PHOTO: Bank and mortgage experts share their top tips for prospective home buyers. Photo credit: GettyImages.

Changes to the Credit Contracts and Consumer Finance Act (CCCFA) mean bank statements are going under the microscope, mortgage experts say.

From December 1, lenders are required to actively review information provided in more detail, to ensure they understand a borrower’s circumstances before approving a loan. Lenders will need to ask more questions, Banking Ombudsman Nicola Sladden said, advising borrowers to “allow time, “be prepared” and “be clear”.

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Tightening of credit availability making it tougher for home buyers

For new borrowers wanting to put their best foot forward, Newshub asked a group of mortgage advisers, along with ANZ and Kiwibank, to share their top tips.

David Windler, co-founder of The Mortgage Supply Company, told Newshub most banks are already operating under the new CCCFA guidelines. As the level of evidence required around affordability will increase, this makes the loan application process more complex and time consuming.