Mortgage

RESIDENTIAL HOME LOANS

A lot of lenders now require a deposit of around 20%, but we are still able to get some home loans done with as little as a 5% deposit. Please call us direct so that we can discuss your situation.

We can also use a guarantee from someone who is willing and has enough equity in an existing property to cover the shortfall of the deposit. This guarantee can be limited to the shortfall amount as well which protects your guarantee a little more.

If you are purchasing a second home, you may be able to use the equity in your existing home as the deposit. Equity is the difference between how much you owe and how much your house is worth.

You may be able to use existing equity in a property to purchase an investment property without a deposit. These days’ banks allow gearing of up to 80% of your properties value in most cases.

If you have an existing home loan and an investment home loan, you may be better of in terms of tax savings to pay of the loan for the property you live in first as opposed to the investment property loan. You can use an interest only loan to maximize the amount available for repayments of the property you live in.

REFINANCE

Sometimes the best option is to refinance your home loan into a new mortgage to allow you to get a better rate, consolidate debt and start afresh. Many New Zealanders with existing Home Loans also have a number of credit cards, Hire Purchase Agreements and a Car Loan. These repayments can add up to a significant amount each month and soon you have no spare cash for other essential costs or the things you enjoy.
If you were to consolidate these debts into a new home loan you would free up some cash, plus have the convenience of just one mortgage with the repayment due at the same time as your pay days.

Do you want to know how to pay your mortgage quicker?

Are you looking for the Best Rate? Contact us now.

NON CONFORMING LOANS

‘Low doc’ or ‘No doc’ mortgages

You may find it difficult to get an ordinary mortgage if you have a bad credit record, you’ve just gone into business, or you’re temporarily in trouble after a relationship break-up. In such cases, you could apply for a ‘low doc’ or ‘no doc’ loan, which get their name because you don’t have the documents for a normal mortgage application.

For:

• You can get a loan even if you don’t qualify for a standard mortgage.
• You can usually shift to a standard type of mortgage after a few years.

Against:

• ‘Low doc’ loans often have higher fees and interest rates because they have a higher risk for the lender. A $1000 application fee isn’t unusual. Depending on your background and the property you want to buy, interest rates may be close to standard, or up to four percentage points higher.
  

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ADVERSE CREDIT LOANS

If you have bad, poor or no credit record, we can help you build a case with lenders to get you a new mortgage, or cash out of your home.  We can help, whatever your financial circumstances.  Our advisers have specialist mortgage knowledge to provide solutions for clients that might not typically fit a traditional mortgage lender’s criteria.

BRIDGING LOANS & SECOND MORTGAGES

Bridging finance is a short term, interest-only loan that lets you buy a new home before you’ve sold your old one. Some lenders charge higher rates for bridging finance than ordinary loans, but many lenders charge the same. A fee of several hundred dollars may also apply.

A second mortgage is just a second loan secured against your house, usually from another lender. Some lenders charge interest rates one to three percentage points above first mortgage rates, some charge the same. Many lenders prefer to take over your whole loan rather than offer a second mortgage.

For:

• Bridging finance lets you buy a new place even if you haven’t found a buyer for your old home.
• A second mortgage can provide another source of cash if your first mortgage lender won’t allow you to extend your loan.

Against:

• The costs of bridging finance can be high if you can’t sell your old home within a reasonable time.
  

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COMMERCIAL LOANS

We can advise on the purchase or re-financing of retail, industrial or commercial property, and give you access to a range of lending options.