Buying your first home in New Zealand is easier than some people think, but there are some issues about home loans and the application process that may mean that getting a home loan is hard. We also look at what assistance and sources of information about home loans that is available from banks, mortgage brokers, Housing New Zealand and also how to access your deposit from your KiwiSaver account.
Refinancing can be a good idea for some people as long as it is being done professionally and for the right reason. Many banks and mortgage brokers entice people into refinancing their home loan and other debts without explaining much about home loans and the reasons why it may or may not benefit you. There is a lot to learn about home loans and it is important that your options are explained clearly so you can consider them properly. Some bank staff can provide this information; however normally mortgage brokers know more about home loans.
Credit checks are something that most banks and lenders look at to get an idea of how serious you are about paying your debts. Finding a home loan or even a car loan with bad credit can prove difficult but it can be easier if your mortgage broker can discuss any bad credit with and/or find out about home loans on offer that may suit you, prior to sending a loan application to the bank. We know that sometimes things happen in life that can cause hiccups and lead to you being ear marked as a bad payer; however the key thing a lender should consider is the reason and habitual nature of any non-payments. Combined with knowledge about home loans a mortgage broker should be able to recommend the best options.