Have you been told “no” when you applied for a home loan?

If you’re going through the application process, it can be frustrating to be told that your application doesn’t meet a lender’s criteria, or the lender is not willing to lend as much as you need.

The good news is that a “no” from one lender doesn’t necessarily mean a “no” from them all. Advisers are well placed to help you find a solution to keep you moving towards your goal.

Here’s what you need to know.

Lenders aren’t all the same

There are a range of lenders in New Zealand, and they can all be a bit different.

If you are considering a home loan you might be looking at banks, such as ASB, BNZ, Westpac and ANZ as well as smaller banks, and non-bank lenders.

Even within the banks, their lending appetites can vary. One bank might have a particularly strong interest in approving one type of home loan business, or they might be slowing down the applications they approve.

Non-bank lenders can have different criteria again. Sometimes they’re able to be a bit more flexible than the banks in their lending, however that flexibility could come with a higher interest rate. We can help you understand the options available to you.

Not all borrowers are the same, either

In the same way that lenders vary, so too do people seeking loans.

If you have non-standard income, you might have encountered a few more hurdles than someone who is receiving a regular salary.

“Non-standard income” can refer to people who are self-employed, who do contract work or rely on income from investments such as rental properties.

When dealing with these applications, lenders often want to see more information to prove that you can afford the loan. We can help you work out what paperwork you need to provide the lender to support your application.

We’re here to help you navigate the process

With so many lending options, it can be tricky to decide what to do.

We’re in the market all the time and can help determine which lenders might be suitable for your application or a good fit for your goals.

In some situations, we might help you with an application to one lender now, with a view to refinancing later. We can discuss the potential options with you.

When you work with us as your advisers, we can help you to present your application in the most suitable way for each lender.

You might have more options than you realise

There are lots of ways that it may be possible to obtain the lending you need.

We’re here to help you along the way. Getting a mortgage isn’t just about ticking boxes – it’s about finding the right fit. When you have the right support, more options may be possible.

Ready to talk?

If you’d like some help with your home loan application, get in touch with the SHARE team. Our expert advisers can help with any questions you may have about the process, or which lenders might be a good fit for you.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.