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5 Tips for getting Finance ready





When you’re getting ready to buy a new home, most people will need to apply for finance.

Working with the lenders can come with a bunch of loop holes and varying policy requirements which can impact your application, or the amount of borrowing.

Working with a Mortgage Adviser is like working with an artist… it’s our job to paint your portrait picture, to be as pretty and attractive for the lenders to want to buy your artwork. So preparing your canvas is the MOST important step.

Here’s some of the prep work:


1️⃣✅Start investigating your accounts

Banks will be looking back on 3 months of account history.

What sort of subscriptions and how many are coming out of your account? Can you delete any?

Do you have any dishonored payments? Have your accounts gone into overdraft without you knowing and without having an overdraft facility?

Are you paying high amounts in insurances that could be reviewed and consolidated/reduced?

Are there payments that you thought you’d deleted but are still coming out?


2️⃣✅Set up a robust savings plan

If you’re a first home buyer, you need to show that you’re saving.

If you struggle with savings, then look at setting up a joint account that you BOTH have to sign to withdraw funds out of.

Or get your payroll to set up split payments of your income. Some goes to your main bill account, and the rest gets put to savings.

If you’re an existing home owner, if you’re increasing your lending, can you demonstrate that you’re paying more off your lending? Or building extra savings in the back ground?


3️⃣✅Clear up the niggly debts

Buy Now/Pay Laters are not looked upon favourably by lenders. Repay and close them before you’re looking to apply for finance

Credit card and Overdraft limits ARE counted! Regardless of if you use the card or repay in full each month. Reduce or delete these where you can.

Regular payments going to IRD/WINZ/MoJ/friends with naughty references etc don’t paint a good picture of your finance. Repay all of these before applying


4️⃣✅Know your numbers

How much can you afford as a weekly amount for your new mortgage?

What sort of lending do you think that will get you? (use the bank loan repayment calculators)

Can your afford what you’re intending to purchase up to? Or do you need to reassess the amounts?

How much deposit will you need?


5️⃣✅Get a good support team

Like any game of rugby… without a team around you, you’re not going to get to the try line without help.

If you have a solid team made up of a Real Estate Agent, Mortgage Adviser and Solicitor, you’re wrapping yourself up in a strong support network.

Reach out early to these people, let them know what you’re looking to achieve, and get their advise nice and early.

We’re all here to help guide and support you on your journey and work together for YOUR success.


Regardless of where you're at... get in touch, we'd love to help



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© 2023 by Jess Pronk Mortgages. 

JESSICA PRONK NEE BARLOW GIVES FINANCIAL ADVICE THROUGH HER COMPANY JESSICA PRONK

FINANCIAL SERVICES LIMITED TRADING AS THE MORTGAGE SUPPLY CO

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