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NZ Home Buyers Guide
Here we look at the types of ownership and what to look for when buying your first home.

Guide to applying for a NZ home loan
This 5 step guide outlines what you will need to prepare and what we will do to assist you with your mortgage application.

NZ Mortgage Repayment Calculator
Calculate your monthly or fortnightly repayments with this mortgage repayment calculator.

Want to buy NZ Property but live Overseas?
At Approved we have many off-shore clients - Expatriate Kiwis and people looking to emigrate or invest in New Zealand.

NZ Bank Fees
Here we look at the various fees associated with mortgage finance.

The Legal Process
See how the legal process works when purchasing a property

Are you Protected?
Approved's Insurance Guide

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Saving & Investing
  After being mortgage brokers for many years it becomes apparent that it does not matter what your income is?it's what you do with your income that really counts. Full story...

Why buy NZ Rental Property?
Here we look at the advantages of investing in New Zealand rental property and why the current demand is so high.

Why Have an LAQC as your Investment Vehicle?
If you are investing in rental property in New Zealand you may benefit by setting up a Loss Attributing Qualifying Company.

 



More happy Approved Mortgage Broker Clients!guide to applying for a home loan

what we do what to prepare bank fees interest rates the legal process interest rates

What does a Mortgage Broker do for you?

In this 5-step guide we will outline the benefits of using a morgage broker, what we will do to assist you in arranging your home loan, and what you can do to prepare.

The process for arranging a home loan is:

Stage

Description

1

Discuss your lending needs with your broker.

2

Broker will recommend you 3 best mortgage options.

3

You select your preferred mortgage option.

4

Complete application with broker.

5

Broker submits loan to your preferred lender and manages loan approval process.

6

Bank approves loan or...Broker will suggest alternatives.

7

You sign loan documents with your solicitor

What does the service cost?

Using Approved Mortgage Brokers is free to you. There are no additional charges from the lender to you for using a broker.

What banks can we recommend?

ANZ, ASB, National Bank, Sovereign, Westpac, Liberty, NZF Money, NZF Homeloans, Strata Funding, Avanti, and United Home Loans.

New Zealand Mortgage Brokers Association

Every Approved Mortgage Broker is a member of the New Zealand Mortgage Brokers Association (NZMBA). The NZMBA provides you with the assurance that our brokers are registered and qualified to give you the best advice on your mortgage options.

Brokers who are not members of the NZMBA may not be able to provide you with the expertise and advice you require.

We recommend you only deal with brokers registered an approved regulatory body

Lenders Mortgage Insurance (LMI) or Low Equity Fee (LEF)

When your deposit is under 20% of the purchase price lenders may either insure the mortgage and charge an 'LMI' premium or alternatively take on the risk themselves and charge a 'Low Equity Fee'.

Deposit

Rule

0%-10%

  • LMI 1%-1.5% of loan amount.
  • Higher interest rates may apply.

10%-20%

  • LMI < 1% of loan amount.
  • 3 months evidence of savings.

20% +

  • No LMI fee.

A sale and purchase agreement is a legally binding contract.

Penalties can be imposed if you pull out of the contract. Approved Mortgage Brokers recommends you seek legal advice before signing a sales and purchase agreement.

Special conditions should be included in a sale and purchase agreement. These are intended to protect you, the purchaser, when putting an offer on a property. Should these conditions not be fulfilled then you can withdraw your offer without penalty.

The following are common special conditions included in a sales and purchase agreement:

  • Subject to mortgage finance
  • Registered Valuation before sale
  • Builder's Report
  • Title Search

This is very important when placing an offer on a property if finance has not been confirmed. Including these conditions makes the contract null and void if your mortgage is not approved.

Registered Valuations

Registered valuations give you a fair market appraisal of the property value. This will give you peace of mind that you are paying a fair price. Making your offer subject to a registered valuation means you can renegotiate or withdraw your offer should the valuation be less than the purchase price.

Builder's Report

This will help identify any construction, building, or engineering defects in the property you plan to purchase.

Title Search

Your solicitor will search the property title on your behalf. This ensures 'what you see is what you get'. Title searches provide information on boundaries, past building activities and other restrictions on what you may do on the land.

This is just the beginning...

Once your mortgage has been arranged, Approved Mortgage Brokers will be staying in touch. You will receive our quarterly newsletter, The Home Owner, which will keep you informed of the latest mortgage products and other important lending issues.

What to prepare

Next we will outline what you will need to prepare when arranging a home loan. Having these items ready to go makes the loan approval process smoother.

Next: What to prepare for your mortgage application...

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