My latest youtube video covering four tips to getting mortgage pre-approval:
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Michael Anastasiadis – Mortgage Broker Wellington – call me – 021 757 269
TRANSCRIPTION:
Good afternoon, everybody.
It’s Michael Anastasiadis here, mortgage advisor, mortgage broker from Bozinoff mortgages coming to you live from a cloudy day here in Wellington.
Look, I just thought, my tagline’s making mortgages easy so I wanted to share four tips with everyone out there, especially first time buyers or people just wanting to get a loan from the bank to either do renovations to their existing property or buy a new property, but in particular for first time buyers.
A lot of people don’t know what’s the criteria to getting pre-approved, so here are the four key tips to getting pre-approved. And I’m giving them to you here for free.
Number one, you’ve got to be a New Zealand citizen or permanent resident. If you’ve got any other residency status, you’re going to have to check with your solicitor to see if that allows you to buy land in New Zealand. So that’s number one, you’ve got to be a permanent resident or citizen to buy land.
Number two, you’ve got to have a good credit history. So that means that you haven’t defaulted on any previous bank overdrafts or credit cards or personal loans or anything like that. If you’ve got any outstanding debts, the bank’s going to want to know why and what you’re doing about it. So they’re not going to process any loan without a good clean credit history. And if you’ve got any existing debt, the banks also going to want to say what’s going on with that as well.
Hi to everyone watching this video and for your likes and loves. Do me a favor, if you’re finding these videos useful, please share them and like them so we can get more and more good information out there in a time of uncertainty.
So now I’m going to go to the last two questions and these are the ones that most people jump to first, but there’s an order to this.
Number three, you’ve got to have a minimum 10% deposit. Now a minimum 10% deposit doesn’t mean you’re going to get a loan. If you’ve got a 20% deposit, that makes your application so much stronger to get pre-approved. But if you have somewhere between 10 and 20%, I can definitely help you. But that’s the third criteria.
The fourth criteria as your income. You’ve got to have enough reliable and sustainable income for me to show the bank that you can meet your repayments on a mortgage for the 80 or 90% of the money that we need to borrow. So rule of thumb, if you’re single or a couple without any debts or dependents, you can roughly borrower about five times your income. If you’ve got some debt or dependents, the rule of thumb is about your income multiplied by four. And that’s your gross annual income.
So there you are guys. I just wanted to share these four tips on getting you pre-approved. If you need any help with any of that, feel free to reach out to me. You’ve got all my links here.
You can contact me on social media. As a plane goes right by my kitchen it’s great to see more and more airplanes flying by lately, so hopefully that’s a good sign of things, not just school holidays. But if you want to get pre-approved, do me a favor, get in touch, I’d be more than happy to help you out and walk you through this process. If you’re struggling on one of those four areas, likewise.
Feel free to get in touch and I can help you put something in place so we can get you to overcome those barriers and get you to buy your first time. All right, guys, I’m going to sign off. Hopefully that was useful. Do me a favor, press that like button. Share that with your network and have a great afternoon. And may God keep blessing our beautiful country. Cheers guys.
FINALLY – please do revisit the blog often – myself and the team here put in loads of work to give you helpful tips, so you can get the home of your dreams!! https://www.michaelmortgageman.co.nz/blog/