New Zealand is not just full of sheep – it is a great place to live and with plenty of experienced people like the New Zealand mortgage brokers at North West Mortgages.
When you are ready to buy a home in New Zealand, refinance a home loan or if you just want to change banks you have two choices:
1. Go direct to the banks yourself
2. Find a New Zealand mortgage broker to do it for you
The question that you should be asking is why you would deal with the banks yourself when there are plenty of New Zealand mortgage brokers able to help you?
The team at North West Mortgages Limited have the experience to ensure that you get the right advice and most importantly the right mortgage.
Go Direct To The Banks
You can research the banks and lenders yourself, visit the bank and discuss your situation with them and then provide the information required so that they can approve a home loan for you.
Of course this can be frustrating at times as the banks all have different criteria and processes so you may have to visit a few banks before you get a home loan approval that you want.
Some people know that the bank will approve their loan and therefore think the process is easier than going to a broker and sometimes this may be true as the bank may already hold security on your property and also have access to all your banking records.
What you don’t get by going to the bank yourself is the knowledge that you are getting the best options and bank rates. The loans officer may appear to be working in your best interests, but really they are working for their employer (the bank) and are trying to hit their own targets so they get their bonus.
Using New Zealand Mortgage Brokers
Most New Zealand mortgage brokers have access to a number of banks and therefore should be able to offer you a home loan to suit.
Most mortgage brokers these days have a process that they have to follow which starts with collecting your information and discussing exactly what you require now and in the future. The broker will then verify the information (check income, property values etc) then input this into the software package so they can properly assess and compare how the different lenders would treat the application.
Once satisfied with what can be done, the mortgage broker will submit your application to the appropriate lenders and get a written approval or loan offer for you.
Good mortgage brokers will know if the bank is offering a good deal and if not will go back to the bank and negotiate on your behalf. A good deal is more than just the best interest rate and should also include how they will structure the loan, what security they are asking for and giving a flexible structure so that you can pay of the mortgage earlier and therefore cut years off your mortgage and save you thousands of dollars.
How To Find A Mortgage Broker
Most mortgage brokers in New Zealand do not have large marketing budgets and therefore you do not see big advertisements and billboards promoting them.
Instead most mortgage brokers get their clients from word of mouth referrals or from people who search the internet for a New Zealand mortgage broker. Some people may see an advertisement or look up the traditional phone book but this is now not as common as it once was.
A mortgage broker’s reputation is very important to them.
Getting a home loan or refinancing is not a service that is used all of the time, the mortgage broker will generally like to build relationships with real estate agents, solicitors and accountants who will be talking with potential clients on a more regular basis. These professionals will generally only use a mortgage broker if they do a good job for their clients so you know that if you are referred a mortgage broker they should be a good mortgage broker.
The internet is becoming much more important as a marketing tool for mortgage brokers, but it is also a great place to publish information that may explain details about the different home loans and to explain what a mortgage broker does.
Where To Find A Top New Zealand Mortgage Broker
You have a choice – you can find a mortgage broker or go to the bank yourself.
A mortgage broker should be able to give you better choice of lenders, better advice on how to structure your mortgage and knows how to make sure you get the best deal. In most instances mortgage brokers get paid by the bank and therefore are a free service to you.
Stuart Wills has a great reputation as a New Zealand mortgage broker that knows how to help people living outside of the country source a home loan from one of the major banks or a non-bank lender if that suits you better.
So ask yourself now why you wouldn’t use New Zealand mortgage brokers?
