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3 posts

Wannabe Geek


Topic # 236065 16-May-2018 14:56
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Good day,

 

I was just approved for mortgage by NZCU, but I haven't heard about them before. I was wondering if anyone can share their experience with claims (I'm sure they are great when there are no problems)

 

Thank you.

 

 


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  Reply # 2016902 16-May-2018 14:57
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Say what? Looks home work shop related :P

 

John





Ex JohnR VodafoneNZ 17 years 4 days



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Wannabe Geek


  Reply # 2016905 16-May-2018 14:59
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Google found the topic "NZ Home Loans" in this forum, so I thought it is the appropriate place for this questions. 


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  Reply # 2016906 16-May-2018 15:00
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You got a mortgage approved by a company you have never heard of?? Would you not better asking this question before applying for a loan

 

John





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Reply # 2016907 16-May-2018 15:01
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anm767:

 

Google found the topic "NZ Home Loans" in this forum, so I thought it is the appropriate place for this questions. 

 

 

The post was blank at first

 

John





Ex JohnR VodafoneNZ 17 years 4 days



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Wannabe Geek


  Reply # 2016975 16-May-2018 16:00
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It was organised by mortgage broker. I assume he would apply to a number of places, such as ANZ/Wespac etc, which I know about. But first response was from NZCU which I don't know about.


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  Reply # 2016979 16-May-2018 16:14
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Being a credit union they operate under slightly different rules than a registered bank. 

 

Generally credit unions rely on NZ deposits to have money to lend.  Big banks have access to international lenders so credit unions may struggle to match the big banks lending rates.

 

They typically have lower credit ratings than bigger banks - a consequence of being small.  This supposedly means higher risk. If you are borrowing, that isn't as much of a concern.





Mike

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  Reply # 2016982 16-May-2018 16:19
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Ask your broker whether they received (or will receive) any commission from this lender for your referral.

 

Most likely they get a nice fat bonus for referring people there first - which drives a certain behavior pattern ;)

 

Having said that, I don't have any information about NZCU in particular - but http://www.interest.co.nz/borrowing/ shows they have slightly higher rates than other lenders, although your broker may have negotiated a better rate for you.

 

Be very wary if this is the only response you get back - it may be that your broker only submitted you there in the hope you'd accept that and he/she would get the commission.

 

 

 

 


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  Reply # 2017006 16-May-2018 16:54
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Look at the conditions as some times different than main banks e.g if you buy a new house can you transfer the mortgage to the new title or have to break the mortgage. Does it cost you to refix every time it rolls over I got caught out on that when joining coop so many other fees than my other main bank I wasn't told about my fault I didn't read the loan conditions well enough

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