Frequently Asked Questions
We realise that you will have many questions to ask us, please feel free to call and ask us anything you want, we are to help you to get the right mortgage to suit your needs and thse of your family. Listed below are some of the more commonly asked questions, but if you need more information please call us on 0800 247 667.General Questions
What is a Mortgage Broker?
A Mortgage Broker is your own personal mortgage consultant who can come to you at a time and place that suits you. We source and negotiate housing loan packages and options that best suit your needs. We have a wide range of lenders, from Main Banks to Non Banks to Other Lenders.
A Mortgage Broker is your own personal mortgage consultant who can come to you at a time and place that suits you. We source and negotiate housing loan packages and options that best suit your needs. We have a wide range of lenders, from Main Banks to Non Banks to Other Lenders.
Why use 24/7 Mortgages?
We are available 24/7 and will come to you when and where it suits. We guarantee an appointment within 24 hours and will take the hassle out of getting a mortgage. We are a team of ex-bankers who know how the banks think.
We are available 24/7 and will come to you when and where it suits. We guarantee an appointment within 24 hours and will take the hassle out of getting a mortgage. We are a team of ex-bankers who know how the banks think.
I have heard that mortgage brokers will only obtain loans from the banks or lenders that pay them the most?
We at 24/7 Mortgages will always act in the best interest of the client and will ensure that any deal we broker is the best we can do for the client. While there can be variances in the amount different lenders pay us we do not favour any particular lender for this reason. We are also members of Plan NZ and the New Zealand Mortgage Brokers Association both of which have ethics that we must adhere to.
We at 24/7 Mortgages will always act in the best interest of the client and will ensure that any deal we broker is the best we can do for the client. While there can be variances in the amount different lenders pay us we do not favour any particular lender for this reason. We are also members of Plan NZ and the New Zealand Mortgage Brokers Association both of which have ethics that we must adhere to.
If the banks pay 24/7 Mortgages a commission is this then added on to the cost of our loan?
No...The lenders that use our service do so as we are another channel from which they obtain business as is as a bank branch or mobile manager. The cost of obtaining business from 24/7 Mortgages is comparable to the other channels the banks choose to use. For this reason it will cost you no more use 24/7 Mortgages.
No...The lenders that use our service do so as we are another channel from which they obtain business as is as a bank branch or mobile manager. The cost of obtaining business from 24/7 Mortgages is comparable to the other channels the banks choose to use. For this reason it will cost you no more use 24/7 Mortgages.
How much deposit do I need?
Depending on where you live and your income you may not need any deposit at all. 24/7 Mortgages has access to a number of lenders who will lend you 100% of the purchase price of a home.
Depending on where you live and your income you may not need any deposit at all. 24/7 Mortgages has access to a number of lenders who will lend you 100% of the purchase price of a home.
I am an overseas resident. Can I borrow money in New Zealand?
Yes you can borrow money in New Zealand and may be able to borrow up to 90% of the purchase price of a home.
Yes you can borrow money in New Zealand and may be able to borrow up to 90% of the purchase price of a home.
How much do I need to earn to obtain a loan?
The income you will need to earn will depend on the size of the loan, the bigger your loan the more you will need to earn. As a rule of thumb if you are a first home buyer who is currently renting and have also been able to save some money there is a good chance you will meet the banks income criteria.
The income you will need to earn will depend on the size of the loan, the bigger your loan the more you will need to earn. As a rule of thumb if you are a first home buyer who is currently renting and have also been able to save some money there is a good chance you will meet the banks income criteria.
I am on the benefit. Can I get a home loan?
Yes.
Yes.
What's the difference between fixed and floating rates?
Most lenders will offer both fixed and floating interest rates. If you take a loan which has a floating interest rate it is likely the amount you have to pay back will change from time to time or when your lender changes its current floating interest rate. If you take a fixed rate your repayments will be the same for the term of that fixed rate. Lenders will generally offer fixed rate terms from 6 months to 5 years. Floating rates are more flexible than fixed rates and can be repaid at any time without penalty fees charged. The rate type best for you will depend on your situation. The team at 24/7 Mortgages can advise you on the best way to structure your loan.
Most lenders will offer both fixed and floating interest rates. If you take a loan which has a floating interest rate it is likely the amount you have to pay back will change from time to time or when your lender changes its current floating interest rate. If you take a fixed rate your repayments will be the same for the term of that fixed rate. Lenders will generally offer fixed rate terms from 6 months to 5 years. Floating rates are more flexible than fixed rates and can be repaid at any time without penalty fees charged. The rate type best for you will depend on your situation. The team at 24/7 Mortgages can advise you on the best way to structure your loan.
