Mobile Mortgages

We Can Do A Second Mortgage

We have a few million $NZ we can access for second mortgage placement.

Lenders are currently quite sensitive to high first mortgage amounts and priority figures and so Caveat seconds are starting to re appear as they did many years ago.

These are great options for people who have a deal that needs to be done and only need the lending for 12 to 24 months.

All deals on a case by case basis.

Product: Interest Only.

Term: 12 to 24 months.

Security: Residential Property.

Rate: 14% to 17%

Lvrs: under 75%

Max Amount: $100,000.

Right to pay down: Some lenders will allow principal payments.

This option is certainly worth a try and is very competitive with other available options out there at the moment.

Asset Lending Advances

This is a great option for people with lots of equity but you don’t meet the income requirements of the major lenders for what ever reason.

Security is via a First Mortgage and interest rates are from 8.75%

Security that can be used can range from Residential Real Estate to Farms to Commercial Real Estate.

Give us a try.

Your home loan , for most people, is the largest financial commitment you will ever make.
Rising or falling interest rates can have a huge impact on how much you pay back each month and how much you pay in interest over the life of the loan, which is really the most important part when considering your home loan choices.

By switching loans you could save yourself thousands of dollars in interest or perhaps you would like to take advantage of features offered by another lender or loan.

Before you decide to refinance your current home loan, work out how much it will cost you to switch to the new home loan.

Depending on your current interest rate and any terms you may have signed for when taking out the loan your current lender might charge you fees to exit your current loan, and a new lender will charge you fees to take out the new loan.

Work out whether reducing your interest rate with a new loan outweighs the costs of switching from your existing one. The lower the exit and start-up fees, the more you stand to gain by switching.

If the fees are high it may not be worth switching or may be better to wait and switch later. Ask yourself: ‘Is the cost of switching worth the potential interest rate saving.

Drop us a line if you would like to know just how much money you could save with a new home loan.

It can still be done.

One of the brokers in our network recently had this success.

Recently a couple approached us about purchasing their first home together.

As a gift from the family, the couples family were gifting them the equity in a home by allowing the couple to purchase at a discounted price.

A deposit had not been saved and the young couple required 100% funding of the purchase price. (this was possible due to the equity in the property being gifted.)

The husband and wife were self employed and had a couple of defaults on their credit report.

Debt servicing however appeared fine based upon self-declared incomes although financials provided indicated the income declaration was reasonable.

The successful loan was approved of just over $194,000 at 10.35% pa for a 30 year term.

Do you know anyone in a similar situation?

Let us know, we might be able to help.

Obviously this is an example of using a great mortgage professional.

Last week an application for a long term self-employed borrower with clean credit, a strong deposit and very good bank account conduct was presented to one of our specialist lenders. They did not require GST returns as the applicant was not in a GST registered profession.

They approved a $450,000 mortgage over a residential property being purchased for $650,000 (RV at $640,000 = 70.31% LVR) using the new No Financials 75 product.

The loan was approved 9 October and will settle on 16 October.

The most common mortgage types are ‘Principal and Interest’ and ‘Interest Only.’

Principal and Interest is a loan where you are making payments of the interest for the amount borrowed, plus repaying small amounts of the amount itself (the principal). Therefore the amount of money you owe slowly reduces.

Interest Only is a loan where the only payments you are making are for the interest itself. The amount of money you owe remains unchanged.