Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


50 posts

Geek


Topic # 87536 31-Jul-2011 20:15
Send private message

I work full time and my wife works part time.I'm thinking of buying a small house and I got around 20% of deposite .Just wondering when people go to a bank and apply for a homeloan how long does it take?Do they approve or decline you at the same time on the appointment day you met or do they take time to process the application say 1 or 2 weeks?Thanks 

Create new topic
299 posts

Ultimate Geek
+1 received by user: 2


  Reply # 500076 31-Jul-2011 20:18
Send private message

For us we were able to get a go/no-go more-or-less on the first appointment (and that was a mortgage manager calling around to our house). They were very good. We did have a bigger than normal deposit (35%) and they approved us for more than we wanted to pay anyway.

From memory they had to go and do a couple of checks but they were routine. More time was spent finding the place/organising the conditions we placed.

Edit: From memory they gave us some sort of certificate/document indicating that the bank was willing to loan us such-and-such amount on that first appointment.




Q6600 @ 3.2Ghz (400x8) | GA-X38-DQ6 | 4Gb Corsair Dominator@800Mhz 4-4-4-12 | HIS HD5870 | Creative X-fi Fatality Pro | 2xWD SATAII Caviar Black 640Gb / 1xSeagate SATAII 7200.12 1000Gb | 2xASUS IDE DVDRW | Silverstone OP1000 PSU | Silverstone TJ09 Case



50 posts

Geek


  Reply # 500077 31-Jul-2011 20:23
Send private message

Edit: From memory they gave us some sort of certificate/document indicating that the bank was willing to loan us such-and-such amount on that first appointment.


Thanks for your reply .

13974 posts

Uber Geek
+1 received by user: 2488

Trusted
Subscriber

  Reply # 500081 31-Jul-2011 20:28
Send private message

From memory it took 2-3 days for me, a few years back.




AWS Certified Solution Architect Professional, Sysop Administrator Associate, and Developer Associate
TOGAF certified enterprise architect
Professional photographer


470 posts

Ultimate Geek
+1 received by user: 85


  Reply # 500084 31-Jul-2011 20:38
Send private message

i got one last year took over 1 week as they need all your finance tranactions for the past 3 years and companys like G.E dont work fast at providing copys of statments. But once they have all the data its about 4 working days.



50 posts

Geek


  Reply # 500085 31-Jul-2011 20:49
Send private message

Wow,I just started a full time work this year.....do they really require at least 3 years?

19282 posts

Uber Geek
+1 received by user: 2600
Inactive user


  Reply # 500086 31-Jul-2011 20:51
Send private message

I am with ASB and it was done over the phone once I had a CV for the house,

ASB made it simple and painless



50 posts

Geek


  Reply # 500092 31-Jul-2011 21:01
Send private message

I'm with ASB too,have made an appointment with them on next Wed.Hopefully everything will go okay

14098 posts

Uber Geek
+1 received by user: 1790


  Reply # 500093 31-Jul-2011 21:01
Send private message

Banks are currently wanting to lend, so aren't as strict as they have been . However this could change in the next week if the USA doesn't work out a solution for it's debt problems, which could signal another financial crisis. So I would be quick and get a good deal now, while interest rates are so cheap.

Baby Get Shaky!
1548 posts

Uber Geek
+1 received by user: 381

Trusted
Subscriber

  Reply # 500130 1-Aug-2011 00:39
Send private message

We recently got our mortgage pre-approved by using a mortgage manager. First manager took 2 days, second one over a week. We also spoke directly with Westpac who said it would take 2 days.

I'd recommend even if ASB are willing to lend to you that you speak with a mortgage manager and look further into your options. These services are generally free (mike pero, mortgage express etc) and they will compare a number of lenders and get you the best deal. Our manager was able to get us approved with a bank we hadn't thought to borrow from and with a better rate than others offered.

Some questions you should ask:
- What is max value they will lend?
- If the deposit will be less than 20% of that what is the low equity premium?
- What reports will they require (RV, Builders, Lim, etc)?
- What paperwork will be required (bank statements, proof of savings history, pay slips, out standing debt inc student loans and also a full budget)?
- Will they require mortgage insurance?
- How long will pre-approval last and will they require all banking to be done through them?

6434 posts

Uber Geek
+1 received by user: 1571


  Reply # 500141 1-Aug-2011 07:44
Send private message

I'm with Westpac. We walked into the bank and walked out 30 minutes later with pre-approval for far more than we wanted.

92 posts

Master Geek


  Reply # 500232 1-Aug-2011 10:46
Send private message

I have signed up with SBS within the last week. Basically you fill out a pre-application form and they can approve you up to a certain amount. When you buy the house (Both are consenting in the signing of the sales and purchase agreement) and you have finance as a condition (I had 5 days) the bank will approve this within the 5 days.  

Once I gave them this information i found out the next day officially and that day informally how much i could borrow.

For my pre approval i needed;
-ID
-Proof of income (letter from employer  confirming pay,last 3 payslips, 3 years annual income if seasonal worker)
-Other income i.e Working for Families, WINZ, ACC or IRD
-Student loan balances
-6 months of bank statements
-6 months of hire purchase or any other liabilities
-Confirmation of deposit by showing 6 months showing savings history
-Copy of sale and purchase agreement (if applicable)
-Valuation

Hope this helps.
Its good to have all this information when you go and see the bank.
 



50 posts

Geek


  Reply # 500498 1-Aug-2011 18:30
Send private message

Thanks all

Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Microsoft Dynamics 365 Business Central launches
Posted 10-Jul-2018 10:40


Spark completes first milestone in voice platform upgrade
Posted 10-Jul-2018 09:36


Microsoft ices heated developers
Posted 6-Jul-2018 20:16


PB Technologies charged for its extended warranties and warned for bait advertising
Posted 3-Jul-2018 15:45


Almost 20,000 people claim credits from Spark
Posted 29-Jun-2018 10:40


Cove sells NZ's first insurance policy via chatbot
Posted 25-Jun-2018 10:04


N4L helping TAKA Trust bridge the digital divide for Lower Hutt students
Posted 18-Jun-2018 13:08


Winners Announced for 2018 CIO Awards
Posted 18-Jun-2018 13:03


Logitech Rally sets new standard for USB-connected video conference cameras
Posted 18-Jun-2018 09:27


Russell Stanners steps down as Vodafone NZ CEO
Posted 12-Jun-2018 09:13


Intergen recognised as 2018 Microsoft Country Partner of the Year for New Zealand
Posted 12-Jun-2018 08:00


Finalists Announced For Microsoft NZ Partner Awards
Posted 6-Jun-2018 15:12


Vocus Group and Vodafone announce joint venture to accelerate fibre innovation
Posted 5-Jun-2018 10:52


Kogan.com to launch Kogan Mobile in New Zealand
Posted 4-Jun-2018 14:34


Enable doubles fibre broadband speeds for its most popular wholesale service in Christchurch
Posted 2-Jun-2018 20:07



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.