For New Zealand homebuyers, discovering asbestos in a potential property can affect both the mortgage process and overall financing. Asbestos-containing materials (ACMs) were commonly used in buildings prior to the 1980s, so many older homes may still contain asbestos. Here’s how asbestos impacts your mortgage process and what to know before buying a home with asbestos risks.
Yes, asbestos can influence mortgage approval. Lenders often require thorough building inspections, and the presence of asbestos can raise red flags. If asbestos poses a significant health risk, some lenders may hold off on approval until proper removal or remediation is completed. However, if the asbestos is in stable condition and not likely to release fibres, it may not require immediate removal.
While some lenders may not require asbestos removal for mortgage approval, it’s a good idea to consider professional removal. Removing asbestos can not only increase the safety of your home but also make it easier to secure financing and potentially enhance your property’s value. Revolve Asbestos Solutions offers safe, compliant asbestos removal to help make your property mortgage-ready.
If your mortgage includes insurance or if you’re considering insurance on your property, asbestos could influence your coverage. Insurance providers generally require properties to meet safety standards, and many may stipulate asbestos-free status in the policy. If asbestosis identified, your insurance provider may require documentation of removal or encapsulation to maintain coverage.
When asbestos is present in a property, working with professional asbestos removal experts can help make the process smoother, from mortgage approval to insurance coverage. Revolve Asbestos Solutions offers certified asbestos removal services across New Zealand, helping home buyers secure safe, mortgage-ready properties.
