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luvmylittlies 
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Joined: 08 July 2009
Location: Auckland
Points: 4140
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 Topic: Mortgage brokers
Posted: 16 March 2011 at 3:53pm |
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I'm totally new to the whole real estate thing in NZ. When I bought my house in Australia I arranged my mortgage through a mortgage broker. He had all the info on all the different financial institutions and loan types. I paid him nothing and he got the same percentage income no matter what financial institution I borrowed with (that was paid by the financial institution, not me).
Have people found them useful? It looks like we're buying the house we're renting in despite my reservations and I need things to be easy because it's making me sick just thinking about it.
So, do they work the same over here?
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Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10
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sbeach
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Joined: 17 July 2009
Location: Auckland
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Posted: 16 March 2011 at 4:30pm |
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cant remember everything about how they work here except some banks dont deal with some mortgage brokers... we didnt know this when we went with Mike Pero and wondered at the time while we were only presented with 2 options... one was with our bank so worked out okay...
the bit about the financial institution paying the fee sounds right too...
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JessDub
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Joined: 29 February 2008
Location: Hamilton
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Posted: 16 March 2011 at 5:13pm |
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Yes sounds the same as Oz. We've used one for both times we bought a house and they do take the stress out of things.
We ended up going with the same bank as our first mortgage but because we'd gone through a mortgage broker we got $500 cash back from the bank and slightly better rate than if we'd gone into the bank and negotiated it ourselves.
We used a different MB each time, someone who'd been recommended and had won MB Awards. They're hungry for your business so should bend over backwards for you. Good luck!
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jano1
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Joined: 27 December 2008
Location: Auckland
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Posted: 16 March 2011 at 6:06pm |
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Wow I was about to post the same question tonight! We are looking at going through a mortgage broker due to our unusual financial situation and wanted to know people's experiences.
I had heard that you might get charged slightly higher interest rates due to the bank trying to recoup their money, anyone had this problem?
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emz
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Location: Christchurch
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Posted: 16 March 2011 at 6:26pm |
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I definitely haven't jano1.
Also re some banks not working with MB's, BNZ is one of them. The form you must sign by any registered MB states clearly what banks they don't work with.
We found, at the time we bought our house, that we had a bit of negotiating power as we had 2 banks bidding for our business. But I guess times have changed and you can't be as precious about rates.
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minik8e
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Joined: 01 January 1900
Location: Taranaki
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Posted: 16 March 2011 at 7:43pm |
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Our mortgage broker came back to us with a few deals, he was pretty good, mostly. They don't work with BNZ or Kiwibank, and possibly not TSB from memory. Our interest rate definitely wasn't higher to cover any fee charged to the bank by the broker.
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catisla
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Posted: 16 March 2011 at 7:46pm |
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ours was a waste of time. he came up with what he said was the 'very best deal he could get us' from a certain bank. DH went out that lunch time to three other banks and asked them what they could offer and they all bettered it. he ended up going back and fore between them for a couple of hours but we ended up with a way better deal than the broker found us.
we had practically no deposit as well so not like we were great buyers!
Edited by Susiec
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luvmylittlies
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Location: Auckland
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Posted: 16 March 2011 at 7:57pm |
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Bugger. Not quite the same as in Oz then. We're going to be ripped off anyway over the house because family are involved *sigh* I just wanted to feel like the mortgage bit was going to be easy and fair. I really don't have the energy for this at all.
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Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10
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Angs1982
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Posted: 05 April 2011 at 9:35am |
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I love going through a mortgage broker, it makes life so easy! They do all the hard work. hehe. (but get paid of course)
We've used a MB about 4 times??? One of those was just a refix, which was pretty straight forward too.
The other thing they can do sometimes is get the fees wiped or discounted. Banks charge stupid fees.
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Mortgage brokers
