FIRST HOME LOANS

Achieving your first home loan is 100% easier when you work with a mortgage advisor who can provide you with all the information needed to ensure you know exactly what to expect.

There are a series of important steps that go into securing your first home loan:

1. Understanding Your Finances:

Assess your current financial situation, including income, expenses, and savings. Determine how much you can afford to borrow and repay each month.

2. Save for a Deposit:

In New Zealand, lenders typically require a deposit of at least 20% of the property's value. If eligible you may also be able to apply for a first home loan via the Kainga Ora first home loan scheme with a minimum of 5% deposit (eligibility criteria applies).

3. Check Your Credit Score:

There are a couple online tools where you can download a copy of your credit report. A good credit score improves your chances of approval.

4. Get in touch with a Mortgage Advisor:

They can help you navigate the lending market, compare options, and find the best loan that fits your needs. 

5. Secure a Pre-Approval:

This involves providing your mortgage advisor with your financial details and other required documents who will then give you an estimate of how much you can borrow. They will then submit your application on your behalf to a lender that best suits your situation for pre-approval. 



6. Legal Process:

Ask a solicitor to help with the legal aspects of buying a property. They will review the sale and purchase agreement and manage the settlement process.

7. Insurance:

Lenders require full home insurance with no exclusions as a part of the settlement requirements. 

8. Settlement:

On settlement day, the funds will be transferred, and you become the legal owner of the property!