When 20 year old Sam Halliwell was asked to come into his local Westpac Rolleston branch in Christchurch recently, he was in for a bit of a shock.
Dressed in stubbies and work boots despite the freezing winter temperatures, the Canterbury native had no idea that the home he had spent the past 3 years saving for came with a nice house warming present: no interest for a year.
Sam is the second of four people to win Westpac’s Pay No Interest home loan competition, in which all new home buyers during the competition period were entered to the chance to do exactly that, pay no interest on their home loan for an entire year.
All the stars aligning
Born and raised in Christchurch, hard-working Sam started saving for his house deposit as a 17 year old when he left Christchurch Boys High in 2012, and was currently in the process of finalising his first home loan when he found out he had won.
Sam knew what he was looking for when he started house-hunting, and top of the list was having an easily maintainable section. Other key factors Sam was looking for were ensuring the house was warm, reasonably new and had a double garage.
Incredibly, his new house was the first one he put an offer in on.
Sam is keen to save what he would have paid in interest across the first year, with the intention of putting that money into a lump sum repayment in order to minimise his future repayments, which will save him thousands of dollars over the life of the home loan.