So you might be wondered can a single woman buy a home by herself these days.

As a mortgage adviser I’ve had many single woman looking to buy a first home on their own and I can tell you that it’s definitely possible.

Unfortunately I’ve also spoken to many that have been told by their bank that they can’t, but often that is only because that particular bank does not have the options, or know about the options.

The same can be said for any single person.

There is no doubt that it’s harder for a single person (woman or man) to buy a home, and in the cities where house prices are higher then it can seem near impossible. But before you give up you should look at the options and get good advice.

Options Single People Should Consider

There are some options that anyone buying their first home should consider, and as an adviser I will always try to explain what options there are.

For any single person buying a home on their own the two biggest challenges are (a) the deposit and (b) the income needed for a home loan.

These are some things that you need to know about:

First Home Grant – the Government has a grant for first home buyers and it is essentially free money so you should always check to see if you are eligible. It could help you with your deposit and that can make things just that bit easier. CHECK HERE if you are eligible.

First Home Loans are designed for people that have a lower deposit, and if you qualify it means that you can buy a home with just 5% deposit. Not all banks offer the First Home Loan option (which is supported by Kainga Ora) so often people are never even made aware of it. As an adviser I use this when it is appropriate and also will help you with getting the best bank deals as they differ a lot too.

Debt Consolidation – often first home buyers are told that they cannot afford a mortgage because they already have some debt or a student loan. Any type of debt reduces the ability to pay a mortgage, but often a simple debt consolidation can reduce the repayments for that debt (loans) and with that repayment reduced it allows you to afford a mortgage. It’s something that I will look at when needed, but also something that you need to be careful with.

Credit Limits – the credit limits that you have on credit cards or those buy now pay later debts all count against you. When a bank assesses a home loan they calculate things on the basis that you debt it right up to the limit even if you are not using the credit at all.

Shared Ownership – this is an option that many first home buyers should consider as this can really help when either deposit or income are lower than the banks ideal. There are some options when it comes to shared home ownership and one is the Government backed First Home Partner by Kainga Ora which is available on new homes and when the income does not exceed the cap.

Extra Income – a lot of first home buyers could get a part-time job and that would make a huge difference. Speak to me and I can calculate the difference that it can make to what you can borrow, but also explain what type of income the banks will accept. If you do choose to get a part-time job it’s something that is useful to help save the deposit, and for the mortgage affordability too. It’s something that some people will only do for as long as needed, but others will continue with this to help pay off the mortgage faster.

Boarders & Flatmates are a great idea to help with your mortgage application and like the option of a part-time job the extra income can help with the mortgage payments too. Most banks will accept that you can have boarders or flatmates if there is the spare room in the house that you are buying.