FAQ’s for Mortgages
Once we submit the application it generally takes between 3 to 5 working days.
We will give you a list of things that you need to bring in based on your circumstances and what you are applying for. This includes three pay slips, ID, confirmation of deposit and bank statements. There are other documents you may need but we will give you a list of those before you come in.
Yes. I can see you after 5 o’clock. We try and be flexible and work in with you on what may suit; however these times are popular, so we suggest booking in advance.
Yes. We deal mainly with two non-banks and would only look at these as an option if we cannot match you to a trading bank. For example – if you had a credit check issue, then we may have to look at a non-bank.
I 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.
Normally 2 to 3 months. After this time, if nothing has changed, we can resubmit to the bank with some updated pay slips.
Yes. As the banks want that type of business, they are more lenient on what you can borrow when you have 20% deposit.
That depends. 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.
Firstly, let us know! We can do a credit check – then we will discuss the outcome. There can be a lot of variables to consider, therefore we look at this 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 for 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.
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 I can explain if applicable.
Many things. Firstly, we’re honest about whether we think you could get a loan based on the client enquiry information you supplied. We investigate behind the scenes and crunch some numbers to see what we are dealing with. Then one of us gives you a call to make an appointment or discuss a plan to get you where you need to be before going ahead.
We will also look at debt consolidation if you’re paying high interest on your current debt. We will apply for your Housing New Zealand grant and apply to the bank or banks agreed upon for the preapproval.
Also, we keep you informed every step of the way. And we tell you what you need to do, when you need to do it and orchestrate the timeframes for everything, so you don’t have to do much.
We will discuss the loan structure, help with some recommendations for setting up new bank accounts, order your valuation if required and basically ensure everything goes smoothly. We keep in contact with your lawyer and work with them as/when required, so that everyone is on the same page.
Depending on where we think you’re most likely to be successful will determine which bank or banks we will send your application to. I will give you my 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 couple of banks.
FAQ’s for Welcome Home Loans
You need a minimum of 10% deposit and you must qualify based on your income and any debt levels to meet the banks criteria. 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 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. As, 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.
Yes, or 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.
FAQ’s for Insurance
No. We can refer you to Tower Insurance if you would like.
Life insurance is important to cover any debts, your mortgage and funeral. Income cover helps when you are off work due to accident or illness. Trauma insurance covers critical illnesses such as cancer, strokes and heart attacks.
Whatever you can afford, we work within you’re budget! (If you are overweight or have health issues it may cost more, we can give you an idea of that once we ask you some health questions).
You deal with us! We don’t just put it 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 etc.
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.
FAQ’s for my services
Generally, not 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.
If you have 20% deposit in most cases, there is no fee. If you have less than 20% deposit, we charge a fee of $250.
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.