A: No, we do not charge any fees as a mortgage broker. All our professional advice and services are free of charge.

A: Yes, you can. You may borrow up to 65%-70% based on the bank’s judgment of acceptable property value.

A: For freehold title apartments: if the total area is bigger than 45sqm you may borrow up to 70%. If the total area is smaller than 45sqm, you may borrow up to 50%.
For leasehold title, the maximum LVR is 50%. Also be aware that some banks will not lend on leasehold title.

A: Normally you will need to provide your Overseas Employment Certificate (showing your position and salary) and six months of recent bank statements (showing the regular salary credits). You will also need to prepare some other documents, such as an Application Form, Sale & Purchase Agreement, Registered Valuation Report, and other documents relevant to the property purchase.

A: No, but you do have to come to see your solicitor at the day of settlement.

A: (1) Fill out the application form;
(2) Broker may help you to assess your application;
(3) Prepare your loan application documents;
(4) Send all documents to the bank;
(5) Get your Letter of Offer (Pre-Approval Letter);
(6) Settle the loan on the settlement date.

A: With most types of home loans you can choose either a fixed or a floating (i.e. variable) interest rate. Revolving credit home loans and offsetting home loans have a floating interest rate.

(1) Fixed Interest Rate: A fixed interest rate will not change during the period (term) of the fixed rate that you choose. At the end of your fixed interest rate term you can either choose a new one from the rates available at that time, or change to a floating interest rate.

(2) Floating Interest Rate: A floating (i.e. variable) interest rate will go up or down as interest rates in the wider market change. You can change to a fixed interest rate at any time, although some types of loans are only available with a floating interest rate.

(3) Combined Interest Rate: Some people will split the amount they borrow between two separate loans, one with a fixed interest rate and the other with a floating rate.

A: (1) Table loan: This is the most common type of home loan. With most lenders, you can choose a term up to 30 years. Most of your early repayments pay off the interest, while most of the later payments pay off the principal (the lump sum you borrowed). You can choose a table loan with a fixed rate of interest or a floating rate.
(2) Reducing loan: Reducing or straight line mortgages repay the same amount of principal with each repayment, but a reducing amount of interest each time. These are quite rare in New Zealand. Payments start high, but reduce (in a straight line) over time. Fees are similar to table loans.
(3) Revolving credit loan: This works like a large overdraft. Your pay goes straight into the account and bills are paid out of the account when they are due. By keeping the loan as low as possible at any one time, you pay less interest because lenders calculate interest daily. You can also make lump sum repayments and re-draw money up to your limit. Some revolving credit mortgages gradually reduce the credit limit to help you pay off the mortgage.
(4) Interest-only: You pay the interest-only part of your repayments, not the principal, so the payments are lower. Some borrowers take an interest-only loan for a year or two and then switch to a table loan. Normal table loan application fees apply.

A: There are two major fees that you need to be aware of. One is the solicitor’s fee, and the other one is the Council rates (i.e. local property tax).