Financing your home
How and when to arrange a loan for your new home.
It’s never too early to talk to your bank about getting a mortgage. You’ll get a good idea of the sort of home you could be looking at and how much you’ll need for a deposit. And when you find the home you want, you’ll be ready to make the next move.
Before the purchase
You’ll be in a far stronger position to get the property you want if you get your home loan approved before you make an offer. If you plan to buy at auction, loan pre-approval is absolutely essential, because auction sales are unconditional. So talk to your bank before you make a move. Getting pre-approval for a loan costs nothing and there’s no obligation to take the loan if it turns out you don’t need it.
After the purchase
If you have made an offer ‘conditional to finance’, you need to talk to your bank and get your home loan approved before the deadline that has been set for you to meet your conditions.
Things to bring to your first home loan meeting
- A couple of recent consecutive pay slips for each applicant, or a copy of your employment contract or a letter from your employer
- If you are a new customer to BNZ you’ll need to bring copies of your account statements covering the last six months from your current bank
- If you’re self employed, your business’s last two annual financial statements
- If you intend to purchase an investment property, you’ll need a copy of the existing tenancy agreement or a rental appraisal from a local REINZ Real Estate Agency signed by the branch manager or the rental manager
- To be extra organised, bring a summary of your regular expenses - you could use a website like sorted.org.nz to create a monthly budget
