Mortgage
1.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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
We can also assist you with the following
·Personal Finance
·Car Finance
·Marine Finance
Tips for 1st Home Buyers:
As a first home buyer, one of the most important things to remember is to know what you can comfortably afford, and do your homework.
Here are some simple tips to help you save a deposit and get into your first home:
1. Pay off expensive debt
Higher interest debt, including credit cards and personal loans can limit how much money you can borrow. By setting a budget and paying off as much debt as possible, you’re in a better position to apply for a home loan - and to meet your repayments.
2. Sell unnecessary or luxury items
Given the many finance options available, it can be easy to enjoy the benefits of goods before paying for them. But unlike many luxury items that can decrease in value, a home is a long-term asset that generally appreciates over time. The higher your deposit, the less interest you’ll pay, so consider whether you really need that expensive car or boat and make a list of things that you could forgo until you can buy a larger asset - your first home.
3. Buy a home with other people
If you’re having difficulty saving a deposit or are worried about making home loan repayments on your own, you could consider buying a home with other people and sharing the costs. This can be a good way to get into the market, but make sure you are aware of the pros and cons and seek independent legal advice before entering into a commitment.
As an alternative, you could consider getting a flat mate. If the numbers stack up, you may be able to borrow a little more, or at least manage your repayments more comfortably.
4. Buy and rent out
If you have your heart set on buying within a more expensive area, but are unable to afford it just yet, you could buy a property in a lower-priced area with good potential, and rent it out. This can allow you to build up equity and benefit if property prices rise, to help you buy a more expensive home down the track.
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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
We can also assist you with the following
·Personal Finance
·Car Finance
·Marine Finance
Tips for 1st Home Buyers:
As a first home buyer, one of the most important things to remember is to know what you can comfortably afford, and do your homework.
Here are some simple tips to help you save a deposit and get into your first home:
1. Pay off expensive debt
Higher interest debt, including credit cards and personal loans can limit how much money you can borrow. By setting a budget and paying off as much debt as possible, you’re in a better position to apply for a home loan - and to meet your repayments.
2. Sell unnecessary or luxury items
Given the many finance options available, it can be easy to enjoy the benefits of goods before paying for them. But unlike many luxury items that can decrease in value, a home is a long-term asset that generally appreciates over time. The higher your deposit, the less interest you’ll pay, so consider whether you really need that expensive car or boat and make a list of things that you could forgo until you can buy a larger asset - your first home.
3. Buy a home with other people
If you’re having difficulty saving a deposit or are worried about making home loan repayments on your own, you could consider buying a home with other people and sharing the costs. This can be a good way to get into the market, but make sure you are aware of the pros and cons and seek independent legal advice before entering into a commitment.
As an alternative, you could consider getting a flat mate. If the numbers stack up, you may be able to borrow a little more, or at least manage your repayments more comfortably.
4. Buy and rent out
If you have your heart set on buying within a more expensive area, but are unable to afford it just yet, you could buy a property in a lower-priced area with good potential, and rent it out. This can allow you to build up equity and benefit if property prices rise, to help you buy a more expensive home down the track.