Generally, they don’t when you go through us. As a broker, we get their application fee waived. However, if we are dealing with a non-bank there will be a fee. We would advise you of this before the appointment.
In most cases, there is a charge fee of $250 to use our services.
If you are building a house or have a loan requirement of $100,000 or less there is also a fee. You can request a copy of our engagement of services form or we will advise you of any possible fees once we have assessed your client enquiry form so that it is never a surprise.
You’ll need three payslips, confirmation of your deposit monies, and bank statements. You may need other documents depending on your specific circumstances, and we’ll let you know ahead of time and give you a list of needed documents before you come in.
Yes. We try to be flexible and work with you and your time schedule, so it is possible that we can meet with you after 5 o’clock. However, these times can be popular so we suggest booking in advance.
Yes; however, working with banks is ideal and tends to give you the best results. But we also work with two non-banks as an option if we cannot match you to a trading bank, such as if you had a credit check issue.
Preapproval isn’t the most appropriate name. We feel this should be called a “conditional approval” as normally these are still subject to the bank checking the sale and purchase agreement or perhaps waiting on a copy of Housing New Zealand approval.
If a valuation is required it is also conditional to the bank being satisfied with that valuation (to ensure that there is not a lot of maintenance etc. needed on the property). Whilst a pre-approval gives you the confidence to be able to go out and look for a property, you still must however put in “subject to suitable finance” and any other conditions you require. Talk to us or your solicitor before making an offer to discuss what conditions you may need to put in.
Once we submit the pre-approval application, it generally takes between 3 to 5 business days.
Normally 2 to 3 months. After this time, if nothing has changed, we can resubmit to the bank with some updated payslips.
Yes. A higher deposit means that there is less risk to the bank and they are more lenient on what you can borrow when you have a deposit of 20% or more.
No, you don’t need to pay off all of your debts. However, the amount you are in debt affects how much you can afford for your monthly payments. Can you afford to pay off your debts and afford the loan repayments as well as the rates, house, and contents insurance and any life or income protection cover?
We can give you all the facts and figures and you can decide what you’re comfortable with doing.
If you know this already, let us know first! We can also do a credit check and discuss the outcome with you. There can be a lot of variables to consider, and the effect a credit issue has is on a case-by-case basis.
KiwiSaver is a government scheme to help people save towards retirement but it can also be used for buying their first home. If you have been a member for three years or more, you may qualify to take out most of your KiwiSaver for your first home purchase.
Housing New Zealand offer a separate grant called Home Start. The amount you qualify for is based on how many payments you have made into your KiwiSaver scheme. You need to have made a minimum of 36 monthly payments to qualify for $3,000, with a maximum grant available of $5,000 after 60 monthly payments. There are some further terms and conditions for this grant, which we can advise you about. One condition of the Housing New Zealand grant is that you must live in the property for at least six months, so it can’t be used as a rental property.
Generally, if you have less than 20% deposit then no you can’t. However, if you have 20% deposit or more then you may be able to. With a 20% deposit, in many instances, we can get you some cash back from the bank which you can use to cover some of those fees. There are some terms and conditions for the cashback that the banks offer which we can explain if applicable.
A lot of things! Take a look at our services pages where we go into detail about how we help you with each specific service. But no matter what service you get from us, we keep you informed every step of the way, letting you know what you need to do and when you need to do it. We also orchestrate the timeframes for everything to stay on schedule so you don’t have to worry about what needs to be done when.
Depending on where we think you’re most likely to be successful will determine which bank or banks we will send your application to. We will give you our recommendations and ask for your opinion on these which we can discuss at our appointment. Sometimes it works out to be your own bank and sometimes it’s another bank; sometimes it is a combination of banks.
A Welcome Home Loan is a loan to help first-time home buyers with getting the deposit for their first home. Usually, lenders want 20% of the home price as a deposit; a Welcome Home Loan reduces this to 10%. This helps first-time home buyers get into their own home quicker.
You also need to have excellent credit history and good account conduct, as well as good conduct on any debts you have.
The banks we deal with for these loans are Westpac, SBS bank and the Co-operative bank.
In Southland it is $400,000 for existing properties. Please note there is a land size restriction. In most cases the land has to be less than 1 acre and usually on one title only. If you are building or buying a brand-new house that has recently had code compliance you may be able to go to $450,000 (the maximum price for new builds).
Yes. $85,000 or less gross (before tax) for one person or $130,000 for two. This is based on your LAST 12 months’ income—not the last financial year!
No. The banks all lend on the purchase price or the valuation – whichever is the lower of the two.
We will discuss that with you as the bank might need a quote on what has to be done. The quote must be done by an independent builder and you must have the funds to remedy the repairs soon after settlement. Homes must meet certain conditions before they are considered to be safe to occupy, so if approved, this would be part of a special condition. If the valuation quote comes in over $5000 difference – then it will be an automatic decline by the bank as the property is not suitable under the “Welcome Home Loan” umbrella.
At least 12 months or have been employed in a similar role for the past two years.
No. You must be a New Zealand Citizen or a Permanent Resident with no travel conditions.
Yes. All Welcome Home loans must have a registered valuation where the valuer inspects the property and will make a decision on what they think the value of the property is based on the sales in the area. They will also comment on any maintenance issues in their report.
No. But we can refer you to Tower Insurance if you’d like.
Life insurance is important to cover any debts, your mortgage, and a funeral if you die unexpectedly. Income cover helps when you are off work due to accident or illness and keeps money coming in when you can’t work. Trauma insurance comes into effect if you get a critical illnesses such as cancer, strokes, and heart attacks and gives you a payment to help through treatment and recovery.
Cost depends on a variety of factors and depends on your specific circumstances. Once we talk with you, we can get a better idea of costs will be and can find options that fit your budget.
We’ll handle it! We don’t just put insurance cover in place. We look after you and guide you through claims and reviews.
We look at this on a case by case basis as there are risks to changing providers, particularly if your health has changed. We will give you advice and options, so you can make an informed decision to ensure you have the best cover possible.
We look at their financial strength rating, claims history, policy wording, costs, and more.
We will ensure you deal directly with the right person at the insurance company, so you can keep matters private if you have a sensitive situation.
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