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Topic # 222822 30-Aug-2017 09:39
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Any good or bad experiences with this company?

I found a thread from 2009 with some negative feedback https://www.geekzone.co.nz/forums.asp?forumid=48&topicid=54027

And the odd comment from 2012 like

Yeah, you are wrong. They had to fight the banks off (settled on NZHL btw, amazing outfit). Also dont forget there are 3 salaries backing this up, the rents are cream.


Potentially looking at moving our mortgage from a more traditional bank to these guys...

http://nzhl.co.nz


Thanks!

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  Reply # 1855142 30-Aug-2017 09:54
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I've used them.  No problems.  Good service.





Mike

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  Reply # 1855184 30-Aug-2017 11:00
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A mate and his partner used NZHL for their first home. I believe they are good, and they got finance despite some banks denying them finance for their fist home. Just mind they don't try and con you into any insurance policies and/or life cover.


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  Reply # 1855206 30-Aug-2017 11:45
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Wiggum:

 

A mate and his partner used NZHL for their first home. I believe they are good, and they got finance despite some banks denying them finance for their fist home. Just mind they don't try and con you into any insurance policies and/or life cover.

 

 

Not saying this is the case with your friend, however, there is usually a good reason that most banks won't loan someone money. Just because you CAN find someone to loan you money for a house, doesn't make it automatically a good idea. 

 

I have friends who over committed themselves to mortgages they could barely service, and when things went slightly wrong, they lose their house and a lot of money in the process. 

 

 


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  Reply # 1855211 30-Aug-2017 12:03
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We used them for a few years, as long as you're disciplined enough to make a revolving mortgage work, you'll be fine.


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  Reply # 1855217 30-Aug-2017 12:16
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Have been with them over 10 years now.  Have been way better off with them than a traditional bank.

 

We have a great manager at Canterbury Metro in CHCH so that really helps. Annual reviews are great as you can see how you are tracking.

 

After CHCH earthquakes when we built she managed to secure insurance for us when other companies had closed there doors to taking on new risk

 

Canty Metro do alot to support the community which I believe is a real bonus.

 

We are a family of 2 working adults and 3 kids and there system has really worked for us.

 

Go talk to them and see what they can offer and how they can help, then make a decision if they are the right fit for you.

 

 


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  Reply # 1855320 30-Aug-2017 15:20
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Wiggum:

 

A mate and his partner used NZHL for their first home. I believe they are good, and they got finance despite some banks denying them finance for their fist home. Just mind they don't try and con you into any insurance policies and/or life cover.

 

You've got to get insurance from somewhere - why not NZHL?





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  Reply # 1855328 30-Aug-2017 15:33
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Dulouz:

 

Wiggum:

 

A mate and his partner used NZHL for their first home. I believe they are good, and they got finance despite some banks denying them finance for their fist home. Just mind they don't try and con you into any insurance policies and/or life cover.

 

You've got to get insurance from somewhere - why not NZHL?

 

 

Yes agreed, but it was more a case of not having a choice to choose insurance from anybody else. The NZHL insurance options were more expensive, and not easy to back out of once taking the finance.


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  Reply # 1855332 30-Aug-2017 15:39
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Folks here say they are "not a traditional bank"... aren't they just a mortgage broker and not a bank at all?

 

 


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  Reply # 1855349 30-Aug-2017 16:14
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NZ Home Loans is a lender, they borrow money from (I think) Sovereign and Kiwibank.


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  Reply # 1855352 30-Aug-2017 16:17
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marpada:

 

NZ Home Loans is a lender, they borrow money from (I think) Sovereign and Kiwibank.

 

 

Yes simular to NZCU Baywide.


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  Reply # 1855353 30-Aug-2017 16:18
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I looked at their website and couldn't see interest rates shown - are they competitive with the bank rates?

 

 


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  Reply # 1855366 30-Aug-2017 16:31
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kryptonjohn:

 

I looked at their website and couldn't see interest rates shown - are they competitive with the bank rates?

 

 

No. Banks are normally able to provide far better rates. But if you desperate to buy your first home, and banks have turned you away, it may be worth giving them a try. I have heard of people still getting loans today of close to 5% deposit though credit unions like NZCU Baywide. 

 

Credit Unions are not subjected to the same LVR rules as banks, and therefore don't need to enforce the 20% deposit thing. But you will probably end up paying a much higher interest rate.


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  Reply # 1855380 30-Aug-2017 16:43
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I believe they are actually a subsidiary of Kiwibank.


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  Reply # 1855416 30-Aug-2017 17:28
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NZHL were bought by Kiwibank, they used to sell Sovereign insurance and make life insurance a condition of their mortgages.

 

I made a point of going with someone else for my life insurance.





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  Reply # 1855435 30-Aug-2017 18:43
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No point in trying to sell me life insurance because I have an endowment policy that was taken out in the 1980s, and no alternative would make any financial sense!


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