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Information On New Zealand Mortgages 

Purchasing a new property is one of the main considerations when moving from one country to another – and you need considerable funds to make it happen. We can easily help to determine how you can go about obtaining that financing.

New Zealand MortgagesWhen you are new to a country, we understand that things are different on arrival. You suddenly have no credit history or financials that will cross credit from one country to another, and there is no verification of how good your mortgage repayments were back home. If you opt for any general Mortgage Broker in New Zealand, the likelihood is that they won’t effectively assist you given your type of visa and lack of credit history in the country. Plus, your knowledge of the market in New Zealand will be limited…

To assist you, we’ve teamed up with select Mortgage Brokers who specialise in assisting migrants, like yourself, with overseas financing in New Zealand.

These Mortgage Brokers will assist you in finding the most competitive mortgage on prearranged terms that you specify to them. They will take the legwork out of the mortgage process and keep regular contact with a number of Lenders, (some of whom you may never have even heard of, in a good way). Some Lenders only work exclusively with these Brokers, so they can often locate special rates for you that only they have access to!

Your Mortgage Broker may even save you hundreds, perhaps thousands! Fees are a given when it comes to taking out a mortgage, but in some cases your helpful Mortgage Broker will negotiate with a Lender to waive certain fees. It’s always worth asking.

Need To Know

As a regulated industry, the first thing you want to determine is that your Mortgage Broker is accredited. This should be clearly displayed on their website and possibly any of their marketing material.

To keep your best interests as the focus, we recommend answering a few important questions before deciding to proceed with the specialist services of a Mortgage Broker, or working directly with a Lender:NZ Mortgage Brokers

  • What type of loan will best suit me?
  • Which loans have the lowest fees?
  • Where can I find the best interest rate?
  • How much can I borrow?

snapshot of fees and charges

Generally speaking, there are a number of fees associated with a mortgage i.e. lending fees, government fees. However, in terms of engaging a Mortgage Broker to assist you – it’s likely they won’t charge a fee. Instead they receive a commission from the Lender that you subsequently take your mortgage out with.

What To Look For:

  • Find a Mortgage Broker with a wide network to call upon, who offers to assist you through the entire process, not just the formalities.
  • No upfront costs – a Broker will normally be earning a commission from the Lender. This isn’t always the case, but something to look for.
  • The Mortgage Broker should do all the legwork for you. After all, that’s why you have engaged them.

Local Information

A Credit Advisor, or Broker, must obtain accreditation with a Lender in order to sell their products. Most Credit Advisors will become accredited with a number of Lenders, consequently they can only sell products from that list of Lenders.

Every approved Mortgage Broker in New Zealand is a member of the PAA (Professional Advisers Association) giving assurance that the broker is registered and qualified to give advice.

Mortgage Brokers do not have the ability to charge the customer a higher or lower rate, in return they obtain a higher or lower commission.

The standard home loan in New Zealand is contracted over a 30-year term.

The average New Zealand household income was NZD$85,588 between June 2010 – June 2013.