What this means for you
The CCCFA changes affect the way we assess and process lending applications. So if you apply to borrow money from us, say for a home loan, we’ll need to:
- Collect and verify detailed information about your income, debts and expenses
- Ensure what you’re applying for is affordable for you.
This will require some extra checks when we're processing your application, so the process will likely take longer. By doing these checks, we're trying to make sure that you'll be able to comfortably make the required repayments along with any other regular expenses you have.
Preparing to apply
If you apply for a home loan, credit card, personal loan or overdraft with us, you’ll need to provide more information than you might have done previously, even if you already bank with us.
- Please be prepared to share details of your income, debt and expenses
- In most cases we'll ask you to supply three months worth of bank statements.
You may also need to supply pay slips, IRD statements or other information. If you bank with us and use a Kiwibank account for all your income and expenses we'll already have some of these details.
Expected processing times
The extra checks we’ll carry out will make the application process longer and may initially increase wait times - we’re doing our best to reduce how this impacts you.
If you're applying for a home loan, credit card, personal loan or overdraft, we suggest applying as soon as you can to allow plenty of time for these extra checks. It's also a good idea to make sure you have the required income and expense information handy, including your recent bank statements.
What happens if your application isn't approved
If one of our ways to borrow isn't right for you at this time, we can work together to help find a suitable and affordable option for you.
It might even be a good time to consider making a money plan, creating a budget, or you could take a look at our tips to help you get on top of your debt.