Tackling new CCCFA loan requirements

3-4  minute read

Kiwis are being asked to provide more detail about their spending habits when they apply for a home loan. So, what’s changed and why?   

It all comes down to recent changes to the Credit Contracts and Consumer Finance Act (also called the CCCFA). These changes mean all lenders, including banks, have additional requirements around checking loan affordability. In particular, lenders now need to collect and verify specific information about a borrower’s income and expenses. So, applying for a loan can take longer and we may need to ask you to provide more details about your expenses – even if you’ve had lending with us before. 

There are a few things you can do that could help speed up the process though, which we’ll take you through here. 

How you can get ready before you apply

Finding a house and sorting your mortgage can feel like a race. To hit the ground running, try these financial fitness tips. 

Track your spending

Take a look through all of your transactions and create categories, like debt payments, living expenses (food, utilities, travel and so on) and other regular spending. Once you’ve got a handle on where your money’s going, work out what might need to change once you’ve got your loan. Remember, you may need to start paying rates and house insurance too. Many of us need to trim our spending here and there once we’re paying off a home loan. The trick is making tweaks now, so you can stay on top of things. 

Spring clean your debts

The bank needs to factor in your total borrowings. Things like credit card, store card, or buy now/pay later debt, can impact how much you can borrow. That’s because lenders need to take your total credit limits into account, including things like credit cards and store cards, even if you don’t currently owe much on the cards, or just have them for emergencies. Ask yourself if these things are necessities, if you could reduce them, or even do away with them entirely. 

Budget, budget, budget

Setting a budget is a great way to get on track, regardless of what your goal is – whether that’s getting ready to apply for a home loan, or saving for your next holiday. Not only will it illustrate where your finances are at, it’ll help ensure you’re better positioned to get things like a home loan approved. Revisiting your budget is a good habit to keep up after you’ve drawn down your home loan too. We even have a budget tool to help you out. 

Prep your application

Ensure you have 90 days of bank statements for all your accounts (including credit card accounts) that you use to pay your expenses from. If you can’t prove your income using your bank statements, we’ll need something else, like pay slips, employment contracts, etc. Please supply everything you can in electronic form – it makes the process a lot faster. PDFs are ideal. Make sure that if you have multiple accounts, you supply each account as a separate PDF. 


We’ll need your financial statements, preferably through your accountant. It might pay to give your accountant a heads-up, so you’re all set. 

Make it a habit

Going over your expenses periodically, regardless of a new loan application, can help give you a clear picture of your outgoings and the opportunity to spot where you could make easy changes. This will help put yourself in a stronger financial position.

Our ANZ Financial Wellbeing Programme is well worth a visit, as every little saving you make could make a big difference to your long-term goals. The kind of difference that might even see you enjoying a positive outcome when it comes to your home loan approval.

Important information

The material is information only and you should seek professional advice about your circumstances. While we’ve taken care to ensure the information is reliable, we don’t warrant its accuracy, completeness, or suitability for your intended use. To the extent the law allows, we don’t accept any responsibility or liability arising from your use or reliance on this information.