A house is often the biggest purchase of our lives, and mortgages (also called home loans) are typically our biggest financial commitment. Choosing the right home loan and repaying it quickly can save thousands of dollars.
Mortgages – Bank or Mortgage Broker?
A mortgage broker is an intermediary, linking the borrower like you, to a lender, which is usually a bank or building society. Your mortgage broker manages the application on your behalf, researching deals, talking with lenders and taking the burden off of you.
When it comes to mortgages and anything home loan-related, our lending staff have the know-how. For starters, you have more choice and you don’t need to do all the running around – we take care of all aspects of the application process and our application form is accepted by all of the lenders.
First home loan buyers or a second mortgage, we’re up to date with which bank prefers which type of deal and what type of client – ensuring every situation the best chance for approval.
The fact is that one lender may lend you thousands of dollars more, on the same day given the exact same circumstances, than another lender. A good mortgage broker will make sure that they have an overview of which lender will meet your requirements on any given day.
A competent home loan broker also knows how to present your application to ensure it has the best chance of getting approved.
And of course, typically our mortgages service is free as the lender pays us for the work we do on your behalf. Non-bank lending and other specialty loans may attract a nominal fee.
6 key reasons to use a mortgage broker
- Save money – With access to 100’s of financial products and direct bank contacts, we can source, negotiate and structure the most suitable home loan for you, which can save you thousands over the course of your home loan.
- Receive guidance & advice – The New Zealand lending market has a wide variety of lenders; including banks, credit unions, building societies and mortgage managers. we can guide you through their jargon-filled landscape, to not only help you find the right home loan but to also help you learn along the way.
- Save research time – Contacting banks and comparing loans online can take time. we have the software, bank contacts and systems in place to quickly filter through the loan products meaning you don’t have to. In addition, we get to hear when new offerings will become available.
- Avoid the paperwork – I will complete all the necessary paperwork (apart from signing them) and coordinate settlement between the lenders, conveyancers, settlement agencies, real estate agents, builders, etc… making life much easier for you.
- Long-term peace of mind – Our mortgage brokering team are always here to help; whether it questions about your home loan, ongoing home loan suitability checks, market updates… We’re here to help. And remember, all this typically at no cost to you.
- Avoid any hazards and pitfalls – Many products on the surface seem to offer a great deal. But under the surface, they may include penalties, fees and charges that aren’t obvious. We can help you avoid signing up for mortgages that you may later regret.