How credit cards, Afterpay and car loans affect what you can borrow
Banks do not assess your debts on what you pay each month. They assess them on what you could be forced to pay. Here is how New Zealand lenders treat credit card limits, buy now pay later, car loans and student loans, and which ones are actually worth clearing before you apply.
Home loan declined in NZ? Here is what actually blocked your application
Declined for a mortgage in New Zealand? A decline usually comes down to one part of the assessment rather than the whole application. What the common blockers are, how to work out which one applied to you, and what tends to move each.
Do Credit Cards Affect Your Home Loan Approval? Here’s What You Need to Know
When applying for a home loan, most people focus on income, savings, and property prices — but one thing that often catches borrowers off guard is how credit cards affect your borrowing power. Even if you don’t owe anything on your credit card, the limit itself can impact how much you’re able to borrow. But […]
Understanding How Your Credit Score Works
Your credit score has become more important than ever. In recent years, banks and lenders have placed greater emphasis on assessing your creditworthiness before approving any kind of finance, whether it’s a credit card, personal loan, or home loan. When you apply for credit, the lender will access your credit report, which shows your score […]
How Much Can I Borrow? Understanding Bank Criteria for First Home Loans
Buying your first home is one of the biggest milestones in life – but before you start browsing property listings, the big question is: how much can I actually borrow? Banks and lenders in New Zealand look at more than just your income. They use a range of criteria to assess whether you can afford […]
What To Do If The Bank Says “NO”
Unfortunately hearing the bank say “NO” to a mortgage application is becoming more common these days, particularly for First Home Buyers and Self Employed borrowers. They can decline your application which will make no sense to you, especially if you were expecting an approval. So what to do if the bank does say “NO”? We […]
Does A Student Loan Affect Getting A Mortgage
As a mortgage adviser, and from our Facebook Group I hear from lots of first home buyers asking “does a student loan affect getting a mortgage” and if they can. The answer is YES your student loan does affect your ability to get a mortgage, or at least it impacts on the amount the banks […]
Sometimes We Need A Fresh Start
We cannot dwell on the past, but unfortunately the banks often do and penalise us for years after we have had something go wrong. A default will stick on our credit reports for 5-years after being listed and when the banks see this “bad credit” they will typically decline lending applications. We say typically because […]
You Can Get Bad Credit Mortgages
Bad credit mortgages are possible, but not from your bank. If you have some bad credit you may leave the bank disappointed that they cannot help, even when you have banked with them for many years. They don’t ask why … they just say “NO” your application is declined and your dream is over. Don’t […]