First Home Buyers Advice

by Apr 22, 2015First Home Buyers

first home buyer

There has been a lot of press recently about Bank pulling back from 95% borrowing so here’s a few pointers to a successful application.

  1. Go for 94%
  2. Make sure any debt is less than the deposit being put down
  3. Make sure all accounts are 200% perfect for the last 3 to 6 months
  4. Keep credit checks to a minimum
  5. Look at ‘regular’ property
  6. Banks like ‘genuine savings’. gifted deposits and ‘I just sold the car’ don’t cut it any more, at least in full
  7. Guarantors. Most Banks shy away
  8. If self employed you need full Financials, don’t get the Accountant to lose everything!
  9. Watch for excessive fees. they vary a lot between Banks and differ from one off premiums to loaded interest rates
  10. Remember the approval is on you, not the property, so check with the Bank before signing on the dotted line

Hope that helps and good luck, there are plenty of funds and some good deals, you just have to fit the mould.

0800 536337 is the number you need.

by Jeff Royle iLender Mortgage Brokers

About iLender

At iLender we put your best interests first and not the Bank – our advice is unbiased as all Lenders who we do business with pay about the same in commissions.

Although we are Auckland based Mortgage Brokers, we help customers everywhere in New Zealand and overseas with buying property in New Zealand, as we are very much about online and giving advice here and now!

How to prepare your personal finances when applying for a mortgage

When it comes to securing a competitive home loan, saving up for a deposit is just one piece of the puzzle. Lenders also need to be confident that you’re trustworthy, reliable and financially secure - in other words, you’re someone who’s capable of making mortgage...

When is the right time to refix or refinance my mortgage?

When your fixed rate mortgage comes to the end of its term, most lenders will automatically transfer you to a new fixed rate or floating rate home loan.  As a homeowner, this type of set-and-forget arrangement might sound convenient, but it also means that you...

Struggling to save up for a 20% deposit? Here are your options

Struggling to save up for a house deposit? You’re not alone. Buyers across the country are feeling the effects of a booming property market, with the latest real estate figures showing that the median house price increased more than 25 percent over the past year to a...

The 5 big benefits of Property Investing

Rental property is a popular and profitable form of investment. Buying the right investment property can provide strong capital gains and regular income, while being able to leverage real estate opens up new opportunities for creating wealth.  Thinking about...

Best mortgage rates, 10% deposit owner occupied and 20% rental purchase, self employed with no financials and help for those with bad credit or arrears.

Hundreds of reviews on TradeMe and Google makes us your ‘Number 1’ choice.

Call 0800 536 337