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Getting your first Mortgage

Purchasing your first home can be an exciting yet a daunting experience. Up until now, you probably haven’t carried any debt close to the level of a mortgage. Having the right knowledge and advice goes a long way to ensure there are less, if not no hiccups along the way.

A good mortgage adviser will know how to write up a strong narrative for your application. Banking policy and criteria are different at every bank. The advantage of understanding each bank’s policy and criteria gives you the best chances of being approved. It also helps with getting the best deal.

Got a deposit, what's next?

Applying for a pre-approval should be the first step in the process. A pre-approval allows you to understand what your budget is when house hunting. If you’ve got at least 5 – 20% the good news is that the banks may be willing to look into your situation.

Keep in mind if a conditional pre-approval is granted, it is still subject to the bank’s policies and lending criteria. Some standard conditions consist of banks being satisfied with the type of property you are intending to purchase, the price you have offered and that your financial situation has not, or is not forecasted to change.

Eight Stages To Home Ownership

Read the eight stages below to ensure you're making all the right moves towards owning your first home

1. Preparing to buy a house

– Saving For A 5 – 20% Deposit
– Understanding How Much You Can Afford
– Accessing KiwiSaver
– Government Home Start Grants

2. Applying for a home loan

– Documents Required By The Bank
– Proof of Income 
– Your Account Conduct 
– Bad Debt & Loan Defaults

3. What is a Pre-Approval

– Understanding What Is A Pre Approval
– How Long Does The Pre Approval Last For?
– What are Pre-Approval Conditions?
– What if I Get Declined?

4. Finding your first home

– Types Of Property Banks Favour
– Dealing With Real Estate Agents
– What Is a Conditional Offer?
– What Is an Unconditional Offer?

5. Making An Offer

– Sales & Purchase Agreements
– Finance Conditions
– Timeframe For Bank To Review Property
– Your Conditional Period

6. Going Unconditional

– Satisfying Your Finance Conditions
– Paying Your Deposit
– LIM & Building Report
– Valuations

7. Settling The Property

– Finalising Your Settlement Date
– Types of Loan Structures & Loans
– Signing Loan Documents At The Lawyers
– AML Checks & Account Set Up At Branch

8. Reviewing Your Mortgage

– Annual Fixed Rate Reviews
– Restructuring Your Mortgage
– Topping Up
– Planning Towards Your First Rental

Our Partners

Benefits of First Home Buying With Moose

01 Dependability

Re-explaining yourself can be frustrating when the last banker has moved on. We document all our client conversations & advice so we’re always on the ball. You can depend on us to be there for the a small Top up, annual mortgage review, loan refix, refinance or new purchase

02 Less hassle

Our online application system allows you to create your own MOOSE account and input your information without the hassle of tiresome paperwork. Once it’s all uploaded, we do all the running around so you don’t have to 

03 Better Structure

Fixed, Floating or Variable? 5 or 30 year loan term? Understanding your goals and situation can help us to structure your mortgage to allow you to pay it off faster but still have the flexibility and freedom to live

04 No Fees

If you’re applying for a home loan with a major bank there’s no fee for our service. The major banks will cover our costs on your behalf as long as your new loan stays in place with them for a minimum of 27 months. This reduces your outgoings during the process

05 Better Rates

Mortgage rates are constantly changing in today’s market. Broker departments in banks are known for providing competitive interest rates upfront for Mortgage Advisers

06 Cash Incentive

Lenders are becoming increasing competitive and cash incentives are becoming more common for new to bank customers. This can help you to offset your legal fees and any other associated costs

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Why Should I Use A Mortgage Adviser?

A good mortgage adviser will know how to create a strong narrative for your application. Knowing each bank’s policies and criteria makes it easier to know where you’re most likely to be approved and where you can get the best deal. 

We do all the running around so you don’t have to and the best part is that if you’re getting your lending through a major bank (ie. ANZ, BNZ, ASB) they pay us so don’t have to.

With a non-biased approach being partners with large variety of banks a mortgage adviser will be able to give you sound advice and options without having only one bank to push your needs into. This also means a lot less paper work should you want options across multiple banks.

  • Better Interest Rates
  • Better Loan Structure Tailored To Your Needs
  • Less Hassle And Less Paperwork
  • Dependability And Transparency
  • Better Advice From A Registered Financial Adviser

Frequently Asked Questions

If your bank has said your deposit isn’t big enough or your serviceability isn’t strong enough it may not be the end of the line for you.

There are several non-bank lenders that can provide options that we are partners with and unlike the traditional stigma of non-bank lending it won’t cost you an arm and a leg.  We have several non-bank lenders on our book that we can explore with you.

We do not take a bias approach with our recommendations. Every bank is different to suit the needs of the individual. 

As a first home buyer it is generally easier to get your lending approved if you’re an existing customer of the bank we are applying for. This is because they have full transparency over your bank accounts to make a well informed assessment.

However it is very common to want to apply for new lending at a new bank. Once we assess your situation and needs we can advise where you should go next. 

Certain banks are more lenient when it comes to calculating serviceability, some banks are more equity friendly where as some other banks are friendlier with construction and apartment lending. It is important to talk to a mortgage adviser because we can recommend the right options for you

A good loan structure should be prioritised over interest rates. This is because with the right structure in place you could be knocking hundreds of thousands of dollars off the life of your mortgage.

As everyone’s earning capacity may be different via wages, bonuses, commissions, are you able to pay back more than your minimum repayments? If you are how much per year could you knock down above your minimum repayments.  

Understanding this allows us to create a structure for you that allows you to have the freedom to pay off more than your minimum repayments without paying more interest than you should on your loan

Yes, gifting from a family member is acceptable for both main and non bank lenders. However if you are applying for lending with a main bank a minimum of 5% of the purchase price must be genuine savings. Genuine savings are acceptable in the form of KiwiSaver, the sale of an asset of cash savings.

If you do not have a minimum of 5% genuine savings a non-bank lender may be suitable as some lenders don’t have this policy in place. 

If you are needing to save money fast or improve your cashflow situation after your first purchase then an interest only option may be suitable. Main banks may allow up to a maximum period of 5 years as long as you can meet the servicing criteria.

This all depends on the lender. As each bank is different this can range from 30 – 90 days. It is common for an approval to be extended one time after without a full application as long as your financial situation has not changed.