Ready to buy your first home? The mortgage process can feel overwhelming, and that’s where this checklist comes in – to simplify the steps and set you up for success. So, let’s get started.
Step 1: Contact a Mortgage Link adviser
Reaching out to a Mortgage Link adviser in your area is a good starting point. Why? Because our advisers know the mortgage landscape inside and out, and can help you through the entire process. Whether it’s understanding your borrowing capacity or exploring your options, we’re here to make sure you start on solid ground.
Pro tip: Even if you don’t think you’re ready to buy your first home yet, get in touch. We can help you assess exactly where you stand (it might be better than you think!). Plus, we’ll suggest strategies to improve your readiness and guide you towards achieving your homeownership goals.
Step 2: Compare lenders and interest rates
Not all lenders are the same and choosing the right one for you can make a big difference. While some first-home buyers prefer sticking with their bank for convenience, it’s also worth exploring what’s out there – and that’s how we can assist you. We have access to a wide network of bank and non-bank lenders, giving you options that you might not find on your own.
Pro tip: In some cases – for example, if you’re earning a fluctuating income or have a deposit lower than 20% – we may suggest talking to a non-bank lender. They usually offer higher mortgage rates, but they can often provide more flexible lending criteria.
Step 3: Get pre-approved for a mortgage
Pre-approval is a crucial step that shows vendors you’re serious and gives you a clear budget to work with. A Mortgage Link adviser will guide you through the pre-approval process, helping you gather the necessary documents and ensuring everything is in order.
Step 4: Structure your mortgage
Fixed, floating or split? Each mortgage structure has its pros and cons, and choosing the right one for you depends on your financial goals. Your Mortgage Link adviser will break down the options, helping you make an informed decision – whether you want stability, flexibility, or a bit of both.
Step 5: Calculate additional costs
Buying a home comes with more than just a mortgage payment. Legal fees, builder’s reports, and more can add. Your adviser will help you anticipate these costs and incorporate them into your budget, so there are no surprises along the way.
Step 6: Prepare your documentation
Once again, your Mortgage Link adviser will provide a detailed checklist and assist in gathering everything you need for your application – from proof of income and bank statement to ID and credit history.
Step 7: Finalise your mortgage
Once you’ve found your dream home and made an offer (with a finance condition embedded – very important!), it’s time to finalise your mortgage. Your Mortgage Link adviser will guide you through meeting the lender’s conditions, securing the loan, and completing the final paperwork.
Other things to remember
While securing your mortgage is a critical part of buying your first home, don’t forget to protect your financial future. Get in touch with our trusted partners:
- Insurance Link for personal risk insurance (like life insurance, income protection and more) to safeguard your family.
- FG Link for tailored home and contents solutions.
Ready to take the first step?
Get in touch. With a Mortgage Link adviser by your side, you can start your journey towards homeownership with confidence.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
Link Financial Group Ltd trading as Mortgage Link and Insurance Link FSP 696731 holds a licence issued by the Financial Markets Authority to provide financial advice. Please visit https://mortgagelink.co.nz/available-disclosure/ for more information and Disclosure information.
