|A home loan is a lot more than just numbers; it’s also a partnership with your mortgage adviser, and how you engage with that partnership can have a huge impact on the success of your mortgage. By making your payments on time, setting realistic goals, and working with your adviser, you can put yourself in the driver’s seat to achieve financial freedom faster!
Discover what a difference good account conduct can have on the success of your home loan below!
Get advice before applying
Applying for a home loan when you don’t have everything in order can be a recipe for disappointment. That’s why it’s important to seek out advice early. At NZHL, we sometimes work with our clients for months before they make their loan applications. This is to help them meet the criteria, for a successful loan application but also to assist them with ensuring they are better placed for the life of their loan.
First-time home buyers, who often have lower deposits, supplemented by KiwiSaver are looked at carefully by lenders. This is all the more reason to sit down with someone and work through how you can be the best candidate for lending you can be!
Always make your payments on time
Good account conduct matters! We might all think we’re responsible enough with our money, and that those occasional late payments for a streaming service or water bill don’t amount to anything. However, those hiccups add up quickly and when they happen often enough, lenders will start viewing these late payments as a sign of financial stress. NZHL consultants find that for many people it’s less about financial stress, and more about needing to get sorted and organised with their accounts.
Banks look at the past two years of your credit history, and late payments will potentially affect your interest rate. Also, be mindful of Afterpay arrangements. Those “four easy payments” might be more convenient, but creditors count them as debt.
Missed payments may not feel like a big deal, that is, until you wish to borrow more money. This means a top-up on your home loan for a renovation project or a new car can become much harder to obtain.
Remember, your mortgage adviser is here to help
At NZHL, we’re there for the life of your loan, offering continuous coaching and ongoing service to help you achieve financial freedom, faster.
To do that, our mortgage advisers will want to know as much as they can about your current financial situation, so it’s best to be honest, transparent, and forthcoming. Give your consultant all the information, yes that’s the good, the bad, and the ugly so they can be straight with you about your options and opportunities as well.
Remember that lenders have access to your full credit history so it’s best to get it all on the table upfront with someone like NZHL so they can help you better position things.
Mortgage advisers who go the distance
At NZHL, we help you build and stick to a financial plan that works for you. Our smart home loan structure helps you make the most of your income and savings, reducing the interest you pay and helping you pay off your home loan early. Count on a mortgage adviser that sticks with you throughout the life of your loan. Book an appointment with your local NZHL office today and discover what truly personalised service can mean for your financial freedom.