6 Tips to improve your home loan pre-approval chances with the bank
1. Prepare a budget which can be submitted to the bank at the time of application.
2. Prove you can save the difference between your rent and the proposed mortgage repayments as well as insurance and rates.
3. Manage your money well – ensure that you keep within your arranged facilities with the bank. Ensure that you don’t have any unauthorized overdrafts.
4. Stay at Your Job. Sticking with your employer while going through the home buying process is crucial. Any changes to your employment or income status can stop or greatly delay the mortgage process.
5. Pay Down Debt and Avoid New Debt. Ensure you disclose all debt that you have – any undisclosed debt that later comes to light can hurt your chances of getting a loan.
6. Check out your credit rating before the bank does, that way you will know if there are any issues to address before submitting your application.
Documents you will need for home loan pre approval application
- ID – Preferably Passport and or Drivers License.
- Address Verification (Bank statements showing address or utility bill held in applicants name).
- 3 months most recent and consecutive bank statements for your current account.
- Evidence of deposit (ie Bank statement/Confirmation of KiwiSaver withdrawal/Gifting letter).
- Evidence of income (ie 3 Payslips/Copy of employment Contract, or for self employed end of year financial statements).
Documents Required for Welcome Home Loan Pre Approval
- 3 most recent and consecutive pay slips.
- Letter from Employer confirming employment.
- ID – Passports preferred option.
- Evidence of NZ Citizenship or residency – either passport or NZ Birth Certificate.
- 6 months bank statements.
- 3 months credit card statements.
- Evidence of Deposit (ie Bank statement/Confirmation of KiwiSaver withdrawal/Gifting letter).
- Address verification (Bank statements showing address or utility bill held in applicants name).