Pre-approval tells you what a lender would lend before you find the home, so you know your price range and can offer with confidence.
Check your own numbers first: how much you might borrow and what the repayments would be. Pay down or close credit cards you do not need, since lenders count the whole limit as debt.
A lender’s conditional agreement to lend up to an amount, after checking your income, spending, debts and credit. It is not final: the loan is approved only once the lender is satisfied with the property you choose.
Usually about three months, depending on the lender. If it runs out, the lender re-checks your finances, so keep your spending and debts steady while you look.
Often a few days to a couple of weeks, depending on how complete your documents are and how busy lenders are.
The property: a valuation below the price, a building type the lender restricts (some small apartments or leaky-era buildings), or problems in the LIM or title. Or a change in your finances, such as a new loan or a job change.
Either can pre-approve you. An adviser compares several lenders and is usually paid by the lender, at no direct cost to you; they must tell you how they are paid.
Weekly, fortnightly or monthly repayments and the interest over the loan.
An indicative borrowing limit and a readiness check, from your own figures.
Your balance as a price, and homes at it in the suburb you pick.
What a median home costs against local incomes, town by town.
What your KiwiSaver could put toward a deposit.
The steps from saving a deposit to settlement day.
Buying with 5–20% deposit, and what it costs.
What extra repayments or a lump sum save.
A rough cost of breaking a fixed rate early.
Whether moving your mortgage pays, after every cost.
Every lender’s advertised rates, side by side.
Advisers and firms near you.
General information, not financial advice.