Generally, they don’t when you go through us. As an adviser, 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.

First you can come in and see me for 30 minutes as a complimentary appointment, we ask you to complete our on-line enquiry. This tells us your income and any debts you have etc.  IF I don’t think you are ready to apply for a loan then I will tell you at our meeting, so no cost to you at all.

If I think you are in a good position, then if you would like me to be your Financial Adviser and you bring over your KiwiSaver to me (I have mine and work with NZ Funds for all my clients) and take out insurance such as Life, Income etc then my fee comes down to $250 we will discuss more about this when you come in.

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks
  • My expertise and support all the way through
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts
  • We offer complimentary refix reviews (when you loan comes off its fixed term if you have fixed it)
  • We offer complimentary insurance reviews – to ensure your covers are still set at right amounts and if things have changed for you
  • We help with any insurance claims (we are your contact for the life of your cover)
  • Plus we are honest and ensure your best interest comes first

 

If you only want me to do your mortgage then the fee is $495 – you can pay that off in instalments if required.
You will still get:

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks
  • My expertise and support all the way through
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts
  • We offer complimentary refix reviews (when your loan comes off its fixed term if you have fixed it)

 

Advice only appointments 

For advice only appointments these are charged by an hourly rate, please let us know if you would like this option and we can discuss this with you.

You can reach us during office hours (normal receptionist hours are 10-3pm) by calling or texting on 03 214 9292 or 021 110 4849. Alternatively email us at info@brendanom.co.nz

We will let you know what to bring 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.

It all depends on the bank and how busy they are you could be looking at average of 5 working days or if a “First home Loan” possibly longer. We will give you an indication at the time and keep you posted with any updates.

Normally 2 to 3 months. After this time, if nothing has changed, we can resubmit to the bank with some updated payslips. We will need you to confirm if anything has changed as that may affect the current approval. Also, if the banks have had an interest rate increase that may affect the amount you can borrow.

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.

We will discuss what you may need to do once we have had a meeting so don’t rush into anything yet. 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.

In most cases no you are unable to add that into your loan. In most cases we are able to you a “Cash back contribution” from the bank (some terms and conditions apply). This is free money from the bank to assist with these some or all of these costs. This is paid into your account AFTER the day you move in, therefore you need to have money on hand to pay the lawyer.

First you can come in and see me for 30 minutes as a complimentary appointment, we ask you to complete our on-line enquiry. This tells us your income and any debts you have etc.  IF I don’t think you are ready to apply for a loan then I will tell you at our meeting, so no cost to you at all.

If I think you are in a good position, then if you would like me to be your Financial Adviser and you bring over your KiwiSaver to me (I have mine and work with NZ Funds for all my clients) and take out insurance such as Life, Income etc then my fee comes down to $250 we will discuss more about this when you come in.

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks
  • My expertise and support all the way through
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts
  • We offer complimentary refix reviews (when you loan comes off its fixed term if you have fixed it)
  • We offer complimentary insurance reviews – to ensure your covers are still set at right amounts and if things have changed for you
  • We help with any insurance claims (we are your contact for the life of your cover)
  • Plus we are honest and ensure your best interest comes first

If you only want me to do your mortgage then the fee is $495 – you can pay that off in installments if required.

You will still get:

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks
  • My expertise and support all the way through
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts
  • We offer complimentary refix reviews (when your loan comes off its fixed term if you have fixed it)

Advice only appointments 

For advice only appointments these are charged by an hourly rate, please let us know if you would like this option and we can discuss this with you.

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.

The price cap has been removed so it will depend on your deposit and your income as well as any debts you have. (June 2022).

However, for the housing grant caps still apply.

Your gross income (before tax) for a single person (in the last 12 months – NOT Financial year) can’t exceed $95,000; If you have dependents and you are single it increases to no more than $150,000; and same if you are 2 or 3 borrowers, can’t exceed $150,000 combined income.

You can go into IRD if you have a login and print out the LAST 12 MONTHS.

No. The banks all lend on the purchase price or the valuation – whichever is the lower of the two.

It depends on what is it and how much it will cost to fix or repair.  The bank will most likely ask for a quote from a certified builder, plumber etc (can’t be a mate for a box of beers)  then if the cost is under $5,000 AND if you have cash available or parents can provide a gift, then Housing NZ may approve it.  If costs are over $5,000 then it’s a decline as the property is not suitable.

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 First 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.

This is a low deposit loan where you may (subject to your income, debts and living expenses meeting the banks requirements) only need a minimum of 5-10% deposit. 

Your gross income (before tax) for a single person (in the last 12 months – NOT Financial year) can’t exceed $95,000; If you have dependents and you are single it increases to no more than $150,000; and same if you are 2 or 3 borrowers, can’t exceed $150,000 combined income. 

You can go into IRD if you have a login and print out the LAST 12 MONTHS. 

They do require you to have a good credit history, good account conduct plus other criteria to meet. for example, you must have been in your job for at least 12 months or have been in same role previous to this for the last 2 years. 

First Home Loans are issued by selected banks and other lenders and underwritten by Kāinga Ora (Housing NZ). This allows the lender to provide loans that would otherwise sit outside their lending standards.

There used to be a price cap of $400,000 in Invercargill but this has now been removed and there is no cap. HOWEVER, to apply for Kainga Ora (Housing NZ) grant there STILL IS.

What does Kainga Ora (Housing NZ) do:

  1. It administers the First Home Grant on behalf of the Government; and
  2. Determines whether someone who has previously owned property, but no longer does, is a qualifying person and therefore able to apply to withdraw their KiwiSaver funds to help buy a property. You are unable to use your KiwiSaver again so if you have used it in the past, you are unable to use it again. 

 

If you qualify you may be able to get $3,000, $4,000 or $5000 each. This is free money from the government. If you are building or bought a house that has code of compliance issued within 12 months and meets their criteria you may be able to get double EG $6,000, $8,000 or $10,000 each. 

You still have to meet the income caps as discussed in the previous question above. 

The house caps have recently been updated but in Invercargill they have not changed and still remain as follows: 

$400,000 max price existing house and $500,000 to build (including land). This will be reviewed every 6 months now. Outside Invercargill it has increased to $500,000 EG Winton see map for details of zoning.

https://statsnz.maps.arcgis.com/apps/webappviewer/index.html?id=6f49867abe464f86ac7526552fe19787

First Home Loan Caps

 

So it’s possible some people will meet the First home loan criteria but if you are buying over $400,000 in Invercargill you will not be able to get the grants.  However at least you can buy for over $400K under the “First home loan” Scheme. This is at June 2022 and will be reviewed.  

No. As the bank will go off the lower of purchase price or valuation. EG Valuation comes out $525,000, and purchase price was $510,000; the bank will go off the $510,000

Yes. No exceptions unless you are not doing this type of loan and have 20% deposit.  

These MUST be ordered by the bank or by us, as there is a certain place we have to order them from which have a panel of approved valuers.   These costs differ from time to time and could be $700 – $1000 – or if urgent or out of town – then could cost more.  

We, or the bank can let you know before you order it. 

Yes. Or be a permanent resident with no travel conditions.

First you can come in and see me for 30 minutes as a complimentary appointment, we ask you to complete our on-line enquiry. This tells us your income and any debts you have etc.  IF I don’t think you are ready to apply for a loan then I will tell you at our meeting, so no cost to you at all.

If I think you are in a good position, then if you would like me to be your Financial Adviser and you bring over your KiwiSaver to me (I have mine and work with NZ Funds for all my clients) and take out insurance such as Life, Income etc then my fee comes down to $250 we will discuss more about this when you come in.

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks 
  • My expertise and support all the way through 
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts 
  • We offer complimentary refix reviews (when you loan comes off its fixed term if you have fixed it) 
  • We offer complimentary insurance reviews – to ensure your covers are still set at right amounts and if things have changed for you 
  • We help with any insurance claims (we are your contact for the life of your cover)
  • Plus we are honest and ensure your best interest comes first

 

If you only want me to do your mortgage then the fee is $495 – you can pay that off in installments if required.
  

You will still get:  

What is included:

  • We do all the work for you to take the stress away and so you don’t have to shop around at all the banks 
  • My expertise and support all the way through 
  • We help you with how to structure your loan
  • We help you with how to set up your bank accounts 
  • We offer complimentary refix reviews (when your loan comes off its fixed term if you have fixed it) 

 

Advice only appointments 

For advice only appointments these are charged by an hourly rate, please let us know if you would like this option and we can discuss this with you.

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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