Monday, 10 October 2011

Eligibility to qualify for Home Loan

WHO QUALIFIES FOR A HOME LOAN IN NEW ZEALAND ?
•    NZ RESIDENT / NZ CITIZEN / AUSTRALIAN CITIZEN
•    THESE 3 CATEGORIES EASILY QUALIFY FOR 95% BORROWING – BORROWING WITH ONLY A 5% DEPOSITFOR A FIRST HOME
•    NZ WORK PERMIT HOLDERS QUALIFY – DIFFERENT CRITERIA
•    NON – RESIDENTS QUALIFY – DIFFERENT CRITERIA
•    IF YOU ARE ON A WORK PERMIT OR ARE A VISITOR TO NZ-ASK ME HOW
•    APPLICANT SHOULD BE AT LEAST 18 YEARS OF AGE
•    YOUNGER APPLICANTS QUALIFY FOR UP TO A 30 YEAR TERM – I PERSONALLY NO LONGER RECOMMEND A 30 YEAR TERM
•    APPLICANTS OLDER THAN 60 NORMALLY GET A LIMITED TERM-THIS CAN DIFFER WITH DIFFERENT LENDERS
•    APPLICATIONS CAN BE SOLE APPLICANT / SOLE INDIVIDUAL OR MULTIPLE APPLICANTS( JOINT /FAMILY)
•    APPLICANT/S SHOULD HAVE SOME FORM OF VERIFIABLE INCOME
•    FOR 95% LENDING – WORK HISTORY MUST BE STEADY – MINIMUM 1 YEAR IN CURRENT ROLE FOR MOST LENDERS
•    SOME LENDERS STIPULATE MINIMUM ANNUAL INCOME FOR 95%
•    BENEFICIARIES ALSO QUALIFY FOR HOME LOANS
•    SOLO MUMS/SOLO PARENTS WITH AN INCOME ALSO QUALIFY
•    LENDERS PREFER INCOME DERIVED IN NZ
•    SOME LENDERS WILL CONSIDER OVERSEAS INCOME – CRITERIA IS DIFFERENT FOR THESE APPLICATIONS
•    AT 95% LVR LENDERS NEED A CLEAN CREDIT FILE WITH LITTLE OR NO SHORT TERM DEBTS(STUDENT LOAN IS OKAY WITH SOME)
•    SQUEAKY CLEAN ACCOUNT CONDUCT IS A MUST
•    NO UNAUTHORISED OVERDRAFTS OR MISSED DD/AP

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