4 Things You Can Do to Get Ready for Your Mortgage (No Matter When You’re Buying)
3 Things You Can Do to Get Ready for Your Mortgage (No Matter When You’re Buying)
Date Updated: 3 February 2024
Dreaming about owning a home—whether today or in the future? Being mortgage-ready does not have to wait until you look for a home. Being prepared early can make the process easier, help you secure favorable rates, and improve your chances of approval. Doing these four things today will help you get ready for your mortgage.
Order your credit report
A credit report gives a clear picture of you, which is what banks need when assessing your mortgage application. Your report is free and may be ordered from the comfort of your home. In this document, you will be able to see:
Loans registered under your name
What the utility companies say about you (late payments are a red flag for banks)
Identify any errors that could impact your application
The most important part of your credit report is that you can see the defaults marked on your name, which can be corrected if there seems to be an error. Rectification is a long and tiring process, so it's better to know 3 to 4 months before applying for a mortgage.
You can check your credit report at my credit file by Equifax, Illion, or CreditSimple.
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Find out when you’re eligible to withdraw your KiwiSaver
You can withdraw your KiwiSaver if you've contributed to the fund for at least three years. This will significantly help you with your home purchase since you may withdraw most of your savings, leaving just $1,000 in your account.
Not sure if you qualify? Call your KiwiSaver provider to see if and when you are eligible.
Don't know who your KiwiSaver provider is? Give one of our KiwiSaver advisers a call, and they will help you access your information and ensure your fund is right for you.
Look at the First Home Buyers Club summary of KiwiSaver Withdrawal For First Home for a quick guide to the withdrawal process.
Ask your boss for a pay rise
Ask your boss for a pay rise.
It might feel like a bold move, but hey, why not? An extra $3,000 per year could get you a house worth $50,000 more—potentially the difference between securing your dream home or missing out on it.
Not sure where to begin? Check out these 5 Tips for Getting a Pay Rise to help you get started.
Talk to a Mortgage Adviser—It's Never Too Early
Many people wait until they're ready to apply for a mortgage to seek advice. However, the earlier you start, the more prepared you will be. A mortgage adviser can help you with your financial goals, so when it's time to apply, the process will be smooth sailing and stress-free
Do you want to talk to an adviser today? Call us, and we'll connect you with our trusted experts!
