Eligibility to qualify for Home Loan
- August 29, 2019
- Posted by: admin
- Categories: About Us, Loans
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WHO QUALIFIES FOR A HOME LOAN IN NEW ZEALAND ?
- NZ RESIDENT / NZ CITIZEN / AUSTRALIAN CITIZEN
• THESE 3 CATEGORIES EASILY QUALIFY FOR 95% BORROWING – BORROWING WITH ONLY A 5% DEPOSITFOR A FIRST HOME
• NZ WORK PERMIT HOLDERS QUALIFY – DIFFERENT CRITERIA
• NON – RESIDENTS QUALIFY – DIFFERENT CRITERIA
• IF YOU ARE ON A WORK PERMIT OR ARE A VISITOR TO NZ-ASK ME HOW
• APPLICANT SHOULD BE AT LEAST 18 YEARS OF AGE
• YOUNGER APPLICANTS QUALIFY FOR UP TO A 30 YEAR TERM – I PERSONALLY NO LONGER RECOMMEND A 30 YEAR TERM
• APPLICANTS OLDER THAN 60 NORMALLY GET A LIMITED TERM-THIS CAN DIFFER WITH DIFFERENT LENDERS
• APPLICATIONS CAN BE SOLE APPLICANT / SOLE INDIVIDUAL OR MULTIPLE APPLICANTS( JOINT /FAMILY)
• APPLICANT/S SHOULD HAVE SOME FORM OF VERIFIABLE INCOME
- FOR 95% LENDING – WORK HISTORY MUST BE STEADY – MINIMUM 1 YEAR IN CURRENT ROLE FOR MOST LENDERS
• SOME LENDERS STIPULATE MINIMUM ANNUAL INCOME FOR 95%
• BENEFICIARIES ALSO QUALIFY FOR HOME LOANS
• SOLO MUMS/SOLO PARENTS WITH AN INCOME ALSO QUALIFY
• LENDERS PREFER INCOME DERIVED IN NZ
• SOME LENDERS WILL CONSIDER OVERSEAS INCOME – CRITERIA IS DIFFERENT FOR THESE APPLICATIONS
• AT 95% LVR LENDERS NEED A CLEAN CREDIT FILE WITH LITTLE OR NO SHORT TERM DEBTS(STUDENT LOAN IS OKAY WITH SOME)
• SQUEAKY CLEAN ACCOUNT CONDUCT IS A MUST
• NO UNAUTHORISED OVERDRAFTS OR MISSED DD/AP