Around 60% of all home loans are put in place by a professional Mortgage Adviser. In today’s market the banks are fighting for everyone’s business. But, is a generous cash incentive the best reason to choose who you have your mortgage with?
We know that using a Mortgage Adviser can be a massive help when buying property. But the Commerce Commission (a government watchdog) agrees too!
They recently looked at personal banking in New Zealand and found that Mortgage Advisers could help create more competition between banks. This is good news for home buyers!
What does a Mortgage Adviser do?
A Mortgage Adviser (or Mortgage Broker as they used to be called) helps people apply for home loans, business loans, consolidating debt and more. They partner with their client to fully understand their unique financial situation, then approach various lenders on their behalf. After gathering multiple options, they provide personalised financial advice to help clients select the loan that best fits their specific needs and goals.
They know mortgages inside out. They deal with them every single day. By having a Mortgage Adviser beside you on your home-buying journey, you will have someone to guide, support and advocate for you every step of the way.
Choice
- Choosing a lender for your mortgage can be time-consuming. Our Mortgage Advisers know the lenders and their criteria, including bank and non-bank options.
- If the bank said ‘no,’ an Adviser can present some other options or work with you so you are in a better position for the bank to say ‘yes.’
- Mortgage Advisers don’t work for the lender. They work for you and negotiate with the lenders on your behalf to get the best solution for your situation.
- We work with all the major banks and and other non-bank lenders.
Advice
- Bank employees are limited in the range of products they can give you advice on. Our qualified Mortgage Advisers are able to give you a full scope of advice, and they have your best interest at heart.
- Our Mortgage Advisers like to look at the big picture, this includes your short-term and long-term goals. They give advice for your unique circumstances and challenges while highlighting any risks involved.
- Our Mortgage Advisers are experts in their field. They are up-to-date with the latest interest rates, market conditions and application processes.
Support
- We are with you for the long haul. Long after the ink dries, our door is always open to you.
- They can recommend specialists to build your ‘dream team’ e.g. lawyers and valuers.
- Cole Murray also offers other advice services for insurance, KiwiSaver and investments. Your Mortgage Adviser will be able to introduce you to these experts if you require them.
What the Commerce Commission found
The Commission discovered:
- 67% of people who switched banks in the last 3 years used a Mortgage Adviser
- 40% of home loan customers used an Adviser to help with their loan.
Consumer NZ’s Sentiment Tracker survey in July 2024 also found that 34% of homeowners have used a Mortgage Adviser and almost 80% had a good experience. People aged 18-29 are most likely to use them.
Mortgage Advisers are qualified and regulated
Mortgage Advisers must have a license from the Financial Markets Authority (FMA), follow a code of conduct, and report to the FMA. Things the FMA check on are how they explain advice to clients, understand clients’ needs, and disclose how they get paid. In most cases, our Advisers get paid a commission from the bank that gives you the loan.
Finding the right Mortgage Adviser for you
Here are some questions you might want to ask a Mortgage Adviser so you can find the one that is right for you.
- How are they’re paid?
- How many lenders do they work with?
- How many offers from lenders will you receive?
- What do you need to provide for the application?
USE THE MORTGAGE EXPERTS IN YOUR CORNER
We have a team of Mortgage Advisers who can help you with buying a home, an investment property, business loans, or even getting a ‘health check’ on your current home loan. Unlike people who work for the providers (e.g. bank employees) our qualified Financial Advisers give you a full scope of advice. We can go to multiple providers and find the best solution for you. Give us a call today.
We’re here every step of the way – whether it be your first home or to restructure your loan for those renovations, the car or to pay off the mortgage faster.
Meet our Mortgage Advisers
We have Mortgage Advisers based in Hastings, Napier, Waipukurau and Wairoa. They can assist you wherever you are in New Zealand and even the world. Get in touch today to find out more.
