Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 


2196 posts

Uber Geek
+1 received by user: 186


  # 1768254 21-Apr-2017 08:21
Send private message

The mortgage broker seemed to think everything would work - with my savings and kiwisaver, I have a 15% deposit on a $250k house (which thankfully is still obtainable here in Dunedin), meaning roughly a $215k mortgage.

 

Now the wait to see if any bank would be prepared to help.

 

 

 

A question for those who have been through this 
- can you "sit" on a confirmation of mortgage approval until it is actually needed, or if the broker finds a deal do you have to take the money?


697 posts

Ultimate Geek
+1 received by user: 131

Subscriber

  # 1768273 21-Apr-2017 09:01
Send private message

nzkiwiman:

 

A question for those who have been through this 
- can you "sit" on a confirmation of mortgage approval until it is actually needed, or if the broker finds a deal do you have to take the money?

 

 

The bank usually gives you a pre-approval (on certain conditions) up to a given sum, valid for a given period of time (say 3 months)

 

So you don't have to take the money. In fact you'll never see the money, it'll go straight to the seller on settlement day


 
 
 
 


2056 posts

Uber Geek
+1 received by user: 312

Subscriber

  # 1768909 22-Apr-2017 14:25
One person supports this post
Send private message

Have you thought of taking in a flatmate to help with the bills? Even if you can afford to go it alone, putting all of their contribution (less costs for the additional power/water) straight into your mortgage could save you years and thousands of extra dollars in interest. Even if you're on a fixed rate, you're allowed to increase your regular payments by a certain amount (even $100 a month makes a big difference) and all of that goes straight off the principal amount owing on the loan. Also, if you build or buy brand new I think you are eligible for more from the KiwiSaver/HomeGrant scheme. Good luck! 





Geek girl. Freelance copywriter and editor at Unmistakable.co.nz.

 

Currently using: Modified 2008 Mac Pro, HP M6-1017TX Laptop, iPad Pro, iPhone 7, iPhone 6S, AppleTV4.




2196 posts

Uber Geek
+1 received by user: 186


  # 1769614 24-Apr-2017 11:25
Send private message

littleheaven:

 

Have you thought of taking in a flatmate to help with the bills? Even if you can afford to go it alone, putting all of their contribution (less costs for the additional power/water) straight into your mortgage could save you years and thousands of extra dollars in interest. Even if you're on a fixed rate, you're allowed to increase your regular payments by a certain amount (even $100 a month makes a big difference) and all of that goes straight off the principal amount owing on the loan. Also, if you build or buy brand new I think you are eligible for more from the KiwiSaver/HomeGrant scheme. Good luck! 

 

 

Having a flatmate is almost a requirement for me to be able to afford anything

 

However I need to budget everything at the beginning with only myself covering all the costs because finding a flatmate is not guaranteed, and if found, not guaranteed they would hang around

 

 


2056 posts

Uber Geek
+1 received by user: 312

Subscriber

  # 1769617 24-Apr-2017 11:31
Send private message

nzkiwiman:

 

 

 

Having a flatmate is almost a requirement for me to be able to afford anything

 

However I need to budget everything at the beginning with only myself covering all the costs because finding a flatmate is not guaranteed, and if found, not guaranteed they would hang around

 

 

Very wise. I'm sure you'll do fine because you've obviously considered all the aspects very carefully.





Geek girl. Freelance copywriter and editor at Unmistakable.co.nz.

 

Currently using: Modified 2008 Mac Pro, HP M6-1017TX Laptop, iPad Pro, iPhone 7, iPhone 6S, AppleTV4.




2196 posts

Uber Geek
+1 received by user: 186


  # 1771442 27-Apr-2017 17:20
Send private message

How long should one wait for the mortgage broker to get back to you?

 

I saw them a week ago and they mentioned an initial contact the next day (Friday 21/4) with more the week after (24/4-28/4)

 

So far no contact ...


41 posts

Geek
+1 received by user: 8


  # 1771483 27-Apr-2017 18:51
One person supports this post
Send private message

I can only guess the delay might be due to ANZAC and/or school holidays. I've had loan managers go on leave without informing me in the midst of mortgage negotiations which I thought was pretty unprofessional.

 

 

 

A good broker will be negotiating on your behalf with all of the various pricing teams from the banks, and presenting their offers for you to consider.

 

They don't get paid unless they stitch up a deal so it's in their interest to get you an acceptable offer. 

 

 

 

Have you advised the broker of any timeframes? It's possible they are dealing with other customers who have an auction / sale date to work to so are giving them higher priority? 

 

 

 

Nevertheless if they said they were going to get back to you Fri then they should have done so with news or none. IMO

 
 
 
 


bmt

469 posts

Ultimate Geek
+1 received by user: 153


  # 1772184 28-Apr-2017 22:37
Send private message

I've been reading so many anecdotes of poor service from mortgage brokers lately. My own experience is the same, I'm buying off the plans and due for settlement in March next year (so won't be needing the mortgage until then), but I have been in contact with a broker and had many long waits for a response and my last contact received no response.

 

There are so many mortgage brokers out there, you would think they'd want to differentiate by offering great service. The broker I was dealing with did a lot of legwork and helped me out a lot but to be honest I'm probably going to find someone else come mortgage time.


14874 posts

Uber Geek
+1 received by user: 2017


  # 1772209 29-Apr-2017 00:08
Send private message

I have found a lot of businesses at the moment aren't bothering to reply to email enquiries, especially in the construction and housing field. I think it is due to them having so much business at the moment.


Mad Scientist
20322 posts

Uber Geek
+1 received by user: 2769

Trusted
Lifetime subscriber

  # 1772212 29-Apr-2017 00:23
Send private message

insufficient business (supply > demand), service goes up

 

too much business (demand > supply), service goes down





Swype on iOS is detrimental to accurate typing. Apologies in advance.


740 posts

Ultimate Geek
+1 received by user: 142


  # 1772939 30-Apr-2017 17:19
One person supports this post
Send private message

BIL bought a house with his Kiwisaver.

 

He was about 48, 49? at the time.

 

After years of renting he thought he'd give it a go.

 

He had no other deposit at all.

 

He was with Kiwibank.  Who weren't actually that nice about it really.

 

He finally found one, needed some work, but nothing structural or too major. Just within the budget.

 

Kiwibank fussed about wiring reports and the like. But he got it.

 

He's 61 this year. The house (in a rubbish town long considered undesirable) is now worth heaps more than he paid, it's in between Hamilton and Auckland is why.

 

He wants to sell on retiring and wander off in a campervan.

 

Whether that's a good idea or not is beside the point really, he'll be able to. Mortgage is due to disappear before then with just his steady rate of payments.

 

Never a bad idea to buy one, long term they increase in value, even taking into account fluctuations in the cycle. So long as it isn't in the middle of nowhere it beats renting for sure.

 

It's always a strain at first, but sit back and watch. In 5 years, 10 years, 20 years....compare rents with what you are then paying.

 

 




2196 posts

Uber Geek
+1 received by user: 186


  # 1773341 1-May-2017 12:00
Send private message

Still no communication from the broker.

 

 


Mad Scientist
20322 posts

Uber Geek
+1 received by user: 2769

Trusted
Lifetime subscriber

  # 1773347 1-May-2017 12:08
Send private message

did you call him?





Swype on iOS is detrimental to accurate typing. Apologies in advance.




2196 posts

Uber Geek
+1 received by user: 186


  # 1774296 2-May-2017 15:02
One person supports this post
Send private message

Finally communication, with a request for more information.


1 | 2 | 3 
View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Anyone can broadcast with Kordia Pop Up TV
Posted 13-Jun-2019 10:51


Volvo and Uber present production vehicle ready for self-driving
Posted 13-Jun-2019 10:47


100,000 customers connected to fibre broadband network through Enable
Posted 13-Jun-2019 10:35


5G uptake even faster than expected
Posted 12-Jun-2019 10:01


Xbox showcases 60 anticipated games
Posted 10-Jun-2019 20:24


Trend Micro Turns Public Hotspots into Secure Networks with WiFi Protection for Mobile Devices
Posted 5-Jun-2019 13:24


Bold UK spinoff for beauty software company Flossie
Posted 2-Jun-2019 14:10


Amazon Introduces Echo Show 5
Posted 1-Jun-2019 15:32


Epson launches new 4K Pro-UHD projector technology
Posted 1-Jun-2019 15:26


Lenovo and Qualcomm unveil first 5G PC called Project Limitless
Posted 28-May-2019 20:23


Intel introduces new 10th Gen Intel Core Processors and Project Athena
Posted 28-May-2019 19:28


Orcon first to trial residential 10Gbps broadband
Posted 28-May-2019 11:20


Video game market in New Zealand passes half billion dollar mark
Posted 24-May-2019 16:15


WLG-X festival to celebrate creativity and innovation
Posted 22-May-2019 17:53


HPE to acquire supercomputing leader Cray
Posted 20-May-2019 11:07



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.