How to apply for a home loan.
Feel confident as you move towards buying your new home with our step by step process and guides.
When to apply.
You should consider applying for a home loan at the start of your house hunting journey. A conditional approval1 will give you an understanding of how much you can afford to borrow to buy your new home. Knowing this will keep your house hunt focused and realistic.
What you need to apply.
So we can check the loan meets your needs and is affordable for you, we require details of your income, proof of deposit, the amount you want to borrow, your expenses and the property details, if you have them.
We have created the list below with a bit more detail that outlines what you should provide, to help get your application sorted as quickly as possible.
- Your income: If you are a salary or wage earner, you will need to provide three months of statements or three consecutive payslips. If you are self-employed, you will need to provide your latest financial statements prepared by your accountant or your recent IR3 Summary from New Zealand Inland Revenue.
- Proof of deposit: This could be from savings, KiwiSaver, other funds, or gifts.
- Proof of expenses: If you don’t already bank with Westpac, we will need three months of bank statements from your main transaction account(s) or if most of your transactions are made from your credit card, we’ll need those statements. We may also require confirmation of insurance premiums, body corporate levies you pay, or will pay.
- If you have a home loan or personal loan elsewhere, we’ll need either bank statements or loan agreement/documents that show your current loan balance, loan limit, remaining loan term, loan interest rate, and current loan repayment amounts and frequency.
- For any other debt, such as student loans, hire purchases, Buy Now Pay Later or credit cards, we’ll need statements from the finance company or provider.
- Amount you want to borrow and what the loan is for: For example, to buy a home, build a new home or buy an investment property.
- Property details: The type of home you're looking to purchase or if you’ve already made an offer to purchase a property, we’ll need to see your signed sale and purchase agreement.
- If you're new to Westpac: We will need to verify your identification and proof of your current address. Read more about acceptable forms of identification and address verification.
Note, if there's a second applicant they will also need to agree to the application and a credit check.
Start house hunting!
To get in touch.
Meet with an expert
Our Mobile Mortgage Managers can come to you, at a time and place that suits you best.
Talk to an expert
Request a call back from a Mobile Mortgage Manager.
Make an appointment to talk to a home loan expert in branch.
Existing customers can apply for a home loan via Westpac One® online banking.
The next steps.
Once you have a conditional approval there are a few key steps you'll need to take:
- Find a house that you could call home
- Do your homework: get builder and council reports, and a valuation
- Arrange for a solicitor to handle the legal and financial details
- Make your offer (this can be conditional or unconditional), or bid at auction. You can learn more about the ways to buy here
- Check the details and sign the sale and purchase agreement
- Talk to us about the best way to structure for your new home loan, once your offer has gone unconditional, or you've bought at auction
- Sign the home loan documents with your solicitor. Learn more about this step here
- Book the movers
- Pay the balance at settlement and move into your new home!
- Check the details of your first home loan repayment. It's easiest to make sure your repayment dates coincide with your pay day.
You might also be interested in.
Things you should know.
1 Conditional approval requires a credit check, confirmation of the details provided in your application and responsible lending inquiries. Other conditions may also apply depending on the nature of your application.
Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.
Documents and fees
See the detailed terms and conditions, and fees, for our home loans:
- Choices Home Loan Summary - Sample
- Choices Everyday Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Choices Everyday Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions