Here are a few steps to help smooth the way:
- Think about your finances.
- How to choose the right home loan.
- What to bring when applying.
- Home loan pre-approval certificate.
Think about your finances
- Write down how much money you have coming in and going out - your income versus fixed and changeable expenses. Look for any expenses you could do without.
- Pay off as many debts as you can, including student loans. Existing debt reduces the amount you can borrow.
- Review your savings. Work out how much you already have for a deposit and put a plan together to increase it through regular contributions to your savings and cutting down on expenses.
- Saving hard can be a good trial run for later, when you'll be paying off your loan. Check out the range of saving accounts to help you save for a deposit faster.
- Remember, a bigger deposit means less debt and less interest overall. So you'll be debt-free faster. Check out our range of savings accounts that help you save towards a deposit.
- We've got easy to use calculators to guide you through some of the key budget decisions and help you work out how much you can borrow, how much your repayments will be and more.
How to choose the right home loan
We offer home loans with:- Constant, reducing or no set payments.
- Variable or fixed interest rates.
- Combinations of the above and more.
- Its all about providing you with solutions that meet your needs.
- You'll find a range of individual situations and suggested home loans on our how to choose the right home loan page.
What to bring when applying
- Proof of annual income - a payslip, or, if you work for yourself, a profit and loss statement.
- Details of your debts and expenses - including any loans, credit cards, hire purchases and child support, as well as an idea of household expenses.
- If you already have a property in mind, bring your sale and purchase agreement, a valuation or any other report you have on the property.
- Evidence of your deposit, such as a bank statement.
- If you are not already an ASB customer you will need to bring:
- Two types of identification. One should be your passport or drivers licence. The second can be a credit card, debit card or birth certificate.
- Non-New Zealand residents and new residents must provide a valid passport as one form of identification.
- Copies of your bank statements from the last three months.
Home loan pre-approval certificate
Before you start house hunting it's a good idea to ask us for a home loan pre-approval certificate, so you can find out how much you can borrow.- It provides conditional approval that we can lend you a certain amount, provided the property you purchase meets ASB's home loan criteria.
- It will give you virtually the same bargaining power as a cash buyer and a definite advantage when negotiating your purchase.
- Home loan pre-approval certificates are valid for 180 days from the date of issue.
To talk to us about one of these certificates just visit any ASB branch, contact a mobile lending manager or phone our home loan line on 0800 100 600.
