What does an Approved NZ Mortgage Broker do?

In this step-by-step guide we will outline what we will do to assist you in arranging a home loan, and what you can do to prepare. We will offer you advice on all aspects of your loan, including interest rates, fees, bank requirements and any special deals that may be available at the time.

The process for arranging a loan through an Approved Mortgage Broker is:

What does the service cost?

Using Approved Mortgage Brokers is free to you. There are no additional charges from the lender to you for using a broker.

Are your details confidential?

In order to provide you with the best advice on your mortgage options, we need to become familiar with your financial details. Your information will be securely held at Approved Mortgage Brokers. This information may be disclosed to lending companies during the loan approval process. You may request access to this information, and may request the information be corrected. (See our Privacy Policy)

What New Zealand lenders can we recommend?

AMP, ANZ, ASB, Equitable Home Loan, HSBC, National Bank of NZ, Sovereign Financial Services, Bluestone, Westpac, Asset Lend, Cairns Lockie, Resi Home Loans, Gem Finance, Pacific Home Loans, Liberty, Pioneer, and North South Finance Ltd.

We also deal with other niche lenders, however we find the larger banks are more generous to our clients due to the amount of competition between the banks in New Zealand.

New Zealand Mortgage Brokers Association

Every Approved Mortgage Broker is a member of the New Zealand Mortgage Brokers Association (NZMBA). The NZMBA provides you with the assurance that our brokers are registered and qualified to give you the best advice on your mortgage options.

Brokers who are not members of the NZ Mortgage Brokers Assn. may not be able to provide you with the expertise and advice you require.

We recommend you only deal with brokers registered with the NZ Mortgage Brokers Assn.

When lenders look at your deposit, they like to see evidence that the deposit has been saved. Some good examples of this include:

• Equity in your current home
• Personal savings accounts (with supporting statements)
• Payouts from superannuation funds.

Many people hope that a gift from family will provide an adequate deposit. However, unless you can prove that it has been saved by you, then the lender may be less willing to lend. It is important to clearly state how you saved your deposit to your broker, as lenders will require evidence of savings in most cases unless your deposit is greater than 20% of the property value.

Lenders Mortgage Insurance (LMI)

When your deposit is under 20% of the purchase price most banks insure the mortgage with an insurance company. All lenders either insure the mortgage and charge an LMI premium or alternatively take on the risk themselves and charge a 'Low Equity Fee'.

Deposit	Rule
5%-10%	LMI 0.70%-1.5% of loan amount. 6 months evidence of savings.
10%-20%	LMI < 1% of loan amount. 3 months evidence of savings.
20% +	No LMI fee.

A sale and purchase agreement is a legally binding contract. Penalties can be imposed if you pull out of the contract. Approved Mortgage Brokers recommends you seek legal advice before signing a sales and purchase agreement.

Special conditions should be included in a sale and purchase agreement. These are intended to protect you, the purchaser, when putting an offer on a property. Should these conditions not be fulfilled then you can withdraw your offer without penalty.

The following are common special conditions included in a sales and purchase agreement:

• Subject to mortgage finance
• Registered Valuation before sale
• Builder's Report
• Title Search

This is very important when placing an offer on a property if finance has not been confirmed. Including this special condition makes the contract null and void if your mortgage finance is not approved.

Registered valuations give you a fair market appraisal of the property value. This will give you peace of mind that you are paying a fair price. Making your offer subject to a registered valuation means you can renegotiate or withdraw your offer should the valuation be less than the purchase price.

This will identify any construction, building, or engineering defects in the property you plan to purchase.

Your solicitor will search the property title on your behalf. This ensures 'what you see is what you get'. Title searches provide information on boundaries, past building activities and other restrictions on what you may do on the land.

This is just the beginning...

Once your mortgage has been arranged, Approved Mortgage Brokers will be staying in touch. You will receive our quarterly newsletter, Mortgage Options, which will keep you informed of the latest mortgage products and other important lending issues.

Please don't hesitate to contact any of the Approved Mortgage Brokers team should you have questions about your mortgage situation.

Referral Rewards

If you have been happy with our service and would like to tell your friends and family, we would like to reward you. If you refer someone who arranges a loan through Approved Mortgage Brokers, we would like to thank you with a $50 gift voucher.

Before the appointment

Arranging a mortgage requires that information be provided to the lender before they will approve a loan. Having these items ready to go makes the loan approval process:

Easier
Faster
More likely to succeed 

Next: What you prepare for a mortgage application...

Are you looking to arrange a NZ home loan? Tell us about your circumstances with our brief questionaire and we will email you back within 48 hours with a confidential appraisal. Apply here What do I need to do to apply for a NZ home loan? You will need to prepare the right documentation before meeting with your NZ Mortgage Broker. Here's what you will need.

"I have now moved in and finished putting everything in place. This is just to say a huge thank you for not only putting all the options and paperwork together, but "going the extra mile", and generally making the whole deal flow smoothly. I have been so impressed I've told a few people about your company." - Heather More Testimonials...

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