# HL-Q005: Borrower journey My partner and I are getting ready to apply for our first home loan. We're both salaried and have about a 10% deposit. What paperwork should we get together before we apply? Borrower: First-home couple with a 10% deposit [Study](https://nzbrands.ai/research/banking/home-lending/) · Collected 11 October 2026 ## chatgpt Answer ID: 0e5395b9-a26e-4e7d-a6f2-f3a1ba362bed For a first home loan application in New Zealand, it helps to prepare a “loan folder” for each of you. Since you’re both salaried and have around a **10% deposit**, the lender will mainly want to verify your **identity, income, savings/deposit source, spending, debts, and overall affordability**. [BNZ](https://www.bnz.co.nz/support/home-loans/buying-a-home/preparing-for-a-home-loan-appointment?utm_source=chatgpt.com) Here’s a practical checklist: ## 1. Identity and personal details For both applicants, gather: - NZ driver licence or passport - Proof of current address (for example, a recent bank statement or utility bill) - IRD numbers (often requested during the application process) - Details of your marital/relationship status and dependants (if applicable) [Kāinga Ora – Homes and Communities](https://kaingaora.govt.nz/en_NZ/home-ownership/guide-to-home-ownership/2-preparing-and-applying/?_searchAnalytics=eyJpbmRleE5hbWUiOiJzZWFyY2gta2Fpbmdhb3ItcHJvZC1tYWluIiwicXVlcnlTdHJpbmciOiJsZW5kZXIga2FpbmdhIiwiZG9jdW1lbnRJZCI6InNpbHZlcnN0cmlwZV9jbXNfbW9kZWxfc2l0ZXRyZWVfMjE3Ml9lbl9ueiIsInJlcXVlc3RJZCI6ImU3MTg3ZDI5LTU1MmUtNGE0Ni04N2ZmLTA0Y2U0ZDdjMGQ3NCJ9&utm_source=chatgpt.com) ## 2. Proof of employment and income Because you’re salaried, prepare: - Your last 2–3 payslips each - Employment contracts (especially if you recently changed jobs) - Employer letters confirming role, salary, and employment status if requested - Evidence of any other income (bonuses, allowances, rental income, etc.) [BNZ](https://www.bnz.co.nz/support/home-loans/buying-a-home/preparing-for-a-home-loan-appointment?utm_source=chatgpt.com) If either of you is still in a probation period, recently started a job, or has variable income, expect the lender to ask for extra information. [Consumer Protection](https://www.consumerprotection.govt.nz/assets/PDFs/applying-for-a-loan-checklist.pdf?utm_source=chatgpt.com) ## 3. Deposit evidence For your 10% deposit, gather proof showing where the money is coming from: - Savings account statements - KiwiSaver balance/withdrawal estimate (if you’re using KiwiSaver) - Evidence of any gifted funds (if applicable) - Statements for any investments or other funds contributing to the deposit [Kiwibank](https://www.kiwibank.co.nz/personal-banking/home-loans/apply/?utm_source=chatgpt.com) With a 10% deposit, you may be applying as a lower-deposit borrower, so it’s worth asking lenders or a mortgage adviser about current lending criteria and options. Some lenders have additional requirements for lower-deposit applications. [Settled.govt.nz](https://www.settled.govt.nz/buying-a-home/thinking-of-buying/thinking-about-your-finances-when-buying/?utm_source=chatgpt.com) ## 4. Bank statements and spending history Have ready: - Around 3 months of statements for your everyday transaction accounts - Statements for savings accounts - Credit card statements - Buy Now Pay Later statements (e.g., Afterpay/Laybuy) if you use them - A list of regular expenses: - rent - insurance - subscriptions - childcare - vehicle costs - loans - credit commitments - regular memberships and discretionary spending [BNZ](https://www.bnz.co.nz/support/home-loans/buying-a-home/preparing-for-a-home-loan-appointment?utm_source=chatgpt.com) A lender will usually review your actual spending patterns, not just a rough budget. [BNZ Verify](https://verify.bnz.co.nz/personal-banking/life-moments/applying-for-a-mortgage?utm_source=chatgpt.com) ## 5. Details of debts and commitments Prepare: - Student loan details (if applicable) - Car loans - Personal loans - Credit card limits and balances - Hire purchase agreements - Any guarantees you have signed for someone else [ASB Bank](https://www.asb.co.nz/home-loans-mortgages/home-loan-application-checklist-guide.html?utm_source=chatgpt.com) Even unused credit facilities can affect borrowing capacity, so it’s useful to know what accounts and limits you have open. ## 6. Property information (once you find a home) For pre-approval, you usually won’t need a specific property yet. Once you have one in mind, you may need: - Sale and purchase agreement - Property details - Valuation or other reports if required by the lender [NBS](https://www.nbs.co.nz/personal/home-loans/home-buyers-guide?utm_source=chatgpt.com) ## A few things worth doing before applying - Avoid taking on new debt (car loans, furniture finance, new credit cards) before your application. - Keep your savings pattern consistent; regular saving can help demonstrate financial discipline. - Check that your credit commitments and account balances are accurate. - Consider getting a mortgage adviser’s view, especially with a 10% deposit, as they can help compare lender policies. A simple folder structure could be: 1. **IDs** 2. **Income** 3. **Bank statements** 4. **Deposit/KiwiSaver** 5. **Debts** 6. **Expenses/budget** 7. **Property documents (later)** That should put you in a good position for a pre-approval conversation. [Kiwibank](https://www.kiwibank.co.nz/personal-banking/home-loans/apply/?utm_source=chatgpt.com) --- ## gemini Answer ID: abb195aa-b03e-431f-b3bb-da07cddaf456 Getting your paperwork together early is one of the best ways to smooth out the home loan application process with New Zealand lenders. Because you both have salaried income and a ~10% deposit, lenders will look closely at your savings habits, stability, and debt-to-income limits (especially under Credit Contracts and Consumer Finance Act / CCCFA rules). The essential documentation you should gather before applying for pre-approval includes: --- ### 1. Proof of Identity & Address Lenders need to verify who you are and where you live to meet standard AML (Anti-Money Laundering) requirements. * **Photo Identification:** Current passports or New Zealand driver licences for both of you. * **Proof of Address:** A recent utility bill, bank statement, or official government correspondence (dated within the last 3 months) showing your current residential address. ### 2. Proof of Income (Salaried) Since you are both on a salary, banks want to verify that your employment is stable and regular. * **Payslips:** Usually your 3 most recent consecutive payslips. * **Employment Details:** An employment contract or a letter from your employer confirming your base annual salary, occupation, and employment status (e.g., permanent full-time). * **IRD Summary of Income:** It can be helpful to pull your income records straight from your MyIR account as a backup. ### 3. Evidence of Your Deposit (~10%) With a 10% deposit, lenders will want to see exactly where those funds are sitting and how they were accumulated over time. * **Savings History:** Transaction statements covering the last 3 to 6 months for any savings accounts showing consistent accumulation. * **KiwiSaver Balances:** If you plan to use your KiwiSaver funds and/or the First Home Withdrawal, request an official eligibility/balance estimate letter from your KiwiSaver provider. * **First Home Grant / Assistance:** If you are applying for any government support or if part of your deposit is a family gift, you will need a signed **Gifting Certificate** (along with a statement from the gifter showing they have the funds and a declaration that it is non-repayable). *(Note: Check current criteria if applying via Kāinga Ora for a First Home Loan scheme with a 5% deposit).* ### 4. Living Expenses & Liabilities Lenders perform a deep dive into your spending habits (CCCFA guidelines require a granular look at your outgoings). * **Bank Statements:** 3 to 6 months of complete transaction statements for *all* of your active everyday checking, savings, and credit card accounts. (Avoid unexplained gambling transactions, Afterpay/Zip overuse, or unarranged overdrafts during this window). * **Existing Debt Details:** Statements for any active credit cards, personal loans, car finance, or store cards (even if they have a $0 balance, banks look at the limit available to you). * **Student Loans:** Details of your current Inland Revenue (IRD) student loan balances (you can pull this from MyIR). While student loans don't count as standard debt in the same way credit cards do, the mandatory repayments do affect your net disposable income calculation. --- ### Actionable Next Steps 1. **Download 3 months of PDF bank statements** for every personal account you and your partner hold. Clean up any recurring subscriptions or discretionary spending habits you want to optimize. 2. **Pull your KiwiSaver balance letters** from your respective scheme providers. 3. **Contact a mortgage broker or a bank home loan specialist** to run an initial borrowing capacity check using this paperwork package. --- ## ai-mode Answer ID: 07cdace3-3c32-4501-8767-fa0cf24b73c5 Getting your paperwork sorted early makes the home loan application process much smoother. Since you are both salaried with a 10% deposit, New Zealand lenders (banks or mortgage brokers) will want a clear picture of your income, day-to-day spending habits, and where your deposit is coming from. You can review the official guidance via the Kāinga Ora Home Ownership Guide and gather these essential categories of documents before you apply: * * **Identity Verification:** Current passports or New Zealand driver licences (plus proof of residency or visas if you are not a citizen/permanent resident). * **Proof of Income:** Recent payslips (usually the last 3 consecutive payslips for each of you) and potentially an employment contract or a letter from your employer confirming your salary, position, and length of employment. [Mortgage Lab NZ] * **Transaction History:** Full transaction statements for all your bank accounts, savings accounts, credit cards, and everyday transaction accounts covering the last 3 to 6 months. Lenders look closely at these to assess your spending habits and account conduct. [Mortgage Lab NZ] * **Evidence of Deposit (10%):** Recent savings account balances and statements showing how long you have accumulated your funds. If part of your deposit includes a **KiwiSaver first-home withdrawal** , you'll need your latest KiwiSaver annual statement or a confirmation letter from your KiwiSaver provider. If any portion of your deposit is a **family gift** , lenders require a signed gifting declaration form and proof of the funds transferring. [Mortgage Lab NZ] * **Existing Debt and Liabilities:** Statements for any personal loans, car loans, Afterpay/Laybuy accounts, or credit card limits (even if you pay the balance off in full every month, the active limit counts toward your borrowing capacity). [Mortgage Lab NZ] * Would you like help looking into **Kāinga Ora first-home products** (like the First Home Loan or First Home Partner), or do you want tips on how banks assess a **10% deposit** versus a standard 20% deposit? --- ## ai-overviews Answer ID: 993dc2a4-bc00-442d-9159-a446db93c21c To apply for a first home loan in New Zealand as salaried employees with a **10% deposit** , you will face slightly stricter scrutiny under Low Equity Margin (LEM) rules. Lenders must meticulously verify your affordability, character, and account conduct under responsible lending practices. Having an unorganized file can stall your application by weeks. Organize all documents in **clear PDF format** using the categories outlined below. * * * 1\. Identity & Residential Verification Mainstream New Zealand banks must verify your legal status and current living arrangements under Anti-Money Laundering (AML) regulations. * **Primary Photo ID:** A valid, unexpired **NZ Passport** (preferred) or **NZ Driver Licence** for both applicants. * **Proof of Residency:** If you are not an NZ citizen, provide your **Permanent Resident Visa** or **Resident Visa**. * **Proof of Address:** A **utility bill** (power, internet), **rates bill** , or government agency letter (e.g., IRD or ACC) addressed to you, dated within the last **3 months**. 2\. Salary & Income Evidence Lenders need proof that your employment is stable, regular, and sufficient to service the debt. * **Recent Payslips:** Your **3 most recent, consecutive payslips** for both applicants. * **Employment Contract / Letter:** A signed **employment agreement** or an official letter from your employer confirming your start date, base salary, and that you are **not on a probationary period**. * **Variable Income (If applicable):** If you rely on bonuses, commissions, or overtime, you will need **2 years of IRD Income Summaries** to show a consistent earning track record. 3\. Financial Statements & Account Conduct Because a 10% deposit means a higher-risk loan-to-value ratio (LVR), banks review transaction details to assess your discretionary spending patterns. * **Transaction Accounts:** **3 months of consecutive bank statements** for all transactional and everyday accounts. * _Tip:_ Ensure there are no unarranged overdrafts, missed payments, or hidden buy-now-pay-later (e.g., Afterpay) payments. * **Existing Debt Statements:** **3 to 6 months of statements** for any credit cards, student loans, personal loans, car finance, or hire purchase agreements. * _Note:_ Even if you carry a zero balance on a credit card, banks calculate your borrowing power based on the _total credit limit_ , so consider closing unused cards. 4\. Deposit Evidence (The 10% Proof) Since you are putting forward a 10% deposit, you need to clearly document where every dollar is coming from to prove it consists of "genuine savings". * **KiwiSaver Documentation:** A **KiwiSaver First-Home Withdrawal Letter** and a recent statement showing your available balance. You can request this directly via your KiwiSaver provider's portal. * **Cash Savings:** **3 months of bank statements** tracking your savings accounts to show the accumulation of cash. * **Gifted Funds (If applicable):** If family members are helping you bridge the gap, you need a signed **Gifting Certificate** stating the funds are an unconditional, non-repayable gift, not a loan. * * * If you would like to map out the next steps, tell me: * Have you already registered for a **KiwiSaver first-home withdrawal** estimate? * Do either of you have any **credit cards, store cards, or personal loans** currently open? * Are you applying directly to your **current main bank** , or are you looking to use a **mortgage broker**?