How To Prepare For Your First Home Loan Appointment with a Mortgage Broker
Congratulations! – you have made the first step towards getting on the property ladder and booked your first appointment with your Mortgage Advisor for a pre-approval.
What information are you going to need for this? The more information your Mortgage Advisor has up front the less amount of time it will take to get you into your new home.
Let’s go over what you can do, and what you’ll need to take along, so you are prepared to get the best result in the shortest time frame.
Photo identification This can be your passport or drivers licence. Bring this along to the appointment so your Advisor can take a copy and verify it.
Confirmation of your income
Three consecutive payslips should suffice. Alternatively, your employment contract to confirm your income. If you work overtime, are paid commission or have an irregular income we may require an IR3 to confirm what your annual income has been. If you are self-employed you will need to bring along the last two years of your financial statements.
The last three months of bank statements of the account that most of your income goes into. This will likely be your day to day spending account and where most of your bills and living expenses come out of. This will show that you are meeting all the repayments and financial commitments that are currently coming out of your account – ie there are no dishonoured payments and every liability or expense is mentioned in your application.
Confirmation of your deposit
This can be many things. If your deposit is coming from savings then your Advisor will need the last six months of bank statements to verify this. If it is coming from KiwiSaver your Advisor will need confirmation of your balance and your ability and eligibility to withdraw the funds. If you are eligible to receive a KiwiSaver grant or subsidy it would be great to bring a copy of your pre-approval for this. You can apply for this on the Housing NZ website and they will email you to confirm your pre-approval.
Statements for current liabilities
These can be hire purchases, loans, student loans, credit cards or any other debt that you may be in the process of paying off. Your Advisor will take the balance owing from these and verify the current repayments.
It can be very helpful to have a copy of your current household budget. This is a summary of your income and outgoings. Your Advisor will go over this with you and add in the expenses you will be taking on when you own a home.
At Stephanie Murray Mortgages we always send out a “document list” with your confirmation email before your appointment to ensure you are prepared as much as possible so we can get you the fastest result.
If you're a first home buyer or perhaps looking to purchase your second home, our team are available at a time and place that suit you to go over your first pre-approval and make it as simple as possible for you!
This information is general information only and must not be relied upon as legal advice. A disclosure statement is available here.