Get an 'A' on your mortgage homework

Expenses

Posted 7 months ago by Pope & Co. Mortgages

Hands up who liked doing homework at school?

Chances are it’s been a few years since you’ve had to do it—but if you’re ready to apply for a mortgage you might need to dust off some of those skills to help get your loan application approved.

While all banks might look the same, each has subtle differences, and your existing bank may not be the best option when it comes to your mortgage, so it pays to keep an open mind as to who might be the best bank for you.

Quite often, we can show the same details and financial history to two different banks and get two very different outcomes. Each bank has slightly different approaches to lending criteria, servicing calculations, and restrictions against different types of properties. Banks will take a deep dive into your finances, and financial history, to ensure you’re able to afford mortgage repayments. Think of it as the bank doing a stress test!

Here’s our handy checklist of what you should get ready before you meet with us—it’s our goal to make the application process as seamless as possible:

  1. Fill out and sign our Pope & Co application form (here’s a handy video explaining it a bit more)
  2. Three to six months’ worth of bank statements from your day-to-day accounts (make sure they show your bank’s name, your name and running balances on the right-hand side)
  3. Proof of Income—depending on your circumstances this could be: your last 3 payslips; last two, maybe even last three years of financials if you’re self-employed; letter confirming Working For Families income or ACC income may also be required
  4. IRD tax summaries may be useful for showing regular overtime and bonuses, letters confirming Working for Families income or ACC income may also be required
  5. Proof of deposit— usually 3 to 6 months statements will show the bank your savings history and your deposit amount
  6. KiwiSaver—if you’re using this to fund your deposit then a letter or email is required from your provider showing that you are approved to withdraw funds and how much is available
  7. Photo ID— this could be a copy of your driver’s licence or passport

Of course, sometimes additional information might be needed (which we can talk you through), but this could include:

  1. Proof of residency
  2. Job contracts
  3. Proof of any boarders at the property
  4. HomeStart grant approval letter
  5. Proof that any agreed HPs, loans or credit cards have been paid off, or last 3 to 6 months statements of debt repayments

Different types of loans might also require different information and additional application forms, but we can walk you through that if required.

If you’re looking for a new home, take some time to assemble all your financial information. Being prepared will take the stress out of what can be a tricky process and hopefully help you get approved faster.

Our website has a range of information regarding applying for a mortgage, and our team is always available to help. Call us today on 0800 000 517.

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