Show Notes
š° Think you need a 20% deposit to buy a house? You might be closer than you think.
Andre October from Mortgage IQ returns to The Mile Extra as the first repeat guest, this time breaking down what is actually happening with mortgages, lending and first-home buyers in New Zealand.
Andre explains why banks are competing harder for business, why approval times have shortened, how cashback incentives have increased and why some buyers may be able to get into their first home with as little as a 5% deposit.
In this episode, we talk about KiwiSaver, low-deposit lending, buying with a partner, friend or family member, and why getting proper advice can be worthwhile even if you assume you are years away from being able to buy.
Andre also breaks down what banks hate seeing on an applicationāfrom missed payments and excessive short-term debt to gambling transactions and poor spending habitsāand explains how seemingly small behaviours can affect the way a lender assesses you.
We also discuss why one bank saying no doesn't necessarily mean the deal is dead, how second-tier lenders can sometimes offer another pathway, and a useful auction strategy that may help buyers seeking pre-approval with a lower deposit.
Finally, Andre explains why being approved to borrow a certain amount doesn't automatically mean you should spend it allāand why your lifestyle, goals, and financial buffer still matter even after the bank has done its assessment.
If youāre interested in buying your first home, refinancing, property, mortgages or understanding how banks actually think, thereās plenty in this one.
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The hard way is the easy way.
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