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How do I know if I’m ready to take on a mortgage?

Purchasing a home is an exciting milestone for anyone, but it's important to make sure you're ready before taking on a mortgage. Here are a few key indicators that can help you determine if you're ready to make the leap!

1. Finances First, take a look at your finances. Do you have a stable income? Are you managing your debts well? These are important factors that lenders will consider when deciding whether or not to approve your mortgage application. It’s also worth checking your credit score, a healthy credit score opens doors to better mortgage deals.

2. Savings In New Zealand, a common goal is a 20% deposit, but this can sometimes be less.

3. Employment Lenders often like to see a history of stable employment. However, if you’re self-employed or own a business, don’t let this deter you. With the right advice and guidance, you can find the best mortgage options for your unique situation.

4. Look to the Future Consider how a mortgage fits into your long-term plans. Are you planning on growing your family? Changing career? Potentially relocating? All of these things are worth assessing before deciding if now’s the time to take on a mortgage.

5. Consider the Market Take a look at the current housing market. Is now a good time to buy? Are interest rates favourable? It's important to do your research and make an informed decision before taking on a mortgage.

If you're feeling confident in your finances, lifestyle, and the current housing market, then you may be ready to take on a mortgage! Remember, a mortgage advisor can help guide you through the process and ensure that you're making the best decision for your unique situation. Good luck on your homeownership journey and if you’d like to chat further, get in touch!

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