That Home Loan Hub
Welcome to That Home Loan Hub, your ultimate guide to mastering the world of home loans and property. I'm Zebunisso Alimova, here to simplify the complexities of real estate and provide you with expert insights and the latest trends.
Whether you're a first-time homebuyer, an experienced investor, or simply curious about the property market, this podcast is for you. Join me each week as we unlock the secrets to property success and help you make informed decisions. Let's dive into the world of property together!
That Home Loan Hub
Protect Your Pre-Approval: The Secrets Banks Don't Tell You
Getting pre-approved for a home loan feels like a victory – until suddenly the bank ghosts you or that precious approval vanishes right when you find your dream property. As a mortgage advisor who's seen countless pre-approvals fall apart at the worst possible moment, I'm pulling back the curtain on what really happens behind the scenes.
Pre-approval isn't the golden ticket many think it is. It's conditional, temporary, and surprisingly fragile. Like Izzy, who lost her pre-approval after accepting a better-paying job, many homebuyers make innocent mistakes that derail their homeownership journey without realizing it. The probation period in her new role made her income suddenly "unstable" in the bank's eyes – despite the salary increase.
What's slowing down your pre-approval? Missing documents, inconsistent income, poor bank account conduct (yes, those weekend takeaways matter!), and hidden debts all raise red flags. Those Buy Now Pay Later arrangements you thought weren't real debt? The bank disagrees. And trying to DIY everything without understanding lending policies only creates weeks of frustrating back-and-forth.
The secret sauce for fast, stable pre-approval starts with preparation. Have all your documentation ready, tidy up your bank accounts, disclose absolutely everything, and work with a mortgage advisor who can match you with the right lender based on your specific situation – not generic criteria. Once approved, protect that pre-approval like your passport: avoid job changes, new debts, and missed payments that could invalidate everything you've worked for.
Ready to move faster, smarter, and with less drama in your homebuying journey? Reach out today for a strategy that works. I'll help you prepare properly, match you with the right lender, and keep you ready to pounce when your dream home appears. Remember – a mortgage is a strategy, not just a product.
Buy your first home in NZ Weekly Webinars
You thought it's not possible or the dream is too far away? Come to my webinar and I will show you, you are much closer to your dream, than you think you are!
Join Here - https://bit.ly/4m9SL72
The secret sauce to getting pre-approved faster and actually keeping it, why pre-approval is not a golden ticket and how to protect it like your passport. Kia ora, and welcome back to that Home Loan Hub. I'm Zibuni Salimoma, mortgage advisor, mom of four and your personal translator for the wild world of home loans. Today's episode is about a topic that gets people excited and then sometimes crushed Pre-approval. You finally get the green light and you're buzzing until suddenly you're ghosted by the bank or worse, the approval vanishes right when you find the one. So today I'm going to give you the secret sauce to getting the pre-approval faster and keeping that approval solid until the day you get the keys.
Speaker 1:What is the pre-approval really? Pre-approval means a lender has looked at your financial situation and said, yep, we're willing to lend you up to this amount, subject to conditions. But here's the catch it's not a blank check, it's conditional and it can expire, be withdrawn or become useless if your situation changes or if you don't understand how it actually works. You might ask what slows pre-approval down? Here are the usual culprits that delay or derail your pre-approval Missing documents. Inconsistent income, especially for self-employed or commission earners. Bad bank account conduct like frequent overdrafts or gambling. Undisclosed deeds yes, buy now, pay later counts. So all those afterpays you thought you forgot about, the bank will not like them, trying to DIY everything without knowing what the lender wants to see. So if you're applying solo and don't understand lending policies, the back and forth can drag out for weeks.
Speaker 1:Let's look at the case study, the pre-approval that fell apart. Let me tell you about Izzy. She got pre-approved through a bank directly. Everything seemed fine Income, deposit, credit score. She was stoked. But two weeks later she accepted a new job with a higher pay, thinking it would help, went to the bank and guess what the bank did? The bank pulled the pre-approval. Why? She had a probation period in her new role and suddenly her income was considered unstable. She came to me devastated. She was crying. We worked through it and I found her a lender that accepted income during probation, based on her strong industry experience. She still got the house, but it was a stressful ride. She could have avoided all of that. There's better advice up front and someone that was fighting in her corner.
Speaker 1:Now you might ask how to get the pre-approval fast. Here is the secret sauce Listen up, get a pen and a paper. Be prepared before applying. Have your bank statements and a paper Be prepared before applying. Have your bank statements, pay slips, id, kiwisaver information and a proof of deposit ready to go.
Speaker 1:Get your bank account tidy. No unarranged overdrafts or weird spending. Yes, the $400 takeaway a month need to chill. Disclose everything Loans, cards, buy now, pay later. Hiding stuff only slows it down and it will appear on your credit check anyway. The bank will find out. Get a mortgage advisor Someone like me or someone in my team who can match you with a lender based on your actual profile. No guesswork.
Speaker 1:Avoid big life changes mid-process. Don't switch jobs, buy a car or have a baby. How to keep your pre-approval alive, even after you get pre-approved. Don't treat it like a done deal. Here is how to keep it safe. Stick to your budget. Look, just because you're approved for $800,000 doesn't mean you need to spend $800,000. Don't take on a new debt. No car loans, furniture finance or surprise credit cards. Avoid late payments. Even one missed bill can change your credit profile, and I'm talking about power bills and phone bills as well. Send regular updates to your advisor. If something changes, we can pivot quickly, but if we don't know what's happening in your world, it's hard for us to combat it later.
Speaker 1:Think of pre-approval like your passport to the market If you don't keep it valid, you might miss the flight. Now, final thoughts Pre-approval is your launchpad, but this is not your landing gear. It's your job to protect it and my job to help you understand how to use it. If you want to move faster, smarter and with less drama, reach out. I'll get you prepped, properly, matched with the right lender and ready to pounce when your dream home appears. Thanks for listening to that Home Loan Hub. If this episode gave you some clarity or saved you from a future mess hit, follow and send it to a mate who's house hunting. And remember a mortgage is a strategy, not just a product. I'll catch you next week with more spicy insights. No jargon, just real talk. See ya.
