Getting pre-approved for a mortgage
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.
What to have ready
- Photo ID and proof of address
- Recent payslips, or two years of financial statements if self-employed
- Bank statements for your everyday and savings accounts, usually the last three months
- Your KiwiSaver balance and membership date
- Statements for any loans, credit cards and buy now pay later accounts
- A gift letter, if family is helping with the deposit
Before you apply
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.
Questions
What is mortgage pre-approval?
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.
How long does pre-approval last?
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.
How long does it take to get?
Often a few days to a couple of weeks, depending on how complete your documents are and how busy lenders are.
What can stop the loan after pre-approval?
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.
Should I go to a bank or a mortgage adviser?
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.
More home loan tools
Mortgage repayment calculator
Weekly, fortnightly or monthly repayments and the interest over the loan.
How much can I borrow?
An indicative borrowing limit and a readiness check, from your own figures.
Pay off your mortgage faster
What extra repayments or a lump sum save.
Break fee calculator
A rough cost of breaking a fixed rate early.
Switching banks
Whether moving your mortgage pays, after every cost.
Buying your first home
The steps from saving a deposit to settlement day.
What could your KiwiSaver buy?
Your balance as a price, and homes at it in the suburb you pick.
KiwiSaver first-home withdrawal
What your KiwiSaver could put toward a deposit.
First Home Loan and low deposits
Buying with 5–20% deposit, and what it costs.
Today’s mortgage rates
Every lender’s advertised rates, side by side.
Home loan affordability by town
What a median home costs against local incomes, town by town.
Find a mortgage adviser
Advisers and firms near you.
General information, not financial advice.