Many people go to their bank for a loan, get turned down, then call it a day. Did you know that if you take a trip to a mortgage broker in Auckland, your story could have a much different ending? Your bank, while a valid option for help, advice, and funding, isn’t the only option. You can see a mortgage broker for all the following and more.
Help for First Home Buyers
If you have never before purchased a home, you need a mortgage broker in Auckland more than ever. The process for home ownership, while rewarding, can be long and arduous. However, there must be a reason why thousands of people choose to go down that road every year. There are very few things in life as rewarding as having somewhere to call yours.
However, without the right help, you may not be in a hurry to do it again any time soon. Take the time to see a mortgage broker in Auckland, or anywhere else in New Zealand. They can help you choose the right low deposit home loan to suit your unique situation.
Debt Consolidation Options
Did you know a mortgage broker can can help you with debt consolidation? Debt consolidation is turning all of your loans and debts into one, easy-to-manage loan.
In life, when it rains, it pours. You may have needed to get a car loan when your vehicle broke down. Then, the fridge and washing machine may have broken within a few weeks of each other. Before you know it, you have several different finance agreements - all of which are becoming unmanageable.
Debt consolidation lets you merge them into one, paying one bill at one rate. If you’re a homeowner, a mortgage broker in Auckland or further afield can help. Your broker may be able to help you consolidate your debts into one home loan that frees up your cash.
Alternatively, they can look at consolidating your debt into a short term home loan with manageable interest rates. Pay off debt faster and pay less interest in the process.
Advice When Your Bank Says No
If you went to your bank for a home loan, it’s not uncommon for them to say no. Many things can dictate a bank’s decision, including your age, financial situation, or ability to pay back your mortgage. Even though the bank said no, that doesn’t mean you’re not capable of being a homeowner. It means that your bank’s algorithms saw you as a risk.
Fortunately, mortgage brokers can be the answer when your preferred lender says no. They can draw from a pool of many different financial institutions to give you the best chance of getting that coveted ‘yes’. They can also help your financial situation to appear more desirable to a bank by recommending changes you could make.
KiwiBuild and KiwiSaver Options
Most people know that banks require a 20 percent deposit to consider you for a mortgage. Did you know, however, that you can get your dream home for less than that? See your mortgage broker in Auckland about all the different schemes and programmes available.
Take KiwiBuild and KiwiSaver, for example. KiwiSaver lets you use some of your savings for a house deposit, as long as you meet the criteria such as having been in KiwiSaver for at least three years.
KiwiBuild, on the other hand, is a real estate development scheme aimed at making houses more affordable. If you earn less than $120,000 and are a first home buyer (or have the financial situation of one), then you may be eligible.
Such schemes are not always offered upon first application. Talk to your mortgage broker in Auckland about whether these schemes or ones like it, could help you get onto the first step of the property ladder.
Commercial and Investment Options
While many people see a mortgage broker in Auckland and other parts of the country as a first-time buyer, that’s not all they can do. If you are buying your second, third, fourth, or a commercial building, they can help with your options here too.
Why not get in touch with a broker to see what finance options are available in the lucrative world of investment and commercial property? You will be surprised at how easy it can be to become a landlord or investor.
You can expect many things from a mortgage broker, with ‘happiness’ being near the top of the list. Whether you’ve had no luck with your bank, or you need a helping hand with schemes, low deposit home loans, or commercial finance, then a broker can help. Get in touch with your local mortgage broker in Auckland or further afield and see what they can do for you.