As the link between lenders and borrowers, mortgage advisers help their clients identify the right home loan with interest rate and terms to fit their financial situation. With access to a panel of lenders, they can shop around for the borrower and match them up with the right lender. If you haven’t already worked with a mortgage adviser, and you’re unsure just how they can help you, start by asking your mortgage adviser these three questions.
1. Which lenders do you work with?
New Zealand’s property market – and the financial services industry – is complex and challenging, particularly if you’re a first home buyer. Many people are unsure which lender to approach when applying for a home loan. Do you go to your everyday bank? Or shop around?
As lending criteria can differ quite vastly from lender to lender, it’s important that you approach the right lender in the first instance. That way your application has more chance of success. By working with a mortgage adviser, you have access to a large and varied panel of lenders. But even more important, through their own experience and knowledge, mortgage advisers understand which lenders fit certain types of borrowers and can match you up with the right one.
Likewise, mortgage advisers that work with both bank and non-bank lenders – like building societies – are able to offer more choice when it comes to financial products, often having more success than if you were to approach your bank directly. That’s because mortgage advisers understand what lenders are looking for in an application, and can ensure appropriately customised application is presented initially.
A professional mortgage adviser will also spend time with you to understand your unique requirements and lifestyle, and then help identify key features, loan terms and loan benefits that fit you. As the mortgage industry is an ever changing one, it’s important you work with a mortgage adviser who keeps up with changes to policy and loan products and understands the current property market.
Mortgage Express advisers work with a panel of lenders from both the banking and non-banking sector.
2. What services do you offer?
From first home buyers to property investors, and all things property-buying-related in between, mortgage advisers expertly guide their clients through the mortgage maze, helping them understand the processes and make informed decisions that benefit their financial future.
Whether you’re just starting out on the property ladder, a homeowner looking to refinance or refix your existing home loan, or a property investor growing a property portfolio, working with a mortgage adviser – like Mortgage Express – puts you in the strong position possible, armed with knowledge to make good financial decisions.
At Mortgage Express, our advisers can assist with advice around home loans, refinancing, top ups, and some even assist with insurance advice.
3. What documents do I need to apply?
Before you meet with a mortgage adviser, it’s a good idea to get all of your documentation in order. Here is a list of some of the documents you’ll need to proceed with a mortgage application:
- Proof of identity – passport or drivers licence.
- Proof of income – payslips, financial statements, bank statements.
- Debt and other expenses – any debt like other mortgages, car loans or credit cards.
- Your deposit – KiwiSaver funds, savings and investments, family guarantee.
The more organised you are, the quicker it is to put together an application. And in today’s heated property market, it’s vital you move ahead quickly so you don’t lose out.
Mortgage Express has advisers throughout New Zealand. To find someone in your region, check out our list of advisers. And contact us directly if you have questions about working with a Mortgage Express adviser.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Mortgage Express Limited for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication.