If you are looking to purchase a new home to live in or to eventually retire into we can help you achieve your goal.

The important things to know:

• With a Registered Valuation, we will lend a maximum of 80% of the value (after the chattel value has been deducted).
• If you supply a City/District Council valuation we will lend a maximum of 70% of the capital value shown.
• You may apply for pre-approval if you have not yet selected a property.

Fees and costs will apply.

We can help you finance the purchase of land.

The important things to know:

• We will only finance land when the intention is to build a home in the future.
• We will NOT finance land used for farming of crops or animals.
• With a Registered Valuation, we will lend a maximum of 70% of the value of bare serviced land.
• If you supply a City/District Council valuation we will lend a maximum of 60% of the capital land value shown.
• If you are purchasing unserviced land we will only lend 50% of the value shown by either a registered valuation or a City/District Council valuation.
• You may apply for pre-approval if you have not yet selected a property.

Fees and costs will apply.

If you are looking to build a new home this is an exciting and stressful time. We are here to make the process as easy as possible.

The important things to know:

• With a Registered Valuation, we will lend a maximum of 70% of the value on bare land.
• Once the build has begun we will lend a maximum of 80% of the actual value at the date the valuation is completed.
• If you supply a City/District Council valuation we will lend a maximum of 60% of the land value shown.
• We will NOT lend on a projected value at completion.
• Fees and costs will apply.

How does the lending process work for a build if you are purchasing the land and then completing the build?

1. Determine what type of valuation you need to supply at the start in order to purchase the land and start the build.
2. Provide the valuation to Anglican Financial Care.
3. Inform us of the settlement date for the land purchase.
4. Determine the amount of money you require at settlement and let us know.
5. Provide progress valuations throughout the build to support additional drawdowns as more money is needed. 

If you already own the land and wish to start building?

1. Determine what type of valuation you need to supply at the start in order to have enough to start the build.
2. Provide the valuation to Anglican Financial Care.
3. Determine the amount of money you require at the start and let us know when you would like to draw down the first installment.
4. Provide progress valuations throughout the build to support additional drawdowns as more money is needed. 

We accept applications for refinancing your mortgage from another lender.

The important things to know:

• It is important with a refinance that you speak with your current lender about fees and costs they will charge.
• Unlike purchasing a property, there is no traditional settlement date. You should discuss with your lender when they can complete the paperwork to discharge their current mortgage. It is important to sort this out as documents are prepared for a certain day. If your lender changes the date, higher lawyer fees will apply.
• With a Registered Valuation, we will lend a maximum of 80% of the value of a property (after the chattel value has been deducted).
• If you supply a City/District Council valuation we will lend a maximum of 70% of the capital value shown.
• Fees and costs will apply.

If you have not found a property or would like to be able to “shop” knowing what your approval limit would be,  you can submit a pre-approval application.

The important things to know:

• Pre-approvals limits are based on income.
• When you choose a property, you will need to supply a valuation which supports the requested lending. Depending on the value of the property you choose, you may not receive the full amount you were approved for.
• Pre-approvals last for 6 months. 
• You can apply again if your pre-approval period expires before you find a property to purchase.
• You will select an interest rate once you have a found a property and a settlement date is set.
• Fees and costs will apply.

Here are some examples showing which valuation you will need to supply depending on your circumstances.

Buying a new home

Example 1

Tim and Teuila have found the home they wish to purchase. The price is $575,000. They have $200,000 for a deposit. 

The council valuation for the property shows a capital value of $510,000. We will lend up to 70% of this amount which is $357,000.

$357,000 from us, plus the $200,000 they have gives them a total of $557,000. This is not enough to purchase the property so Tim and Teuila will have to supply a registered valuation in order to get the money they need to purchase the property.

Refinancing a mortgage

Example 1

Wayne and Emma want to move their bank mortgage to Anglican Financial Care

They need $178,000 to pay off their existing mortgage with the bank. They also want to do a few home improvements which they estimate will cost around $50,000. This means they need total lending of $228,000.

The council valuation shows the property has a capital value of $663,000. We will lend 70% of this amount. With this valuation, we would lend a maximum of $464,100. This more than covers what Wayne and Emma want to borrow so they do not need to arrange or pay for a registered valuation.

Buying land and building a home

Example 1

Rangi and Anahera want to purchase a plot of land and build a home. They have selected the land and have $110,000 for the deposit and the start of the build. The land price is $210,000. The builder of their home wants an initial deposit of $40,000 to start the build.

The land they want to purchase has a council value of $185,000. This means the most they can borrow on this valuation is $129,500. 

$129,000 plus the $110,000 Rangi and Anahera already have gives them accessible funds of $239,000 if they use the council valuation.

$239,000 minus the cost of the land leaves them with $29,000. This is not enough to cover the initial payment the builder requires to start the build. 

In this case, Rangi and Anahera have two options.

• Purchase the land using the council valuation and then arrange for a registered valuation once they are ready to begin the build; or
• Arrange for a registered valuation before settlement which would allow them to purchase the land and pay the builder the initial deposit.

Example 2

Amy owns a plot of land and is ready to start building her dream home. 

The builder wants $40,000 in order to start the build.

The land she owns has a council value of $200,000. This means the most she can borrow on this valuation is $140,000. 

Amy also has $50,000 set aside to put towards the build.

Since Amy has enough set aside to start the build process, and the council valuation will allow her to borrow up to $140,000 she does not need to worry about getting a registered valuation at the start. She can wait until later and supply one when she is getting near the end of her $140,000 limit from the council valuation.