From Pre-Approval to Property Purchase

Stepping into the mortgage pre-approval process can feel like navigating a maze without a map. What exactly happens after you receive that coveted pre-approval letter from your bank? This episode demystifies the journey between pre-approval and property purchase, breaking down the crucial conditions you'll need to satisfy.

We tackle one of the biggest misconceptions first-home buyers face – how to evidence your deposit. For those relying on KiwiSaver withdrawals, there's good news: you don't need to wait until finding a property to get your withdrawal letter! Simply contact your provider directly to start this process. We also explore the ins and outs of registered valuations, explaining why these should only be ordered after your offer is accepted (saving you unnecessary expenses along the way).

Diving deeper into pre-approval conditions, we unpack income verification requirements for both employed and self-employed buyers, the proper way to close existing debts (hint: cutting up credit cards isn't enough), and the increasingly important role of insurance in the approval process. For single buyers planning to have flatmates help with mortgage payments, we explain the border declaration requirements you'll need to satisfy. We also highlight special considerations for properties with monolithic cladding and those in flood-prone areas – crucial knowledge in today's climate-conscious property market.

Whether you're a first-time buyer or returning to the market after years away, understanding these pre-approval conditions puts you in the driver's seat of your property journey. Armed with this knowledge, you'll be better prepared to meet bank requirements efficiently and move confidently toward making an offer on your dream home. Ready to take the next step? Stay tuned for our upcoming episode where we'll walk through exactly what to do when you find a property and how to structure your offer for success.

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