The process of buying your first home can be quite daunting so Pope & Co. will help you every step of the way.
1. Mortgage application and initial advice
We get to know your situation, forms are completed and supporting info provided so Pope & Co. can work on a solution. Estimated borrowing power is discussed. Apply for HomeStart Grant approval if applicable.
Pope & Co. collate, analyse then confirm best course of action and work on getting a pre-approved home loan(s), we confirm/tick off any loan conditions. Rates do not get negotiated at this point.
3. House hunting
Once approved, the house hunting begins! Remember we provide free online property reports on houses you are keen on and provide ongoing coaching and mentoring through the buying process.
4. Place an offer
Place a conditional offer on a house (via sale and purchase agreement) or in some cases an unconditional offer. Pope & Co. help through this complex process!
5. Offer accepted
Pope & Co. get the final sale and purchase ticked off by the banks and we work on any remaining conditions required to get to an unconditional stage.
Bank confirms finance is unconditional via Pope & Co. You confirm finance with your lawyer and complete any KiwiSaver/HomeStart withdrawal paperwork with your lawyer. Pay the agent any pre-agreed contract deposit/down payment (usually up to 10%).
7. Interest rates negotiation
At this point Pope & Co. start negotiating interest rates and possible cash incentives with the bank and explain to you.
8. Loan structure
Your Pope & Co. adviser then helps you with tailoring loan structures, paying it off quickly and signing the initial bank acceptance paperwork and locking in rates.
9. Loan documents sent to lawyer
Bank sends loan documents to your lawyer before settlement and the lawyer will get you in to sign and check them. The branch may also be in touch to open any accounts. Send copy of insurance policy with bank noted on the policy to your lawyer. If applicable, fill in KiwiSaver and HomeStart Grant withdrawal forms and provide to your lawyer.
10. Insurance review (life, income, health etc)
Have your personal insurance reviewed by Pope & Co. partner insurance adviser.
11. Remaining deposit funds and pre-settlement inspection
Before settlement make sure you send any remaining deposit funds to the lawyer to complete the purchase. Remember to do a pre-settlement inspection of the property before settlement.
Settlement day! Usually any cash back incentives will get paid to your account overnight.
The client journey — how Pope & Co. looks after you
1. Initial scope of feasibility and affordability (estimated 3-6 hours of work)
• Initial fact find call, advice and estimate of borrowing power, budget, goals, future plans.
• Email and explain application paperwork and forms.
• Collate, initial check and scan checklist items e.g. bank statements, payslips, financials etc.
• If required, up to hour long appointment to go over forms and plan.
• Check paperwork, analyse statements, further calculate borrowing power on banks’ calculators, write diary note.
• Input data/client info into CRM system ready for electronic lodgement to banks.
• Workshop plan with team if required.
2. Summary and recommendation, initial bank contact (estimated 3-6 hours of work)
• Send application(s) to the bank(s), tailor specifically for each bank.
• Check receipt with banks.
• Write up client summary and recommendation explaining the current situation and plan moving forward.
• Liaise with banks around any questions on the application, negotiate approval conditions.
• Liaise with clients regarding any questions from banks and seek further documents if required.
• Check, summarise, explain client pre-approval letters – explain conditions pertaining to the finance approval.
3. House shopping and property checking (estimated 3-8 hours of work)
• Further help and answering ongoing questions with clients, updating approvals.
• Provide free property reports and advice on properties.
• Advise on how to place offers, with or without conditions (cash offer), order valuation if required, getting banks to check draft sale and purchase agreements to possible cash offers.
• Negotiate with bank around any property issues.
• If offer accepted receipt/check sale and purchase agreement and liaise with banks to get sign off.
• Check other things to be done e.g. insurance and advise next steps.
4. Unconditional stage and negotiating rates (estimated 3-5 hours of work)
• Calculate final numbers, deposit, loan size, provision for buffer or renovations budget.
• Confirm unconditional – final bank letter, provide to client and explain.
• Next steps explained including loan products and match with client’s situation.
• Work on client budget/expense sheet if more detailed mortgage reduction plan required.
• Negotiate rates and compare with the market, assess best bank/lender option, pros and cons of each bank option.
• Haggle rates, fees and cash back terms with banks further if required.
5. Mortgage sign up (estimated 2-3 hours of work)
• Finalise mortgage reduction plan, rate options, loan payments and loan structure with client.
• Prepare loan acceptance form, rate lock form and structure form for the bank, client signs/checks.
• Receipt, check loan acceptance forms, tax declarations, prepare and send to the bank, check loan documents have been sent by the bank to the lawyer. Advise client the next steps.
• Refer to our insurance adviser if required for insurance review, further needs analysis if required.
• Load loans into our CRM – prepare follow up for after settlement.
6. Client settlement (estimated 1 hour of work)
• Check just before settlement that all is okay, further liaise with banks if any post settlement conditions.
• Follow up settlement letter sent to client.
• Follow up 3 months from settlement.
7. Client Ongoing Service (estimated 2-5 hours per refix or top-up)
• Touch base with client 2–3 months out from a refix/loan review.
• Obtain authority to act and obtain rates, negotiate rates with bank, check market, advise client, agree on plan.
• Coordinate refix paperwork with bank and load into our system.
• Ongoing calls/advice/meetings, insurance reviews when time allows.
• Ongoing assistance available for refixing, topups, restructuring, refinancing, upgrading and investment properties.