Moneyworks NZ now have a fully accredited Mortgage Broker. Carey Church is licensed to assist you and your family and friends with managing and arranging and structuring your mortgages.
Carey is supported by Paul Swarbrick, Client Relationship Manager - who has in excess of 20 years experience in providing people with assistance in organising and managing their mortgages.
As the 'accredited' person, Carey will assist all our clients with the advice component, whereas Paul will be the day to day contact to help you fulfil all the requirements and will be the main liaison person between you and the lenders.
How can we assist you?
1. Arranging a new or refinanced mortgage on your property (ies). Our goal is to get you the best mortgage arrangement for your situation at the time.
2. Negotiating rates when you re-fix your mortgage. (You don't have to have dealt with us originally, we can take over the relationship and do the negotiations for you.)
3. Negotiating the fees that you pay to take out or fix or refix your mortgage. Normally, we can arrange for the transaction to be done with no fees. In some special circumstances (if you are a really good proposal to the lender) we may even be able to get the lender to offer you money to move your mortgage to them!
How much does it cost you?
Nothing. We are paid a commission or a fee from the lender. This rate does change depending on the market, but we are happy to let you know how much we will earn. It is also outlined in Carey's disclosure document. We also get paid a fee of $150 from each lender when we act on your behalf to re-fix or fix your mortgage with them.
Changes to mortgage offerings over the years
Most people have a mortgage during their life - often to purchase their family home. As you become more financially stable, you may have a mortgage or loan that is associated with an investment property or a business. We can assist you with all your core property related lending requirements.
Traditionally the relationship that you have with the lender has been a key factor in how you are treated. However, these days, as with other relationships, this is a minor part of lenders decision making.
The factors that lenders take into account now revolve around how they perceive you. As a mortgage broker, we add value by making things easy for you, but also in ensuring that your situation is clearly presented to the lender - to get the best offer available to you.
What are the important factors that lenders consider when they are making you an offer?
All lenders have 'carded' rates. These are the rates that a 'standard' person is likely to pay on their mortgage.
If you are more risky than a 'standard' person, the rates that the bank offer you might be higher. For example, if your Loan to Value Ratio (how much of the value of the property you are borrowing) is high (over 80%) you may end up being asked to pay more than the 'standard' rate. If you are borrowing for business or commercial purposes, you are usually going to pay additional interest over and above the 'carded' residential rate.
But, if you are a 'good risk' for the lender, you may be able to get lower interest rates than the 'carded' rates.
These are some of the factors that may act in your favour:
- If you have a low Loan to Value Ratio (eg, your debt is worth say 50% of the total value of your properties.)
- If you have a good regular income.
- The ratio of mortgages that are being paid off (principal and interest) as compared to interest only.
Our job as your mortgage broker is to ensure that your situation is presented in the best light to the lenders.
We prefer to deal with mainstream lenders (the big banks), but every now and then, your situation may be such that a non mainstream lender is more relevant to your situation.
So, how do you get started?
Just email Carey or Paul right now, and Paul will be in touch to find out more about your situation, so that we can start the process. mortgages@moneyworks.co.nz.
If you have friends or family or colleagues that could benefit from our mortgage broking service, get them to get in touch with us too, but please get them to tell us that you referred them!
If you have any thoughts or opinions that you would like to share, visit us at our Twitter, Facebook or Linked In pages, and comment.
For more blog entries that you might be interested in:
Fix or Float – decisions around your mortgage structure
8 Tips on arranging your mortgage and reducing your interest cost
New rules for borrowing money to buy a house – what does it mean?
House Insurance- Probably the most important financial issue for you in the next year
By Carey Church
