First-home buying—where do I start?
One of our most typical questions we get asked is “I want to buy my first home but don’t know where to begin”.
It is a complex lending world, which is where our help comes in at Wellington Mortgage Brokers!
The first thing we do is have a quick phone chat and with a few probing questions we can tell you what your potential borrowing is, or we’ll give you a plan and some guidance on how to get to a borrowing position.
We would suggest then crunching some approximate payment levels based on your possible borrowing ability, to see what is affordable. Perhaps using a higher interest rate than what’s currently on offer, as a buffer, in case rates increase. We can help with this.
The next stage is pulling together all the paperwork for a mortgage application. Now is also a great time to get pre-approved for the HomeStart grant if eligible, and obtain a letter from your KiwiSaver provider confirming what you are eligible to withdraw.
We need to be as thorough as possible with this stage as the banks are ‘into’ every little detail.
After we have received all your paperwork, we meticulously work through it preparing it for a bank application and checking for any possible road blocks.
We may come back with more questions or request for information we think the banks will need.
Hopefully the next step is the conditional loan approval. Due to the Reserve Bank restrictions, there are situations where banks are unable to assess an approval until you have a live offer pending. We’ll help you through this and advise on our chances of approval should you have an offer (conditional on finance) accepted.