Frequently Asked Mortgage Questions

Let us tell you why we think we can add value to arranging your home loan:

First off, we're completely free to you (yup, you heard that right!). We get paid by the bank, not by you.

Secondly, we'll provide you with all the options available - not just those from one bank. We want you to have all the information you need to make the best decision for you.

Thirdly, we can give you expert advice on how to structure your loan and pay it off quicker. We're all about helping you save time and money!

We're known for providing a rapid, easy-to-understand, and supportive service. We want to make the process as stress-free as possible for you.

Plus, we often get access to better interest rates and cash backs through our channels. Since we do this all the time, we know a good deal when we see one.

Wondering what types of Mortgages are out there? Here are a few of the most common ones you'll come across:

First up, Fixed Interest Rates. These loans offer a fixed interest rate for a set period of time (typically between 6 months to 5 years). This provides predictability and stability in your payments, as your interest rate won't rise during this time.

On the other hand, Floating Rates mean that your interest rate can fluctuate depending on external factors, such as the national money rate. While this may sound risky, Floating Rates can offer great flexibility when it comes to making lump sum payments, particularly if your income includes bonuses or overtime.

Then there's Revolving Credit, which is essentially a floating loan that works like an overdraft. You'll have an account that you can draw money from and pay back whenever you like. However, you'll be charged interest on the amount you're in overdraft.

Of course, every borrower is unique, and there's no one-size-fits-all approach. That's why it's important to speak to a Mortgage Advisor who can help you determine the best type of Mortgage for your specific needs. We're always here to help, so feel free to reach out if you have any questions!

When it comes to buying your first home, the deposit you have can make a big difference. Here's a breakdown of the different deposit tiers and what they mean for you:

If you have less than 10% deposit, be prepared for the banks to be a bit pickier with who they lend to but the government's First Home Loan scheme does give us options here if you meet the criteria.

With a 10% deposit, the overall offering is usually better, but you may still encounter some fees and a margin on your interest rates.

If you have a 20% deposit, this is where you'll typically get the best value in terms of rates, deals, and cashback.

At My Mortgage, we can help you figure out how the funds you have available can become a deposit for your first home. Our team of experts can guide you through the process and provide you with personalized advice to help you make informed decisions. So, if you're ready to take the first step toward owning your dream home, let's chat!

If you're a first-home buyer and struggling to reach the required deposit for your dream home, there are options available to you. One such option is to receive financial assistance from a family member or friend.

As your mortgage advisor, we have ways to structure this arrangement to minimise the cost and risk to both you and your family member or friend. We understand that this can be a complex process, so we're here to help.

If you're interested in exploring this option for your first home purchase, our team is here to help. We can guide you through the process and provide you with personalised advice based on your unique circumstances. So, don't hesitate to get in touch with us to start the conversation!

Using a mortgage advisor won't cost you a thing! We are compensated by the banks for bringing them business, so you get the best of both worlds. You'll receive great advice and service from someone who will explore all the options available to you, while still being able to access the same (and often better) rates, cash backs, and home loan products as you would from your own bank.

When it comes to the cost of a home loan, interest rates, and structures can vary widely, and they are constantly changing. But don't worry, we will recommend the right interest rate and loan structure for your unique situation.

To give you a better idea of your potential repayment amounts, we have a really handy tool that can provide you with payment details based on your loan amount, interest rate, and term. This can be a great starting point for initial budgeting for your new home, and we can take a look at it together when we meet. So, don't hesitate to reach out to us to get started!

It's important to note that while our services are completely free, there are other professionals you'll need to work with when purchasing a property. To help you budget, we've provided some rough estimates for their fees:

• Lawyer: Your lawyer or solicitor will manage the property transaction, your Kiwisaver if applicable, the transfer of title, and funds between yourself and the vendor. They typically charge between $1500 - $2500 depending on the property.

• Registered Valuation: This may or may not be required by the bank, but we can talk you through it. Registered valuations cost between $800 - $1200 depending on the property, and we can organize this for you.

• Builder's Report: It's a good idea to get a builder to inspect the property before committing to buying it. They'll be able to tell you if the house is structurally sound and if the cladding is of good quality, among other things. A builder's report will cost you between $400 - $800.

• LIM Report: A LIM report is ordered through the council and will tell you about any building consents ordered on the property, any changes to the title since it was issued, and more. These reports typically cost between $250 - $500.

We aim to simplify the entire purchase process for you, and although there is some necessary paperwork involved in submitting a loan application, we will streamline this process for you as much as possible.

To begin with, we will provide you with our Application Form, which will give us some basic information about you. We will also require income evidence, usually in the form of payslips, or for self-employed or business owners, your most recent Financial Statements. Additionally, bank statements are needed to show your income and daily spending.

Lastly, your deposit can come from a variety of sources, including the proceeds from the sale of another property, savings, Kiwisaver, gifting from family, or the First Home Grant which we will need to provide to the lenders as well.

We believe that the key to paying off your mortgage quickly is to have the right structure in place for your unique circumstances. Refinancing is a common scenario for clients who already own property, and we specialize in helping them find the best loan type, account structure, and loan term to accelerate their mortgage repayment.

Curious about how the refinancing process works and what deals are available for you? Check out our blog, which explains how simple and cost-effective it can be to refinance and save money. Our team is always available to discuss your options and help you choose the best path to paying off your mortgage faster.

It really varies from situation to situation. Banks have complex structures and it can be tough to navigate their paperwork and terminology. That's where we come in. We'll sort through it all and find the best deal for you.

In fact, we're often able to offer even better rates than banks that offer special rates for certain companies or workplaces. We know the industry and are in constant communication with the banks, so we can always get you the best deal. And if a bank isn't meeting our expectations, we'll be the first to call them out on it.

Our goal is to always negotiate the best rate possible for you. So get in touch with us to see how we can help you get the best deal on your mortgage.

If you're considering building a new home, we can help you through the process from start to finish. While building a home takes longer than purchasing an existing one, it can be an exciting and rewarding experience.

Banks may have some additional conditions to meet when financing a new build, but we've got you covered and can guide you through the process. If you're a first home buyer, you may also be eligible for certain exemptions and grants, such as the Home Start Grant.

We've put together a construction finance guide that explains everything you need to know about financing a new build and how we can help. It's easy to understand, so you can be confident in your decisions.