Home loans adviser pack - NZCU Baywide
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Home loans adviser pack
NZCU Baywide credit union balances our social and commercial purpose.
We re-invest our profits to improve services for our members.
Since 1971 we’ve been helping kiwis with better everyday banking.
It’s that simple.
100% Kiwi Customer-owned Not-for-profit
Competitive commission for low deposit home lending
All eligible applications qualify for a commission of 40 basis points. A bonus of 10 basis points is currently available,
providing a total commission payment of 50 basis points.
Why our home loans?
Flexible low deposit home loans Great commissions
First home buyer focus Fast turnaround
Credit Union Baywide trading as NZCU Baywide. Terms and conditions and normal lending criteria apply. A $500 approval fee and other fees apply for home lending.
NZCU Baywide is proud to be a credit union and not a registered bank.
Loan application checklist
A complete and accurate application can mean a faster approval and money with your customer sooner.
Please email information below in your application pack and CC in your BDM to:
• onlineloans@nzcubaywide.co.nz for personal loans
• enquiries@nzcubaywide.co.nz for home loans
1. Signed application form and disclosure
2. Photo ID either
a) NZ driver licence - front and back or b) Passport
3. Bank statements of ALL accounts for the last 3 months
4. Signed Sales and Purchase Agreement (Home loan applications only)
Additional information may be requested during the assessment process including but not limited to below.
- Foreign passports, must be certified by a JP
- Non NZ citizens, copy of Permanent Resident Visa
- If self employed, last 2 years financial accounts and last year’s IRD summary
Why NZCU Baywide?
Personal loans: Home loans:
• Unsecured personal loans up to $50k • 90% LVR (loan to value ratio)
• Up to 7 year term • First home buyer specialist
• Great commissions
nzcubaywide.co.nz 0800 229 943
Terms and conditions and normal lending criteria apply. A $500 approval fee and other fees apply for home lending. A $250 approval fee and other fees
apply for personal lending.
NZCU Baywide is proud to be a credit union and not a registered bank.
We specialise in
first-home buyers!
Home loan policy guide
Term Maximum 30 years P&I only
Maximum LVR Owner-occupied 90%
Investment property 60%
Approval fee $500
Repayment frequency Weekly, fortnightly, monthly
NSR maximum 95%
NZCU Baywide will lend to Deposit criteria
Personal customers (i.e. not commercial entities or trusts). Savings, gifted or KiwiSaver.
Applicants aged 18 years and over, NZ Citizens and
Permanent Residents. Next of kin
Applicants with a credit score above 250. All applications require name, address and phone
details of two relatives or close friends who reside in NZ
Identification but are not living with the applicant.
Photo ID is required – a current NZ driver licence or passport.
For foreign passports we require a colour copy, certified by
a JP. Home loans are available for property purchases
in all areas of NZ, with some restrictions in
Credit check Greater Auckland and Hamilton City.
A credit check is required for every application.
A privacy waiver covering each individual applicant and/or
guarantor must be obtained. If an applicant’s Credit Bureau
Score is below 250 it is unlikely to be approved.
Loan policy guide pg 1 of 2
Current as at 27 July 2020
Acceptable income and verification
Income source Verification requirements
Salary and wages (including bonus or overtime Bank statements showing wages credited to account, a minimum of
income) three most recent pay periods; or recent payslip confirming annual
income; or most recent IRD tax assessment/return.
Seasonal workers A year-end payslip or two years tax statements.
Casual workers 12 months with the same employer and a tax summary showing 12
months history.
Government benefits (job seekers, sole parent, Acceptable if it’s clearly a permanent source of income.
sickness, NZ super, ACC)
Family Assistance (working for families, disability) Acceptable for children under 13.
Rental income - scaled at 75% Evidence of regular payments to account.
Boarder income - scaled at 50% Evidence of regular payment to account (not cash). Boarder must not be
a family member. Maximum of one boarder.
Self-employed/business income Last two years financial accounts prepared by an
accountant. For non true trading entities (e.g. IT contractor), IRD returns
are acceptable for the past two years.
Unacceptable income
• Student allowance
• Child support
• Irregular income
• Income received in cash
• Non-permanent benefits e.g. temporary accommodation supplement
Shared expenses
Where an applicant is in a de-facto relationship or married, the application is to include all joint liabilities (ie no halving of
loans or repayments, the full liability is required).
Other requirements
For vehicle loans, the applicant can hold a NZ learner, restricted or full driver licence.
Full insurance, with the interest of NZCU Baywide noted on the policy, is required when an asset will secure the loan.
This is a summarised version of NZCU Baywide lending policy. NZCU Baywide reserves the right to amend or introduce new policy requirements. Terms and
conditions and normal lending criteria apply. A $500 approval fee and other fees apply for home lending.
Loan policy guide pg 2 of 2
Current as at 27 July 2020
Home loans - interest rate matrix
We assess the applicant’s risk profile and servicing capacity to provide a Comprehensive Credit Reporting score. This score is
then aligned against the LVR% to provide the interest rate.
LVR%
Owner-occupied home loans maximum LVR guidelines
The population of the town the home is purchased
in, can affect the maximum LVR guideline. For
Population: 10,000
Max LVR: 95%
Final approval for maximum LVR will be at the sole discretion of NZCU Baywide and dependent on the individual property and further reports if necessary e.g.
registered valuation and builder’s report. Terms and conditions and normal lending criteria apply. A $500 approval fee and other fees apply.FAQs
What is an NSR calculator? Does the customer have to visit a branch?
The Net Servicing Ratio is a measurement used to calculate No, if the customer lives near a branch they have the option
the cash available to customers after all expenses and of meeting with their lender to discuss the application and
debt is serviced. NZCU Baywide’s calculator is configured verify their identity (instead of the online process). However,
so the lower the number the better their NSR score. For this is not mandatory, it is the customer’s choice.
example, an NSR of 70% means the customer would need
70% of their income to meet all of their obligations including How will customer’s identification be verified without
servicing the new proposed debt. The NSR score is a good visiting a branch?
guide for you on the likelihood of approval and interest The Letter of Offer will include a link to an online application
rate. It is not required to be submitted with NZCU Baywide form that will require the customer to upload a photo/scan
applications. of their driver licence (front and back) and a photo of them
holding the driving licence. Once this has been received, the
How can I get your NSR calculator? customer will receive a quick call from our online team to
Contact your BDM to request a calculator or download it confirm their identity.
from here.
Are there any other conditions for a home loan?
What other information should I provide alongside the There can be, this will depend on the application and will be
application? looked at on a case-by-case basis.
As an adviser you are advocating for your customer and by
submitting the application you are providing your support Are you accepting home applications from investors?
for the deal. The application itself only includes facts and We will consider a home loan application from an investor
figures. Sometimes it’s good to get more of an explanation with a maximum LVR of 60%. A minimum 2.0% margin
of their strengths, weaknesses and background - what you above the home loan base rate will apply.
see and why you think we should approve it.
Provide diary notes with your application that include more
qualitative details such as: employment details, dependent/
custody information, liability information and account
conduct.
Looking to top-up your income? Keep your eye out for debt consolidation opportunities.
When you see any of these names pop up
on your customer’s bank statements it’s an
indication that debt could be wrapped into one
easy personal loan with NZCU Baywide.
The benefits for your customer could be:
• lower weekly repayments
• lower interest rates
• improved serviceability
It can even help them into their first home.
Variable interest rate. Terms and conditions and normal lending criteria apply. A $250 approval fee and other fees apply for personal loans.We’re here to help!
Jane Riley Andrew Webster
Business Development Manager Business Development Manager
m: 027 266 6681 m: 027 589 6331
e: janer@nzcubaywide.co.nz e: andrew.webster@nzcubaywide.co.nz
Servicing personal loans online visit nzcubaywide.co.nz for more details
e: onlineloans@nzcubaywide.co.nz
ph: 0800 229 943
Credit Union Baywide trading as NZCU Baywide. Terms and conditions and normal lending criteria apply. A $500 approval fee and other fees apply
for home lending. A $250 approval fee and other fees apply for personal lending. All variable rates, fees and returns are subject to change without
notice. The current Product Disclosure Statement, other disclosure statements and rates and fees are available on the Offer Register at disclose-register.
companiesoffice.govt.nz, on nzcubaywide.co.nz or on request from NZCU Baywide. Credit Union Baywide savings are shares secured by a first ranking
security over Credit Union Baywide’s assets.
NZCU Baywide is proud to be a credit union and not a registered bank.You can also read
