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Topic # 113293 12-Jan-2013 11:39
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After many years of renting we're looking to buy a house; I know it's a bad time to do it in some ways, but it's something we've wanted to do for a long time. So step one is get a pre-approved mortgage. Anybody have any thoughts on whether it's best to go through a mortgage broker? And if so any recommendations?

EDIT: Sorry forgot to mention I am in Auckland

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  Reply # 743730 12-Jan-2013 12:03
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Having just done this for a build loan I must say my broker was a whole lot more helpful than the banks i went too (Kiwibank being the worst). Where are you located?

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  Reply # 743731 12-Jan-2013 12:09
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Ive been through this twice in the last few years, First time with BNZ for my first house, second time with Westpac to swap my mortgage to them (nothing negative towards BNZ but I was offered the "staff package" at westpac).

Both were very easy to deal with and "went the extra mile" for us.




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  Reply # 743734 12-Jan-2013 12:15
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I just bought my first home and definitely recommend getting a mortgage broker. While banks might be semi-helpful, the broker can negotiate a much better deal than you can get on your own. They also answer all of your questions throughout the process which is great when you have never done it before. They can also help you out with finding other resources you might need such as a lawyer, building inspector etc

I used Jason Hurdle at Beyond Mortgages which is based in Lower Hutt




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  Reply # 743773 12-Jan-2013 14:41
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Yes, use a broker.

I highly recommend Annette Kann, Roost Mortgages in Albany.  PM me and I'll send you her email.

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  Reply # 743784 12-Jan-2013 15:35
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If you are a non typical borrower then a mortgage broker is often able to present your aplication to the lender in a manner more likely to successful.

Non typical may mean, self employed, irregular income, undocumented income, or bad credit history.

The brokers commision is paid by the bank so if you are a good prospect the bank may be more willing to give you a aweet deal if they do not have to pay brokerage.


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  Reply # 743918 12-Jan-2013 23:04
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I used Vanessa from greenlightnz.co.nz, got me an excellent deal through the ANZ.

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  Reply # 743929 12-Jan-2013 23:59
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Interesting to see some of the opinions here. I work at the back end of finance and find brokers to be a bunch of useless fkcs. Trust me, they don't find the best deal for you, they find the best deal for them.

If I could make a very different suggestion. Check out The Co-operative Bank. You won't find a more personalised banking experience, quite literally.

Of course, I work for them and could be a little bias, but on the flip side that could also play in your favour ;-)

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  Reply # 744121 13-Jan-2013 17:16
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When we started looking for our new place, I contacted a broker recommended to us by the agent selling our property - spoke to her once, she promised to call back, never did.

Spoke to my parents broker who they raved about - he was blunt and to the point (which is good) and basically said we were dreaming and noone would touch us for the amount we were looking at.

Asked KiwiBank to have one of their managers contact us as I had heard they were great to deal with etc - didnt hear a thing back even after a follow up call.

Spoke to ANZ (our bank) and they sent round a lovely woman who sat down and went through things with us and said the amount we were after was completely doable and that we could have more if needed.

Brokers (for anything) can go jump far as Im concerned...

Slightly OT, but insurance broker I used for my car years back got me what I thought was ok deal (was a twin turbo Legacy).... sold that car, bought a little Toyota 1500cc coupe... broker gave me quote for that - was only $20 difference from the Legacy! Go figure... went straight to an insurance company who gave me the cover for hell of a lot less than what the broker quoted.




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  Reply # 744136 13-Jan-2013 17:50
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I tried to use a mortgage broker from Mike Pero Mortgages but he seemed disinclined to actually do anything. Seriously, we told him what we were up to and what we were looking for and he went away and... many weeks later I emailed him and he told me he was waiting on additional information from us. What? First I'd heard - what did he need. He never responded.

I went on Twitter and asked the banks to get in touch and ASB, Kiwi and BNZ were on the line in minutes, all offering better rates than were advertised in public.

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  Reply # 744218 13-Jan-2013 20:46
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My wife and I tired a few different brokers when we started looking to buy a new house a couple of years ago, but most didn't get back to us. Someone would have thought that their was a real estate boom on (early 2010). The one that did was friendly and helped a lot.

Ultimately we ended up going with BNZ as they were the most helpful and proactive. Note that BNZ don't use brokers, so it does pay to do some checking yourself.

Saying that, last year I started working at the bank and the amount of broker loans that I see f*%ked up is truly stagering. Incomes and securities "misrepresented", incorrect info given, etc. I'm just glad I don't have to fix those problems. So if you do find a good broker, hold onto them!

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  Reply # 744237 13-Jan-2013 21:14
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Kopkiwi: Interesting to see some of the opinions here. I work at the back end of finance and find brokers to be a bunch of useless fkcs. Trust me, they don't find the best deal for you, they find the best deal for them.

If I could make a very different suggestion. Check out The Co-operative Bank. You won't find a more personalised banking experience, quite literally.

Of course, I work for them and could be a little bias, but on the flip side that could also play in your favour ;-)


I agree with this. When people work for YOU (As in YOU pay them) then they are more likely to act in your interest. When they are being paid by the bank, they are more likely to act in the interest of themselves or the bank paying the highest commission  I am sure there are exceptions, but I have never had any trouble negotiating rates with banks, and I've never had any trouble beating rates that the occasional broker tried to get for me, even from the same bank. 



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  Reply # 744239 13-Jan-2013 21:20
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What reports did you guys ask the owner to provide before you purchased your house?
I know about the LIM report but are there any others like infrared reports on whether the house has any leaks?



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  Reply # 744242 13-Jan-2013 21:25
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Thanks all; really helpful to read your advice and opinions. An interesting mix of views here! Keep 'em coming :)



networkn:
I agree with this. When people work for YOU (As in YOU pay them) then they are more likely to act in your interest. When they are being paid by the bank, they are more likely to act in the interest of themselves or the bank paying the highest commission I am sure there are exceptions, but I have never had any trouble negotiating rates with banks, and I've never had any trouble beating rates that the occasional broker tried to get for me, even from the same bank.


I guess this sort of matches my general line of thinking on brokers in the past... but on reflection it would seem to me that the good ones must rely on return business or positive word of mouth from their clients; so it's in their interest to keep you as their customer happy even if they're not directly paid by you.

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  Reply # 744245 13-Jan-2013 21:28
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heavyusr: What reports did you guys ask the owner to provide before you purchased your house?
I know about the LIM report but are there any others like infrared reports on whether the house has any leaks?


Builders report should pickup any leaks etc...  Got a lim and builders report on mine.

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  Reply # 744247 13-Jan-2013 21:31
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sidefx: Thanks all; really helpful to read your advice and opinions. An interesting mix of views here! Keep 'em coming :)



networkn:
I agree with this. When people work for YOU (As in YOU pay them) then they are more likely to act in your interest. When they are being paid by the bank, they are more likely to act in the interest of themselves or the bank paying the highest commission I am sure there are exceptions, but I have never had any trouble negotiating rates with banks, and I've never had any trouble beating rates that the occasional broker tried to get for me, even from the same bank.


I guess this sort of matches my general line of thinking on brokers in the past... but on reflection it would seem to me that the good ones must rely on return business or positive word of mouth from their clients; so it's in their interest to keep you as their customer happy even if they're not directly paid by you.


To be fair, you aren't really going to know if they got you a good deal or not unless you have done your own negotiating, they can pretty much put it to you any way they can. 

One broker we talked to said he had never seen such good rates, had called in favours because he liked us, and we had better than staff rates because of his negotiating skills. Meanwhile in a folder beside him I had the proposal from the same bank .5% cheaper without pushing too hard.

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