First home buyers, we can help turn your dream into reality
Buying your first home is exciting, the prospect of a place that is truely your own.
Your head fills with thoughts of where and what to buy. You spend hours scrolling through property listings, going to open homes and discussing (sometimes arguing over) the pros and cons with loved ones.
With all that, having to then navigate the finance process can turn an exciting time into a stressful one. It’s a big job to get your head around the different banks’ lending criteria; criteria that can change at any time. What one bank may approve, another may decline.
That’s where we come in.
We manage the finance process for you. We navigate the various banks and lenders and negotiate the best possible terms on your behalf. Keeping you informed and involved every step of the way, we minimise your stress and save you time.
We do not charge you for any of our services. Whether you need some initial advice or are ready to go through the application process it will not cost you anything.
Realise your dreams without the stress, contact us today!
Our mortgage brokers can help you…
- Calculate affordability
- Find the best bank for you
- Give you step-by-step guidance
- Help you get up to 95% LVR
- Get KiwiBuild pre-approval
Not sure whether now’s the right time?
It’s never too soon to start preparing for your first mortgage.
Talking to one of our mortgage brokers will clarify your situation for you. You may be ready to buy sooner than you think.
In many cases, it’s just a matter of rethinking your strategy to be in line with the bank’s lending policy. Or perhaps you qualify for a Home Grant or are eligible to access your Kiwi Saver.
Now is always the best time to get all your ducks in a row. Contact us for a consultation today.
Can you get KiwiSaver help?
When you are buying your first home, one of the first things to confirm is whether you have access to KiwiSaver and/or a HomeStart Grant. Our article tells you everything you need to know about these options. The use of your KiwiSaver increases your deposit, which can make borrowing significantly easier and cheaper.
Remember, we’re here to help: for all questions contact your local mortgage broker directly. A quick conversation will give you immediate answers, at no cost.
You absolutely can! That’s what it is meant for. One thing to know is that you will usually need to have saved at least 5% of the purchase price on your own and the First Home Grant doesn’t count towards this goal.
The First Home Grant is a Kainga Ora cash grant designed to help lower-income purchasers buy lower-priced houses. There is a maximum amount of income that you can earn and a maximum purchase price that you can pay to be eligible for the grant. Here’s an article that we wrote on the First Home Grant.
You will want to apply for the grant early as it takes time to process.
The banks typically try for 5 working days. The timer starts when we receive all the required documentation and submit your application. Sometimes turnaround can be as low as 2 days or sometimes it can be slightly longer. If your application is urgent (required in less than 10 working days), let us know as soon as possible and we will mark it as urgent.
It’s important to get us all the documents before we can submit the application. This includes proof of income (payslips or year-end financials) ana bank statements (click here to learn how to correctly export your bank statements).
Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.
The exceptions to this:
- If a mortgage is paid off or discharged within 27 months, a fee may be incurred. See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?
- Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.
- If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided. The maximum charge we will typically invoice for is $2,500.
The commissions paid are below. These commissions are accurate at the time of writing – 15th March 2021
|Sovereign Home Loans||0.60%||0.20%||N/a|
|ASAP Finance Limited||Fee Charged||N/a||N/a|
|Avanti Finance||Up to 0.80%||N/a||N/a|
|First Mortgage Trust||Fee Charged||N/a||N/a|
|Heartland Bank (Reverse Mortgage)||1.50%||N/a||N/a|
|NZCU (Personal Loans)||1.00%||N/a||N/a|
|Southern Cross||Fee Charged||N/a||N/a|
|The Co-operative Bank||0.70%||N/A||$150|
The banks all have different policies and risk tolerances. Buyers can get frustrated and waste a lot of time going to banks that won’t suit their needs.
Using a mortgage broker gives you a view of all the banks and their policies. It means you find the right bank faster and with less stress. With a mortgage broker, getting a mortgage isn’t complicated. It’s about proving you have enough deposit and enough income and then heading to the right bank with that information.
Some tips to making your mortgage application easier: get your documentation sorted early and keep your spending as low as possible in the 3 months leading up to your application.
If you’d like to learn the basics, we have a course which teaches you everything you need to know about buying your first home. You can find out more here.
Using a mortgage broker generally means no direct costs to you but there will be a couple of unavoidable costs there. These may include:
- A Registered Valuation ($800 – $1,200)
- Solicitor Costs ($800 – $1,500)
- LIM report ($150 – $400)
- Builder’s Report ($100 – $500)
- Weather Tightness Report for Monoclad houses ($300 – $1,000)
- Finance fee for non-bank lending (~1%)
Prices can vary. Always request a quote before ordering a report. For a list of property professionals that you’ll likely work with, see our article here.
As above, sometimes a bank just isn’t looking for you as a client. In this instance, they can either decline you or make the terms of your lending so ridiculous that you either accept (sucker!) or you go away. We know what banks have an appetite for and send you to the right bank without you shopping around banks.
We Have Launched An Online Course
“How To Buy Your First Home”
We’ve just released this specifically to help first home buyers.
- Mortgage fundamentals
- How your income affects your mortgage
- How much deposit you’ll need
- How to get more deposit if you don’t have enough
- What to do once you’ve got your approval
Why Choose Us?
Because when it comes to your first home, you deserve the very best…
We act quickly to reduce the hassle and hold-ups of the financial approval process
We’re highly experienced and trained to help you through the mortgage approval process
We’re here for you and we genuinely care about helping make your dream a reality
What Past Clients Say…
Want to DIY but need a little more help?
Purchase our book online to become the next successful first home buyer
Our paperback book “The Successful First Home Buyer” walks you through the entire process of preparing to buy your first home.
The goal? By the end of the book, you will present to the bank as the perfect buyer! Follow the To-dos at the end of each chapter and make the entire home-buying process easy.
Send us a message:
Get in touch with Mortgage Lab. Simply send us a message via the form and we’ll be in touch shortly.