Getting a pre-approval for the purchase of your first home

Great! We’re getting close to helping you into your first home. By now, you should have worked out roughly what you can get together as a deposit, and touched base with one of our advisers to get an indication of how much the bank will be willing to lend to you.


The pre-approval process is relatively straight-forward, and it’s best for you to get a pre-approval when you are within 1 month of purchasing a property. While you don’t have to know the exact property you’re looking to purchase, it’s important you’re certain you’ll be going ahead with a purchase soon, as Pre-approvals are only valid for 2 months. Until this point, you can speak to an adviser to get an indication of how much you’re able to borrow.


A pre-approval is essentially a bank saying “We are willing to lend you $X, within the next 2 months, as long as you meet our conditions”.


In order to get a pre-approval you’ll need to produce a full application with an adviser. You can do this through your dashboard by hitting “apply now”.


Depending on your situation, you’ll need to produce a number of documents that are time sensitive, such as payslips, so it pays to hold off until you’re ready.


Once you’ve received an approval, it’s likely you’ll need to meet a number of conditions. These will generally include the following that needs to be done before settling on the property:

  • Unconditional sale and purchase agreement, signed by both the purchaser and seller stating the agreed price.
  • Providing evidence of your deposit, through gifting certificates, homestart grants, and your Kiwisaver first home withdrawal balance.
  • Confirmation the property you intend to purchase is acceptable to the bank as security. This usually means that it’s structurally sound
  • You’ve opened your bank accounts at the bank you’re getting a mortgage from if you’re not an existing customer.

It’s important you don’t let these deter you. Working with an iRefi Mortgage Adviser, you’ll be able to navigate this process in a timely fashion without any stress.