that you are enslaved, hence you have to endeavor to be free of debt in order to have the opportunity to do so many things.
We’d like one day to be the main stream alternative to banks helping needy people.
Our satisfaction is to see most New Zealander’s freed up financially. The company is robust however people need to fully accept that the donation is non- refundable, though it will go towards their first home down payment or they could pass it on to someone else for reimbursement.
Because K&MSC doesn’t borrow, we are not subjected to interest rate credit fluctuation. Every New Zealander will know from the outset what the actual cost will be, interest rates might rise or fall but their contributions and repayment rate will not change.
This will allow us to have a progressive version and continue to invest for the future of the next generation to live a legacy. We’ll create a ceiling that will be a next generation floor which I believe will be a significant achievement.
Generally first home buyer loans are offered as full-documentation products. This means you’ll need to provide evidence of funds for your deposit, your savings history, employment history as well as information related to any other assets or liabilities you have.
We generally start the application process with a deposit equation. We’re inclined to let the customer know that there will be costs accountable such as stamp duty, legal fees and conveyancing costs.
As full-doc loans, people need to have adequate income and they need to be able to document their income. We’ll talk about what will happen over the next 10 years or so and we’ll discuss how they’ll set their loan payments; whether or not they like the arrangement is up to them to decide.