Applying for a home loan can feel like a big task, especially if you’ve never done it before. You’ve saved your deposit, you’ve got your eye on a property, and now you’re ready to talk to a lender. But before any bank or lender can give you a formal approval, they need to understand your full financial picture.
At Luminate Financial Group, we help hundreds of first-home buyers through this process every year. One of the first things we help our clients do is get their documentation in order. Having the right documents ready from the start can speed up your loan approval, reduce stress, and give you a real advantage when the right property comes along.
In this guide, we’ll walk you through exactly what documents you need for a mortgage application in New Zealand and why each one matters.
Why Lenders Need Documentation
Banks don’t just hand out home loans based on income alone. They need to assess your overall financial position, your ability to repay the loan, and your stability. This means looking at your income, spending habits, savings, existing debts, and long-term financial commitments.
Providing full and accurate documentation helps the lender:
- Confirm your identity
- Verify your income
- Understand your current financial commitments
- Assess whether the loan is affordable and responsible
- Comply with legal lending obligations
The better prepared you are, the smoother the process will be.
1. Proof of Identity
To start, you’ll need to provide verified ID. This is a legal requirement under anti-money laundering (AML) and Know Your Customer (KYC) regulations.
Most lenders require:
- A valid New Zealand passport or driver licence
- A secondary form of ID if your primary isn’t a passport (for example, birth certificate or 18+ card)
- Proof of address, such as a utility bill, rates notice, or bank statement
If you’re applying with a partner or joint applicant, both people will need to provide these documents.
2. Income Verification
Next, lenders need to confirm how much you earn and whether your income is stable and ongoing.
If you are a salaried or wage earner, you’ll typically need:
- Your last three payslips
- A summary of earnings from Inland Revenue
- A letter of employment confirming your role, start date, and income (sometimes required)
If you are self-employed, you’ll need more detailed financials, including:
- Your last two years of business financial statements
- Two years of IR3 tax returns
- A summary of earnings from Inland Revenue
- Business bank statements if requested
- Sometimes a letter from your accountant confirming trading history and expected income
For contractors, commission-based earners, or those with variable income, additional documents may be required to show consistency and ongoing work.
3. Bank Statements
Lenders will usually request your last three months of bank statements for both your everyday accounts and savings accounts. This gives them a clear picture of your spending habits, lifestyle, and savings behaviour.
They’ll be looking at:
- How much you spend each month
- Whether you live within your means
- Your regular bills and financial commitments
- Any overdrafts or dishonoured payments
If you have joint accounts or shared expenses, those accounts should be included as well.
4. Statements for Loans, Credit Cards, and Buy Now Pay Later Accounts
Lenders want to know about any existing debts that may affect your ability to repay a mortgage. You’ll need to disclose and provide details for:
- Credit cards, even if paid off each month
- Personal loans
- Car loans
- Hire purchases
- Buy Now Pay Later accounts such as Afterpay, Zip, or Laybuy
Provide recent statements showing your current balances, credit limits, and repayment history. If you’ve recently paid off a loan, bring proof that the account has been closed.
5. Proof of Deposit
If you’re using savings, gifts or KiwiSaver, you’ll need to show where your deposit is coming from and that the funds are available.
Most commonly, you’ll need:
- Bank statements showing your savings history
- KiwiSaver balance or withdrawal confirmation
- A signed letter from anyone gifting funds, along with their ID and proof of funds
Lenders want to see that your deposit is genuine, available, and not borrowed.
6. Living Expenses and Budget Details
All lenders must assess your actual living expenses as part of responsible lending obligations. You’ll be asked to break down your spending in categories such as:
- Rent or board
- Utilities including power, internet, and water
- Groceries
- Transport
- Insurance
- Subscriptions
- Childcare or school costs
At Luminate, we help clients build a realistic budget that reflects their lifestyle. This ensures your loan is manageable and helps the lender understand how your finances operate day to day.
7. Property Information (Once You’ve Found a Home)
Once you’ve found a property and are applying for final approval, you’ll need to provide:
- A signed sale and purchase agreement
- A property valuation if required
- LIM report or builder’s report if requested
- Rental appraisal if the property is an investment
If you haven’t found a property yet, that’s not a problem. We can still arrange pre-approval based on your financials and add the property details later.
8. Additional Supporting Documents
Depending on your situation, the lender may also ask for:
- A tenancy agreement if you earn rental income
- A separation agreement if you’ve recently gone through a relationship split
- Trust deeds or company details if you hold assets through another entity
- Guarantor documents if someone is supporting your application
Not everyone will need these, but it’s good to be aware of what might be requested.
How Luminate Makes It Easier
At Luminate Financial Group, we understand that gathering documents can be stressful — especially if you’re doing it for the first time. That’s why we guide you through the process, provide a personalised checklist, and manage the communication with the lender on your behalf.
If your documentation reveals gaps or spending patterns that could affect your approval, we help you create a plan to fix those issues and get mortgage-ready as quickly as possible.
Final Thoughts
Getting your documents in order is the first real step toward owning your home. With the right paperwork and expert guidance, the home loan process becomes a lot simpler.
When your documents are ready and complete, your application moves faster, your approval is stronger, and you’ll be in a great position to act when the right home becomes available.
Want a personalised document checklist based on your goals?
Book a free First-Home Planning Session today.
We’ll review your situation, show you what’s needed, and help you take the next step with confidence.
Visit www.luminate.co.nz | Email askus@luminate.co.nz | Call 0800 333 400
