Frequently asked questions.

Using a Mortgage Adviser makes getting a home loan simple! We do all the leg work for you, making your experience as straight forward and enjoyable as possible. Opting to use a Mortgage Adviser can ultimately give you the best chance of approval with the right lender, from the start of your exciting journey. We deal with banks regularly, so we know where to go to get you the best deals and best chance of approval. At 9 Yards we have an extensive network and can put you in contact with the right people for additional processes such as obtaining building reports, legal advice, etc.

The best part is that our service is free*!

No, we’re truly independent and have no volume requirements with any of our providers and have a wide range of providers we use. We do this so you can truly get what’s best for you.

Here’s a short video explaining the 9 yards process

This is because the banks and insurers pay us for helping you get a home loan or take out an insurance policy. This way you don’t have to pay us no matter what lender or insurer we use. In rare cases where the lender doesn’t pay us, we do charge a fee, but will tell you ahead of starting that work so you can tell us whether to proceed or not.

To get in touch and have us start to figure out your situation you don’t need anything. However some things we’re likely to need for an application are: ID, payslips, bank account statements.

Not at all! We have clients from Whangarei to Invercargill and even overseas! Thanks to video calls, emails and our online client portal we can work with you wherever you are!

To process an application, we require your driver’s license details and 12 months employment history. We will also need to know your income, an estimate of your expenses and details of any loans you currently have. These need to be supported by a copy of your last 3 months of bank statements.

The bank statements are now uploaded through a third party in most cases during your application.

The First home loan is a government backed scheme (through Kainga Ora) that allows borrowers to have a minimum of a 5% deposit to get into their first home. The loan is only issued by a select number of banks, but due to the government backing they have higher appetite for allowing first home buyers to have a smaller deposit. It isn’t available to everyone due to income caps and bank credit criteria. Talk to your 9 Yards Mortgage Adviser to see if this is the right path for you.

To learn more click on the link to the Kainga Ora First Home Loan webpage: https://kaingaora.govt.nz/home-ownership/first-home-loan

No, the banks are all quite different and we don’t just mean their brand colours! Each bank has changing appetite for certain types of lending at different times. This is due to a number of factors of which none of them may be obvious from the outside.

Changes in credit policy, risk appetite, market growth, corporate strategy, legislation and regulation make up some of the reasons that banks are all quite different and why when using your 9 Yards mortgage adviser they will pair you up with the bank that best suits your needs.

Yes! If you are lucky enough to receive a cash gift this is a great way to form your deposit.

Gifts must be supported by a letter from the person giving the gift stating that they do not expect any repayment of the money. If they do it might be an Acknowledgement of Debt that is better suited to your needs.

Your KiwiSaver savings must be used for the land purchase of the new build or as part of a house and land package purchase.

However, if you already own the land or are gifted land, you cannot use your KiwiSaver savings to fund your build.

To withdraw your KiwiSaver savings to purchase your first home you’ll need to have been contributing member for at least 3 years.

You can withdraw all of your KiwiSaver savings apart from $1000. This is different if your KiwiSaver savings includes funds from other superannuation schemes (for example Australia). In that case it depends on what the terms are of the originating superannuation fund will allow you to do.

For example, if you have Australian superannuation funds in you KiwiSaver account, the Australian part cannot be used for your first home purchase and must remain in your KiwiSaver account.

For all lenders 20% deposit is the golden number. However, with a 10% deposit (or in some cases 5%) you can get a home loan for your first home! Not all lenders are open for loans with less than 20% deposit.
Your 9 Yards Mortgage Adviser will ensure that whatever your deposit you have the best opportunity possible to buy your first home!

That’s a question that has no real clear answer. For some people a new house is the best choice. No one’s lived in it, no potential for damage, has that new house smell. But can be in an unestablished area and may be further out of town. New homes also have tax benefits for property investors.

An existing property has better potential for you to add value, will be in an established area, you can move in immediately, often closer to town and on a larger section. However, it may need renovations, or may have been through an earthquake.

It’s a matter of personal preference and budget. Your 9 yards mortgage adviser can assist with the budget however your preference between new or existing will be up to you!

The lenders offering the first home loan are: Westpac, SBS Bank, The Cooperative Bank, Unity, KiwiBank, Nelson Building Society & NZ Home Loans

It’s a document that states that you are receiving money (from a related party) to go towards your deposit. However the money will have to be repaid at a later date, which is commonly upon the sale of the property in the future.

It varies depending on the type of offer you’ll be putting on a property.

If you’re buying at auction or putting an unconditional offer in on a property then you’ll want a solicitor before putting your hand up in the auction room or putting the offer on.

If you are putting a conditional offer on a property then you can organise a solicitor after the offer has been accepted.

No you don’t! Home lending can be secured through non-bank lenders which is becoming more common in the market place due to restrictions that banks have put on them. You will still have to use a bank for your transactions.

Not at all! Non-bank lending is growing every year! Non-bank lenders provide people and companies with more flexible options which can make securing a loan easier and works for their situation. This can be for everything from first home purchases through to developments and everything in between. Non-bank lenders typically fall in the long term and short term lending categories which is based on the purpose of the loan.

Deadline, tender and negotiation are practically the same. In each of them you can put an offer in subject to conditions which is either accepted by the vendor or they may come back to negotiate with you. An Auction is quite different. In an auction situation if you win the auction, you are obligated to purchase that property and you can have NO conditions. This means that before you put your hand up you’ll need to meet all finance conditions and have insurance before the auction.

You can make an offer on a property with the real estate agent. They will be able to help you complete the Sale and Purchase Agreement and include any conditions that you want on the contract.

Getting the right conditions on the contract can save you a lot of headaches. We always recommend the following 3 conditions on Sale & Purchase Agreements for first home buyers: 1. Finance (10-15 days), 2. Insurance (10 days), 3. Builders report(10 days)

It makes up part of the conditions of that contract. Often the finance condition will be for 10-15 days. Which gives you that number of WORKING DAYS to secure finance suitable to  meet that condition. If you need a registered valuation or if you don’t have an approval we recommend 15 days. Otherwise, 10 days is suitable. If you want fewer days or have an unconditional contract, please contact us before putting the offer on.

It makes up part of the conditions of that contract. Often the insurance condition will be the same length of days as the finance condition. This gives you that number of WORKING DAYS to secure suitable insurance to meet that condition and often also the insurance condition in any home loan approval.

You’ll need to have insurance up to a level that allows you to fully rebuild your property if your house was damaged beyond repair. The policy will have no exclusions on the policy and have an excess lower than $10,000.

A builders report helps you make an informed decision about the state of the property you’re purchasing and can allow you some negotiation room if elements aren’t up to scratch. We highly recommend a builders report for all first home buyers and can recommend a building inspector.

Yes, we would always recommend getting your own report. The main reason for this is contract liability. If the report wasn’t addressed to you or paid for by you then you cant come back to the builder who made the report if you found anything to be wrong in the report at a later date.

The KiwiSaver scheme is a voluntary savings scheme available to New Zealanders to help you save for retirement.

KiwiSaver is a savings investment scheme where you make contributions from your pay or through voluntary contributions, and your employer also makes contributions. These contributions are invested in a KiwiSaver fund of your choice.

Yes! You may be able to use your KiwiSaver savings to help you purchase your first home through the KiwiSaver first home withdrawal.

You can choose to contribute either 3%, 4%, 6%, 8% or 10% of your gross salary or wages to your KiwiSaver account.

Yes, you can make voluntary contributions to your KiwiSaver account anytime you want.

In general, you cannot access your KiwiSaver savings until you reach the age of 65, unless you meet certain criteria such as severe financial hardship, serious illness or injury, or emigrating overseas.

You can choose a KiwiSaver fund that suits your investment goals, risk tolerance, and time horizon. 9 Yards Financial Services has expert investment and KiwiSaver advisers who can assess and recommend suitable KiwiSaver fund options for you.

If you die, your KiwiSaver savings will be paid to your estate. You can nominate a beneficiary to receive your KiwiSaver savings in the event of your death.

There may be fees associated with your KiwiSaver account, including management fees, administration fees, and performance fees. It is important to understand the fees and charges before choosing a KiwiSaver fund. Your 9 Yards Financial Services Adviser can take you through any associated fees.

You can change your KiwiSaver fund at any time by contacting your KiwiSaver provider or a 9 Yards Financial Services Adviser

Health insurance is an insurance policy that covers the cost of private healthcare services. It’s an alternative to New Zealand’s government funded healthcare and can provide you with faster access to health care and may offer a broader range of treatment options.

No, health insurance is not mandatory in New Zealand as health care is publicly funded, and all citizens and permanent residents are entitled to receive publicly funded healthcare. However, having health insurance can provide additional benefits such as faster access to elective surgery, access to private hospital care, and coverage for treatments not funded by the public system.

The specific coverage of a health insurance policy can vary depending on the insurer and the policy. However, most policies cover the cost of specialist consultations, diagnostic tests, surgery, and hospitalisation. Some policies also cover the cost of alternative therapies, such as physiotherapy and acupuncture.

Yes, one of the main benefits of having health insurance is being able to choose which doctors and hospitals you go to. You can choose to go to a private hospital or clinic, or you can choose to go to a public hospital as a private patient.

Life insurance is an insurance policy that pays out a lump sum of money to the policy holder’s beneficiaries in the event of the policy holder’s death. The purpose of life insurance is to provide financial security and peace of mind to loved ones during a difficult time.

The person or entity that you have specified in your insurance policy who will receive the benefits of your policy. For life insurance, your beneficiary will receive the lump sum your insurance policy covers upon your death.

The amount of life insurance coverage you need can depend on factors such as your income, debts, and other financial obligations. It’s important to consider how much money your beneficiaries would need to cover expenses like mortgage payments, living expenses, and education costs.

The two main types of life insurance policies available are term life insurance and whole life insurance. Term life insurance provides coverage for a specified time period, while whole life insurance provides coverage for the policyholder’s entire life.

Term life insurance provides coverage for a specific term, usually between 1 to 30 years. The policyholder pays regular premiums, and if they pass away during the term, the policy pays out a lump sum to their beneficiaries. Whole life insurance provides coverage for the policyholder’s entire life, provided the premiums are paid. The policy may also build cash value over time, which can be used for things like loans or withdrawals.

Total permanent disability (TPD) insurance is an insurance policy that pays out a lump sum if the policyholder becomes totally and permanently disabled and is unable to work. The purpose of TPD insurance is to provide financial support to the policyholder during a difficult time, helping to cover expenses such as medical bills, rehabilitation costs, and living expenses.

The definition of total permanent disability can vary depending on the policy and the insurer. Typically, it means that the policyholder is unable to work in their usual occupation, or any other occupation for which they are reasonably suited by education, training, or experience. Some policies may also have additional criteria, such as the inability to perform certain activities of daily living.

Trauma insurance is an insurance policy that provides a lump sum payment if the policyholder is diagnosed with a serious medical condition, such as cancer, heart attack, or stroke. The purpose of trauma insurance is to provide financial support to the policyholder during their recovery period, and to help cover expenses such as medical bills, living expenses, and lost income.

Trauma insurance can provide financial support during a difficult time and can help alleviate some of the financial stress associated with a serious medical condition. Having trauma insurance can provide peace of mind and ensure that you’re financially prepared if you’re diagnosed with a serious illness.

The medical conditions covered under a trauma insurance policy can vary depending on the insurer and the specific policy. Generally, policies will cover a range of serious medical conditions, including cancer, heart attack, stroke, and major organ failure.

Income/Mortgage Protection is an insurance policy that provides financial coverage to policy holders in the event of loss of income due to illness, injury, disability, or involuntary unemployment. It helps you meet your financial obligations such as mortgage payments during challenging times.

Income/Mortgage Protection insurance typically covers loss of income due to accidents, illnesses, disabilities, and involuntary unemployment. It can provide monthly payments or a lump sum to cover mortgage payments or other essential expenses.

Income Protection insurance covers a portion of your regular income when you’re unable to work due to illness or injury. Mortgage Protection insurance, on the other hand, is specifically designed to cover your mortgage payments if you can’t work.

The cost of these insurances can vary depending on factors such as age, health, lifestyle, and the level of coverage needed. Here at 9 Yards, we have access to a range of insurance providers and can compare policies to provide you with the best value.

Yes, it is possible to purchase these insurances as a smoker or someone with a pre-existing medical condition. However, policyholders with these factors may pay more or may have exclusions or limitations in their policies.

The process for making a claim on your insurance policy can vary depending on the insurer and the type of policy. Generally, you’ll need to provide proof of your medical condition and complete any necessary forms or documentation. Check with your insurer for details on how to make a claim or if your cover is through 9 Yards, get in touch and we’ll assist you with this.