First Home

Are you ready?

Generally there are lots of questions, such as:

  • What do I do first?
  • What sort of house can I afford?
  • How do I get the money to buy the house once I find one?
  • How do I know which bank will be best?

Buying your first home is easily your biggest financial commitment and it can be very stressful, keeping you awake, wondering if you’re doing the right thing.

We help people like yourself, get the right finance for your individual situation. It’s what we are about. Our business revolves around making sure we get it right for you regardless of where you live in New Zealand. We can help, we’re only a phone call away.

Buying a property with building defects

It pays to get a property inspection done by a reputable builder or a company that specialises in this so that you know exactly the condition the house you are buying is in.

Zoning or title issues

Your solicitor might ask you to get a LIM report which will give you all the legal details of the land the property is on. They will also check the title for any other relevant issues.

This is where Mortgage Access comes in. You need a team to help you through the whole home buying process, to have some back up when you have questions. You want to make sure you control your mortgage and not the other way around!

It is essentially a mortgage approval subject to certain conditions being met, such as:

  • Finding a suitable property
  • Obtaining an Registered valuation (not always required)

It pays to get organised in advance. The banks can be a bit slow from time to time. So it is best if you speak with us early in your house buying process!

  • In the current market every bank’s lending criteria is different.
  • In this market there is absolutely no point dealing with the bank directly because they can only give you one solution.
  • If they decline you need to start from scratch and go to another bank.
  • Every time you go to another bank they do a credit check and it doesn’t take long for it to look like no one wants to give you a mortgage.

We work on your behalf and can see from your application which bank will be a good ‘fit’ for you.

Save yourself heaps of time, time better spent looking for a new home, (much more interesting). We have worked with people who have ended up so frustrated dealing with the bank on their own behalf and who have missed out on property as a result. Since we work with the various banks on a daily basis, we know what the banks are looking for and the hooks to look out for. We are seeing a number of clients that get quite far through the process to then discover problems with finance

rental property

Not sure if you are able to purchase an rental property? Would you like to know if this is a possibility for you?

Investing in residential rental property is not for everyone

  • Yes, some tenants are easier to deal with than others
  • Yes, some don’t pay their rent on time…but lots do
  • Hang onto your good tenants and treat them well and keep the property up to a good standard.
  • Good tenants are people who are paying your mortgage and looking after your property
  • If you are a first time investor I would recommend that you have your property managed professionally by a rental management company who can handle the various issues that come up.
  • Get an education about property investing so that you find out which strategy appeals to you most.
  • There is no ‘one right way’ to invest in property, Whatever one investor says not to do, another makes money and enjoys it.

Selling - Ready to Sell?

There are lots of different reasons to sell & buy

Needing more space

  • Should you buy first or sell first?
  • Should you sell at all?

This is an individual decision and it is possible that:

  • Your property sells and you buy the home you are wanting to buy
  • Your property sells but someone has invoked an ‘escape’ clause which means you miss out on the proposed purchase leaving you homeless or renting for a while
  • Your property doesn’t sell so you miss out on your ‘dream home’

It’s always about the timing and sometimes it takes longer to sell your own but there is a deadline to buy the new property. Bridging finance may be available to give you time to sell your home

The new property could be rented out (if the finance can be available for this option, depending on your situation) Once your home sells you can then move. There is always a solution in the end. The timing may just not have been right and an even better property turns up or you end up being happy to stay in the existing property for unforeseen reasons at the time

Depending on your situation you may be better to:

  • Sell first, have a long settlement to give yourself time to find a suitable property knowing that your home is sold and you know how much money you will have toward the next purchase.
  • Your property sells but someone has invoked an ‘escape’ clause which means you miss out on the proposed purchase leaving you homeless or renting for a while
  • Find another home, rent it out while selling your home so that you have the next property secured at the best price. Then move into that home once you sell.

In this case it may not be your choice to move but need to because of work commitments. If you are not sure if the re location will work out then it may be worth considering renting for a while in the new location and renting out your home until you are sure.

  • It would be good to do your research so that you get an indication of the rental income you can expect for the price bracket property you are hoping to purchase.

The Positive Side is – You know you have your home to go back to.

The Negative Side – It is always harder to sell a home when it is tenanted.

Buying another home and turning the existing into an investment property
A pre approval will help you buy with more certainty and the bank will put in a condition that states the loan is subject to the sale of your property at $X.

Find another home and keep your existing one as a rental (saving you in real estate fees). 

This would be great time to review your financial situation!

Get in Touch with Us

We know about all the curveballs the mortgage process may throw at you.
Property is one of the largest investments you will make and helping you through the process is what we do best….more than just organising a mortgage!