If you need to get a home loan, you can apply directly with your bank, consult a mortgage broker or shop around for a loan yourself. Many Kiwis go with a major bank as it seems the easiest, however, it’s well worth exploring what deals are available to help you pay off your mortgage sooner and minimise ongoing costs.
Mortgage Masters has extensive experience when it comes to finding a home loan Auckland buyers are most suited to. Below we look at home loan requirements NZ and how an independent broker can help you find a mortgage with minimal interest payments, fees and terms and conditions that best suit your circumstances.
Do Mortgage Brokers Get Better Deals?
If you can meet the deposit requirements, have good credit history and prove a stable income, there’s a good chance you’ll be able to get a home loan approved fairly quickly with your current bank. You still may not be getting the best deal you could be getting, however.
Brokers can find the best rates and lowest fees for your specific circumstances including features like fixed, variable and split rates and offset accounts. You can be certain you’re getting the best discount, while saving time and money, by avoiding applications for multiple lenders. If your bank does offer the best deal for your circumstances, your broker will know and recommend them.
Can I Get a Home Loan with Bad Credit?
Independent mortgage brokers can help find a home loan Auckland buyers with bad credit or income issues are still eligible for. Certain brokers specialise in finding lenders for people who have been rejected by the bank, including first home buyers. The interest rates can be a little higher to compensate this.
After a few years of repayments, you may be able to refinance and get a better deal, as you’ll have improved your credit rating. Some lenders also provide ‘near prime’ mortgages. These loans have interest rates comparable to the big banks, but with broader lending criteria so people with bad credit can still get a home loan.
Avoid Declined Applications
Applying for a loan you don’t qualify for is a hassle and leads to unnecessary enquiries on your credit file. Home loan requirements NZ home buyers are subject to vary. It’s difficult to understand complex loan situations and how to assess them, as well as independent mortgage brokers. For example, getting a mortgage to buy commercial property requires the understanding of a whole different set of eligibility requirements.
Brokers understand a range of lenders and products and know how to find an appropriate one for each client, ensuring you only apply if we are sure you’ll get approved. We can also identify policy exemptions and negotiate on your behalf. Using a mortgage broker is free so there’s no need to be concerned about incurring additional costs. The lender pays the broker commission for finding them business.
Get a Free Consultation with Mortgage Masters
Whether you need a mortgage to buy commercial property or have bad credit and need help finding a loan, the team at Mortgage Masters can help. Find out more by contacting us for a free consultation.