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Topic # 215060 10-Jun-2017 16:23
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Can anyone recommend an individual or company that is worth using. Never used one before, so don't know what to look for.

 

TIA. 


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  Reply # 1797760 10-Jun-2017 17:07
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Have sent you a PM. Had a great experience with my one recently, happy to give his details to anyone who asks (feel free to PM if anyone else is interested). He is based in Christchurch but can most probably do NZ wide over the phone.




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  Reply # 1797762 10-Jun-2017 17:08
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ArcticSilver:

 

Have sent you a PM. Had a great experience with my one recently, happy to give his details to anyone who asks (feel free to PM if anyone else is interested). He is based in Christchurch but can most probably do NZ wide over the phone.

 

 

Was just reading the PM. Thanks, much appreciated.


 
 
 
 


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  Reply # 1797838 10-Jun-2017 21:57
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Ours was based in Wellington (where we are) and we only dealt with her over the phone.  Definitely no need to limit your search to Christchurch only. 


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  Reply # 1797889 11-Jun-2017 06:23
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Why do you need a broker? Just adds cost ("their service is free" - no it isn't, their fee is built into your repayments).

You can negotiate better rates with a bank, directly. But researching and negotiating does take up your time.




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  Reply # 1797954 11-Jun-2017 10:25
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BlinkyBill: Why do you need a broker? Just adds cost ("their service is free" - no it isn't, their fee is built into your repayments).

You can negotiate better rates with a bank, directly. But researching and negotiating does take up your time.

 

Yeah, I was thinking about their "Free" service. I knew there must be a catch. So the Lending Institution pays the Broker their free and then adds it to the Mortgage, correct ? 


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  Reply # 1797957 11-Jun-2017 10:34
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If you do use a broker you should also approach anyother banks that the broker doesn't deal with. Not all banks deal with brokers so it is worth doing your homework.

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  Reply # 1797968 11-Jun-2017 11:30
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Brokers are very useful if you are outside the envelope at all, such as self employed or other less mainstream circumstances.






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  Reply # 1797971 11-Jun-2017 12:04
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3puttssuck:

BlinkyBill: Why do you need a broker? Just adds cost ("their service is free" - no it isn't, their fee is built into your repayments).

You can negotiate better rates with a bank, directly. But researching and negotiating does take up your time.


Yeah, I was thinking about their "Free" service. I knew there must be a catch. So the Lending Institution pays the Broker their free and then adds it to the Mortgage, correct ? 



Not exactly. The brokers fee is paid by bank but it isn't added to your mortgage. It is built into the interest rate you pay, the same as the banks own staff costs are built into the interest rate.

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  Reply # 1798046 11-Jun-2017 15:00
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Geektastic:

 

Brokers are very useful if you are outside the envelope at all, such as self employed or other less mainstream circumstances.

 

 

 

 

That is the same with things like applying for a credit card too. They seem to think everyone is a wage slave and have a steady regular income. HOwever when youa re self employed, income can be sporadic.


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  Reply # 1798127 11-Jun-2017 18:22
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The idea behind a mortgage broker is that they bundle together a whole lot of mortgages try and get a better rate out of the bank. Because they are bundling they have more clout. It's suppose to be a win win.

 

The bank pays the mortgage broker for the referral and you as the mortgagee get the better rate.

 

You can try going to the bank directly and negotiating a good rate, but I suspect you'll be pushing uphill vs a mortgage broker (though there would be no harm in trying).


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  Reply # 1798147 11-Jun-2017 19:26
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It is not at all hard to get a good rate from a bank. I am going through the process now, to get a half percent discount is remarkably easy (like just ask what the best rate is, supply them with the documentation they need) and we're at a $3500 cash payment so far. My experience the last few times has been similar. Spend acouple of hours of talking and banks will come to the party.

A broker is good if you don't have the skills to negotiate yourself.

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  Reply # 1798161 11-Jun-2017 19:59
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Half percent discount isn't that great. You'd get that from any number of angles. My broker on the other hand got me several offers ranging from 1.5% to 2.5% below publishes rates, without any work from my end.


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  Reply # 1798183 11-Jun-2017 20:51
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Interesting. When was this and what was your absolute rate you got?

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  Reply # 1798188 11-Jun-2017 21:02
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A few years ago, 2014, and I don't recall the numbers atm


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  Reply # 1798203 11-Jun-2017 21:38
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Ok. 1.5-2.5% discount would be a 2.5-3.5% rate. I find that a little hard to believe today, the figures I've gotten are consistent with what colleagues who have used a broker have gotten.

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