Scheduled maintenance is planned for June 13 at 4pm, during which time the site will be temporarily unavailable.
The Christmas and New Year period brings slower turnaround times across all banks. If you're planning to buy a home, refinance, or attend summer auctions, here’s how to stay ahead and avoid delays!
To ensure your application is processed before banks close for the holidays, we recommend submitting your full home loan application to us by early December. This gives us and the lenders time to review your documents before reduced staffing begins.
Applications missing key documents often get pushed to the back of the queue. To keep things moving:
- Double-check your income and ID documents
- Include all requested financial statements
- Respond quickly to any follow-up questions
Ask us if you are unsure about any of the above. No question is too silly!
If you're planning to buy over the summer or attend auctions, pre-approval is essential. It gives you confidence, clarity, and helps us act fast when you find the right property. We can help you get your pre-approval. We suggest you start this as soon as you can to avoid delays.
Overspending during the festive season can affect your borrowing power. Avoid opening new credit accounts or maxing out your credit cards. Banks assess your debt-to-income ratio, and holiday splurges can tip the balance. Stick to your budget and keep your credit profile strong.
If you settle your home purchase before 31 December, you may be eligible for tax deductions on mortgage interest and property taxes. It’s a smart way to start the new year with some savings. Talk to our advisers about your own situation.
Fewer buyers means less competition, and sellers listing during the holidays are often motivated to close quickly. This can lead to better deals or more favourable terms, especially if you’re pre-approved and ready to move.
Banks will be closed on:
- 25–26 December (Christmas and Boxing Day)
- 1–2 January (New Year’s)
Most resume normal service from Monday 5 January, but expect slower processing until mid-January.
The office will be closed from 5pm on Tuesday, 23 December, and will reopen at 8am on Monday, 5 January. A limited staff will be available during this period.
To make things easier, here’s a checklist of the documents you’ll need:
- Valid ID (e.g., passport or driver’s licence)
- Proof of address (e.g., utility bill or bank statement)
- Income verification (recent payslips or tax returns)
- Evidence of deposit (bank statements or savings)
- Property details (sale agreement or listing)
- Details of current liabilities and monthly expenses
Want to find out how much you can borrow, get a pre-approval or apply for a loan?
Book a free mortgage consultation with our team today to avoid missing out this summer.
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures: https://www.velocityfinancial.co.nz/disclosure-statement.
This article was written by Shona and peer reviewed by our financial advisory team.
Disclaimer: Shona is not a financial adviser. The above is generalised information that has been peer-reviewed by the Velocity Financial Advisory team. As always, before you make any financial decisions, discuss your situation with an adviser from Velocity Financial, and seek advice from professionals, such as a lawyer and accountant, to find the best solution for your unique situation.
About Shona: Hi, I’m Shona, the communications and marketing support person for Velocity Financial. Designing effective communications in a complex industry such as Finance is a worthy challenge. Finding ways to bridge gaps between complex financial information, and the everyday needs of people trying to navigate that world through informed choices, is something that I relish. I love deciphering and disseminating the expert knowledge and ideas of our clever team, into simple messages that speak directly to our clients, who are hungry for more knowledge and better understanding (like me!). In my outside life, I am a keen photographer and, like others in the team, I have a passion for the outdoors, hiking and mountain biking. I also train in martial arts and have been known to wield a sword on occasion.