When you get in touch with us and we've gone through some numbers together, the next thing we're going to ask for is a bunch of information for us to get a loan approval for you.
I'd like to go through these in a bit more detail in this blog around how and why we need this info, and what we'll be achieving at the bank end at the end of the day.
- Completed application forms – as per our online system. We are super lucky to have an online application form, which you can fill out and send through to us. It captures your personal infomration, but also more importantly your current financial information, including your deposit details, your current loans (like personal loans/car loans, etc) and any other information we need to know about, like regular payments for your dental bills or pet insurance
- Signed Declaration Form - this is to give your permission to us to approach the banks on your behalf. It's a one page document which you need to read and understand, and we're happy to go through this in more detail with you.
- Three payslips, or 2 year's Financial Statements - this is to confirm your income for the bank, to ensure they are aware you can pay back the loan. If your income is new, your hours are irregular or you do seasonal work, we may also need to see a Tax Summary, which you an obtain from the IRD Website.
- Confirmation of your Kiwisaver balance and that you’re eligible to withdraw – this is a call to your provider to ask for an email to confirm how much you can withdraw and to confirm you have the money for your deposit - see our blog on this for more info
- Confirmation of Home Start Grant - again this helps us to confirm you have the money for your deposit - see our blog on this for more info
- Three months savings account statements - again if you are contributing savings towards the purchase, the bank needs to know that you have these funds in a bank account in your name.
- Three months current account statements for each borrower (if they are separate, or joint if they are together) - bank statements have a few functions - firstly to confirm you are receiving the income we think you're receiving, secondly to show that you are managing your money well and will continue to do so when you purchase the house, and thirdly, that all the financial information we've received is correct (i.e. you have declared any current loans or payments you're making)
- Three month’s loan statements for any current debt - this is to show that you're repaying your current loans back and will work in your favour if you have been very diligent over a period of time
- Three month’s credit card statements - again this is to show that you're repaying your credit cards and aren't exceeding agreed limits