What to ask a broker before you make an offer

Online Mortgages can match you with that kind of home loan specialist when you ask. It does not give the advice itself, it does not approve the loan, and it does not choose the house. The match, if you want it, starts on the get started page.

What they can look at, and what they cannot decide

A home loan specialist can look at your income, your debts, and the deposit you have described, and talk about lending options that might fit. They can explain what a pre-approval letter usually does and does not do. They can help you see which documents a lender is likely to ask for. The pre-approval page is the short version of that idea.

They do not decide whether buying is right for you. They do not replace your lawyer. They do not control the seller, the building report, or the council file. They do not promise an interest rate, an approval, or a settlement date. If a conversation starts to sound like a promise, ask them to say it again as a condition instead.

Questions worth asking

Who is the advice coming from? Ask who that person is, and which business they are part of. A website that introduces you is not the person giving the advice.

What is general information, and what is advice about me? A useful answer separates "here is how this product usually works" from "here is what I think fits your file". You want to know which one you are hearing.

Which deposit paths are even open to discuss? Ask them to talk in paths, not in a single number. An ordinary deposit and a First Home Loan are different. The scheme rules, including income limits, live on Kāinga Ora's page and they change. A broker can read that page with you. They cannot waive it. The comparison already on this site is on the First Home Loan page.

What would pre-approval cover, and what is left until there is a property? Ask what the letter would be based on, and what a lender would still want once you have a house. Getting pre-approval takes about 5 to 10 working days as a guide. How long it lasts once you have it: usually valid for 90 days, but it pays to check with your lender. Ask them to keep those two timings separate for you. Expect the answer to include the property, a possible valuation, and final checks. If someone says the letter means you are done, ask them to put that in writing. A careful broker will not.

Does any figure we discuss lock an interest rate? Pre-approval and a rate are different conversations. Ask which one you are in. This site does not quote rates, and a broker should not imply that a casual number lasts until settlement.

How should I treat KiwiSaver that is not withdrawn yet? The right treatment is "possible, if my provider approves it". Ask how the lender wants it described. The withdrawal itself is an application to your scheme provider, not to the broker, and not to the closed First Home Grant. The rules and timing are at KiwiSaver first-home withdrawal.

If some of the deposit is a gift, what will a lender usually want? Often, clarity about who is giving the money and whether it has to be repaid. Ask what that lender's usual evidence is. Do not borrow a letter from the internet. The lender and your lawyer can say what they need.

What happens if my income or my debts change before settlement? Ask this before you are in the middle of it. A new loan, a missed payment, or a change of job can change a lender's view, including after pre-approval. You want to know who you tell, and how quickly.

Which conditions belong with you, and which belong with my lawyer? Finance is often a broker conversation. The wording of the agreement, the LIM, the title, and the building report are lawyer conversations. A good answer respects that line. The buying outline is at Buying your first home, step by step.

What do you not decide? This is the question that keeps the relationship honest. A broker does not choose the property, does not tell you to buy, and does not sign the agreement for you.

Before you book the chat

Take a rough picture of savings, any gift you have actually been offered, KiwiSaver balances as your provider shows them, and your regular debts. You do not need a perfect spreadsheet. You do need to avoid guessing a KiwiSaver withdrawal that has not been approved.

Write down the questions you care about and take them with you. An offer week is a bad time to remember what you meant to ask.

A soft next step

If you want Online Mortgages to pass your details to a home loan specialist, use get started. You can also take these questions to a broker you already know. Either way, the advice is theirs, not this page's.

Online Mortgages shares general information for first home buyers in New Zealand. It is not financial advice, and it is not a lender. Rules, eligibility, and products change. Check the current position with the relevant provider before you act.

FAQ

Do I have to use a broker to buy a first home?

No. Some people deal with a lender directly, and a broker is just one way to have someone look across your options. This site doesn’t tell you which path to take.

Can a broker approve my loan or lock a rate?

No. The lender approves the loan. A rate, if one is offered, comes with its own conditions. Pre-approval is not that approval, and it is not a locked rate.

Is Online Mortgages the one giving advice?

No. Online Mortgages doesn’t provide financial advice and isn’t a lender, but a home loan specialist can look at your situation, and the questions above are for that conversation.