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How & Why is My Mortgage free?

The best things in life are free

As Luther Vandross and Janet Jackson announced in their 1992 Grammy-nominated duet, The Best Things In Life Are Free.

But in reality, nothing in life is free, right? Well for once you can get something, and something that is awesome, for free. There is absolutely no cost in working with My Mortgage.

So how is it free then?

We work with all the normal banks and lenders when we put together an application for you which means you get the pick of them all. We'll submit your application to the ones we know work in your situation and as many as we think will be useful to you so that you have choice. The banks know they will be "competing" for our deals so always give their best rates and conditions. When you've got the offer/s from the banks, you choose the one you think is best (we're happy to give our opinion) and we get the loan sorted and money to you as soon as you need it. We get paid by the bank you choose and all the banks pay about the same so we don't really have a preference who you choose.

Why would the banks pay you to do something they do themselves?

The reason the banks pay us is that we have access to large networks of clients for them including people who aren't yet clients of theirs. We also do all the hard work for you and the bank in terms of getting the details, forms and paperwork needed so it saves their staff time. This fee to us is instead of having to pay salaries to the staff that would normally handle your business (or try to get your business) so there‚Äôs no additional cost to them and therefore no additional cost to you. 

You get the same bank products that they would offer you direct but the benefit of getting them all in one place and getting independent advice and someone on your team (who knows what the banks can do) to negotiate you the best deal.

Won't banks give better interest rates or cash backs going to them directly?

You would think so but in reality, they like having advisors like My Mortgage working on their behalf. Here at My Mortgage, we are part of a larger group of advisors throughout New Zealand and because of this larger group "power", the banks give us the best rates and cash back offers available. 

Due to the fact that we use all the main banks and other lenders, you get a choice of who to work with. Because of our relationships with all the main banks we look to get loan offers for you from multiple banks. This saves you having to go into every bank, fill in all their different application forms, and go through the process 4 or 5 times to see which bank suits you and your needs best. We do that for you and the banks know they need to give their best offer to you through us as there may be other banks doing the same.

If you'd like to discuss your next property move with the My Mortgage team, please reach out to us and we'd love to discuss what you are wanting to do and which bank or banks might be the best option. It's 100% free!