Speaker 1 0:10

Welcome back to the episode of KunjCase . Hello Kunj Kia ora . How are you ? Wonderful thanks , kunj . I've been thinking a lot about a few things lately .

Welcome & Introduction

Speaker 1 0:20

What's on your mind ?

Speaker 2 0:22

Well , we've had an influx of first-home buyers , so I thought we should go back to basics and step through the process of first-home buying .

First-Home Buyer Basics

Speaker 1 0:33

Absolutely . I did YouTube videos a few years ago . I have short hair there . You should look it up but I broke it down into different steps . So I think we should do that through the next few episodes and cover off what happens when you buy a house . Yes , absolutely , we should . Awesome . So I want to buy a house . Kunj , where do I start ? What's my first step ? Well , you need an approval . Oh , what is an approval ? What does it mean .

Speaker 2 1:02

So pre-approval is basically you

Understanding Pre-Approvals Explained

Speaker 2 1:07

providing your financial details , so like your income , your deposit , like your income , your deposit , your dependents and your expenses and all that jazz that gets all captured , collected with evidence to back up you know what your income is , things like that and then that information gets submitted to one of the lenders or one of the banks to get a pre-approval .

Speaker 1 1:37

So do you actually look at people's numbers ? Do we look at people's numbers ?

Speaker 2 1:42

Yes , absolutely we do . Yeah , we look at the numbers , we look at what you've got , we look at the possibilities you know , like your borrowing power , things like that . But it's yeah , definitely get a pre-approval to see where you're at , like , even before the pre-approval , actually have a chat , like have a chat to an advisor to just understand your position .

Speaker 1 2:08

Pre-assessment , I would say so . Normally the first step would be us doing a pre-assessment . We will look at your numbers , we will look at what's your current position , deposit , any dates you've got , what's your income whether you're working full-time , part-time , you're a contractor , you're self-employed and we will point you in the right direction , whether you're ready or

Pros and Cons of Pre-Approvals

Speaker 1 2:28

not . So if we think you're ready , we will see if we can do a pre-approval for you with a lender and then we'll take you through the next steps . So , to just cover off , what are the pros of getting a pre-approval ? Conch ?

Speaker 2 2:42

Well , the pros is like you know where you're at , you know where you can go hunting or shopping for a property .

Speaker 1 2:51

Yeah , what are the cons you reckon ?

Speaker 2 2:54

Yeah , the cons of approval . Well , I guess it's um . The pre-approval lasts for 60 days or 90 days . So if you don't find anything in that time , then though it it expires . But there's always an option to extend that expiry date as well .

Speaker 1 3:14

So so if nothing changed in your situation , we can roll it over again for another 60 to 90 days , unless you're doing a build , and that's completely different story . So we're going to cover that off at another time .

Speaker 2 3:25

Yeah , that deserves its own little episode

Real Client Experience

Speaker 2 3:27

. When you're doing a build , Absolutely .

Speaker 1 3:30

But what I'm thinking of the cons could be and I've seen it time and time again is when we sit down and we tell people , hey , you can actually get a house . The con for them is suddenly to realize oh my God , I can , I have to move , I actually have to pack and I actually can make my dream come a reality . So it's sort of an interesting one , how people can suddenly get you know , reality check and realize that , yes , it is possible .

Speaker 2 3:57

Yeah , actually that's quite funny because last week we met with a first home buyer and we went through their numbers quite quickly , did a pre-assessment . At the moment some banks are , you know , wanting live deals if they're new to bank or they're not the existing customer . So we had this couple that came in , we met them , lovely couple , and we did some numbers and they were like able to purchase an amount of , let's say , 650k or something like that . Then we also had a property that was on the top of our mind and we kind of was like , hey , there's a property .

Speaker 2 4:38

So pretty much within , I guess , two hours of meeting us , they had already gone to have a look at a house . Unfortunately that house wasn't suitable for them so they didn't go through with it . But that's how quickly , from meeting an advisor to going to look at a house . So the clients just like , I think in a bit of a shock , because they were like , okay , we just met you guys , now we're going to meet the agent and seeing a house . But that's also , you know , the power of seeing an advisor , seeing what their numbers are .

Speaker 1 5:15

Yeah , exactly , awesome . So , just to recap , we have talked about the pre-approvals and how to get one and what the steps will be . So tune in for the next episode that we're going to do .

Episode Recap & Next Steps

Speaker 1 5:27

On the next step , what happens after the pre-approval .

Speaker 2 5:29

Thanks Kunj , thanks team , bye .