4 Things You Can Do to Get Ready for Your Mortgage (No Matter When You’re Buying)
Getting pre-approved for a mortgage is one of the most exciting steps toward buying a home in New Zealand. But before you even meet with a broker or talk to a bank, there are key things you can do to improve your chances of success—and maybe even boost the amount you can borrow.
Whether you’re hoping to buy in six months or just starting to think about homeownership, these four practical steps will help set you up for the best possible start.
1. Order Your Credit Report and Tidy It Up
Your credit report is one of the first things lenders look at when assessing whether you’re a good candidate for a mortgage. It tells them how you've handled credit in the past—whether you’ve paid your bills on time, defaulted on loans, or managed your debts responsibly.
The good news? You can check your own report for free, and early enough to address any issues before they impact your mortgage application.
What Your Credit Report Will Show:
Loans and credit cards under your name
Any missed or late payments (including utility and phone bills)
Defaults or debts in collection
Public record information (e.g. bankruptcies or court judgments)
Even a small unpaid bill from years ago can raise a red flag for a lender. That’s why it’s worth checking your report at least 3–4 months before applying for a mortgage. If you spot any errors or defaults that shouldn't be there, it gives you time to dispute them or tidy things up.
You can request a free report from:
If you find something you're unsure about, your mortgage adviser can help interpret what the report means and how to improve your profile.
2. Get to Know Your KiwiSaver—And Your Withdrawal Eligibility
If you’ve been contributing to KiwiSaver, you may be sitting on a powerful tool for your deposit.
Here’s what you need to know:
If you’ve contributed regularly for at least three years, you’re likely eligible to withdraw nearly all of your KiwiSaver balance to help with the purchase of your first home—keeping just $1,000 in your account.
This can be tens of thousands of dollars that go straight toward your deposit, potentially giving you the 10–20% downpayment lenders want to see.
But timing is everything. You’ll need to confirm your eligibility, submit the paperwork, and allow time for the withdrawal to be processed—so it pays to plan ahead.
Not sure who your KiwiSaver provider is?
You can find out by checking your MyIR account at www.ird.govt.nz. Alternatively, one of our KiwiSaver advisers can help you track down your provider, confirm your eligibility, and check whether your fund is the right fit for your goals.
Also worth a look: The First Home Buyers Guide to KiwiSaver Withdrawal is a helpful summary of the process.
3. Know Your Numbers—and Consider Asking for a Pay Rise
Yes, we’re going to say it: Ask for a raise.
It might feel uncomfortable, but a small bump in salary can make a surprisingly large difference to your borrowing power. Why? Because your income is one of the key factors banks use to determine how much they’ll lend you.
For example:
An extra $3,000 per year in income might allow you to borrow $40,000–$50,000 more. That could be the difference between affording a two-bedroom apartment and a three-bedroom townhouse.
Before asking, take a good look at your current role and contributions. If you’ve taken on more responsibility, worked longer hours, or haven’t had a pay review recently, it might be time to start the conversation. Even a modest raise could have a major impact on your mortgage application.
If a raise isn’t on the cards, consider other income streams. Could you take on contract work, start a side hustle, or rent out a spare room? Just remember—banks need to see at least six months of consistent income to count it toward your loan application, so start early.
4. Start Living Like You Already Own a Home
One of the smartest ways to prepare for homeownership is to act like you already own the house.
That means:
Saving regularly—as though you’re making mortgage payments
Budgeting for rates, insurance, and maintenance
Tracking spending so you understand your cashflow
Avoiding new debt that could hurt your borrowing power
This not only builds good financial habits but also gives lenders confidence that you’re ready to handle mortgage repayments.
If you want to take it to the next level, consider using a budgeting app like PocketSmith to help track your progress. The better you understand your finances, the stronger your application will be.
Build the Foundation Early
Getting mortgage-ready isn’t about waiting until you’ve found the perfect home and then scrambling to get your paperwork in order. It’s about building the strongest financial base possible so that when the time is right, you’re ready to move quickly—and with confidence.
Start with your credit report. Check your KiwiSaver. Take a fresh look at your income. And start living like a homeowner now.
You don’t need to have it all figured out yet. But every small step you take today brings you closer to the keys in your hand.
Mortgage Lab’s mission is to be the digital town square for financial decision-makers to gain knowledge about their current and future mortgage. Follow us on Facebook and LinkedIn or subscribe to our newsletter to be notified of our latest articles.