Buying your first home can feel daunting and first home buyers will have all sorts of unanswered questions. Here a re some common and brief answers
Will I be approved for a loan? It's likely, but the lending criteria varies by bank. A mortgage advisor can assist in finding the best option for you.
What documents are needed for the application process? You will need to provide information about your assets, debts, income, and expenses, along with proof of income, a deposit, and bank statements. Credit checks may also be conducted.
Which bank offers the best interest rate? It's not just about the rate, other factors should also be considered when making a decision.
Why use a mortgage advisor instead of going directly to a bank? A mortgage advisor can offer expert advice and a wide range of options, and the service is typically free.
Can I borrow the full value of the property? Generally, most banks only lend up to 80%. However, there may be options such as using a guarantor to reach a 20% deposit.
How long does it take to get approved for financing? It can take up to five days, but it's best to get organized early - it not it will take longer. If the mortgage is over 80% of the property value, allow for up to 10 working days for an approval.
For more detail on the above and answers to more of your questions feel free to reach out to Nigel at MortgageMe https://mortgageme.net.nz/about-us-hawkes-bayor contact us below.