[firstkings]

Having done a "man's search" for what paperwork is needed for mortgages, I thought I would ask instead. Sorry.

What paperwork is needed/is a good idea to obtain a mortgage out in NZ. We want to buy quickly. Hopefully the cash should be there quickly etc. and I have a job.

Also, did I read somewhere that interest rates for mortgages are negotiable?

Cheers

David

[jess]

Hi firstkings. I just finished getting our mortgage yesterday. We had gone to our bank (National Bank) previously and had been offered their published rate. When I asked about a better rate they shaved a little off. I didn't think it was a great deal so I went to a mortgage broker who ended up getting our loan through the National Bank at a lower rate and with $500 kicked in on for our lawyers fees and the ability to pay off principal early. (He made all his commission from the lender, so I didn't pay the broker.)

I needed our passports, our most recent bank statement for checking and savings, 3 pay stubs for each of us, and a current statement for any other form of income (stock account). He also eventually needed the title search for the house in question and a copy of the purchase agreement. That's what I had on paper. He asked us the amt. of debts - car payments, cc, student loans... He aslo asked me for an estimate of our expected budget items such as utilities, gasoline, car ins., food and entertainment, etc... If there are any you don't know they can help you with that. He asked for annual gross salaries.

It took about 45 mintues for him to fill in the form for us (no, we didn't even have to do that!). The bank then checked on the title of the house and on our US credit rating. And still we had an offer within 3 hours!! I had to tell them to hold off two days until we went unconditional, because it moved faster than I thought it would.

So easy! :)

[firstkings]

Wow, sounds very quick/straightforward.

Thanks.

[Diny]

I can second everything Jess has said. We have our mortgage with ANZ and the process was the same. It all happened very fast, got an on the spot approval on the condition that our UK credit check came out OK.

They needed a copy of the purchase agreement etc concerning the house we were buying but our solicitor saw to all of that, it really was VERY fast and VERY easy.

Diny

[mtgillick]

i thought uk credit checks were not necessary?

[Diny]

There's a good thread in the money section called 'doing a bunk'. there's some good points there, and some varied opinions as to whether a UK credit check is needed.

ANZ in Palmerston North certainly DID need a UK credit check and the process ground to a halt until we supplied one (which was no problem - got a 100% credit rating).

It seems as though the rules/requirements differ from bank to bank.

Diny

[kiwidebs]

ASB didn't ask for a UK credit check. They needed proof of income (ie contracts - as we hadn't even started work then), and proof of deposit (funds that were at that time still in our Lloyds TSB account) other than that they took our word for everything!
Def pays to ask about 'best rates' as we def got a better rate than their advertised ones!

[jubjub]

Kiwibank only wanted proof of income and proof of our deposit too... just gave them job contract and printouts of our bank balances from UK internet banking.

Easy Peasy.

[firstkings]

Lemon Squeezy?

[jess]

National Bank did not ask us for a US credit check, but talking to a woman at my bank later, she did mention in passing that I had a good credit rating back in the states. Turns out they had checked with Equifax in the US, and I wouldn't have known if she hadn't said anything. I'm assuming some of the paperwork I signed for the mortgage gave them the go ahead, which is fine.