The hard work for your home loan is now done – the bank wants to lend you money!
Now there are only a few key things left to do;
- Find the right house and make an offer – talk to us about including a finance condition and a Registered Valuation if needed and check out this blog about conditions to put in a Sale & Purchase Agreement and what the terms mean
- Meet the conditions on your loan offer – we’re here to explain and tick these off for you
- Finalise your structure and how you’re going to pay off your loan – we’ll do this once your agreement is unconditional
We’ll be here throughout the whole process;
- Advice on making an offer
- Liaising with your lawyer, real estate agent, accountant and valuer
- Ordering and managing valuations
- Negotiating with the bank on interest rates and cashback
- Advising on the best structure for your home loan which will suit your situation
- Advice on your Kiwisaver and First Home Grant withdrawals (which is completed with your lawyer)
- What do these “conditions” mean? We’ll explain these to you and what you need to do to tick them off. For some people, the bank may want an updated bank statement or payslip, for others, to confirm the repayment of existing debts. It’s all about you and your situation so don’t hesitate to ask if you’re not sure.
- Do I have enough time to meet conditions when I make my offer? For most people, a 10-15 day finance clause is the “normal” amount of time, if they need to get their Kiwisaver to pay a deposit. Your lawyer will guide you on the amount of time required and we’re here to help if you need advice.
- My offer has a high rate, and a floating structure, will this change? Don’t worry, we’ll negotiate this later, once we have ticked off the conditions and you have found a suitable property. We negotiate every deal with the bank on a case by case basis to ensure you get the best deal possible.
- Can I buy any property I want? Most standard residential properties will be acceptable to the bank, but sometimes they have restrictions in rare cases. If you’re not sure it’s a good idea to have a chat with us.
- What does a lawyer do and how much do they cost? Think of your lawyer as the nucleus of a property transaction! They will take care of the property transaction, from negotiating with the vendor, to facilitating the withdrawal of Kiwisaver or First Home Grant funds, and finally will register your mortgage and complete the transfer of funds and property on settlement day. They will normally charge between $1500 - $2000 depending on the level of involvement required.
- What’s a Registered Valuation and what do they cost? A Registered Valuation is completed by an independent valuer, and normally cost between $700 - $800 depending on the property. These take around 5 days, and we’ll take care of arranging this for you so you get the right valuer for the bank
Getting pre approved is really exciting as now you get to start the fun part of seriously looking fora property that suits you! This is not where the relationship with your mortgage broker stops though. We're here for the long haul and to answer any questions you might have throughout the entire process. Keep in touch as you hunt for that perfect property and we'll get things sorted for you together.