Frequently Asked Questions.

Why should I use a mortgage broker?

A mortgage broker (or advisor) has insider knowledge of the lending underwriting standards for each bank and the non-bank lenders. Understanding these requirements means your mortgage broker can quickly align your requirements to the right lender. This increases the likelihood of getting your loan approved.

A mortgage broker can also send the same loan application to multiple lenders in a matter of minutes. If your loan is approved by each lender you’ll be able to compare the loan offers to find the best rates and terms for you.

Can I trust the advice from a mortgage broker?

Mortgage advisory/brokerage services are now a fully regulated industry. The Financial Advice Provider (FAP) has to be registered and the financial advisers (FA) who work for the FAP also have to be registered. The FAP has to operate under a license.

Financial advisers now have to be fully qualified to give advice and obtain qualifications to support this.

Mortgage brokers have insight into the lending environment because of the volume of enquiries we deal with and the number of lenders we work with. We’re able to provide independent advice to suit your needs, including term time-frames for your loan, the right interest rate split and how long you should fix your loan for.

Does a mortgage broker charge fees?

Most of the time it’s free to use the services of a mortgage broker. We get paid by the lenders on the settlement of your loan. In rare circumstances, we may need to charge a fee if we’re not eligible to receive commission from the lender.

Why shouldn’t I approach the banks myself?

Your mortgage advisor understands the different policies of each bank. We get to know you and your personal situation, so we can work with the appropriate lender(s) to match your unique circumstances.

If one lender says, No - you won’t have to tell your story all over again to another lender. We do the heavy lifting and leg work for you - allowing you to focus on other areas of your life.

What information does a mortgage broker need?

Lendal Mortgages are part of the New Zealand Financial Services Group (NZFSG) - if you engage with Matt Carr of Lendal Mortgages you’ll be sent a user-friendly online application form to begin the process. Once I understand your personal situation I’ll be able to let you know what further documentation is required to support your application.

Should I break my fixed rate loan?

Interest rates are either in a downward or upward interest rate market. Often floating rates are higher than fixed interest rates. Your mortgage advisor can take the time to sit down with you, understand your financial situation, work out the cost of breaking your fixed rate and let you know how much you would save fixing at the new rate.

I already own a house. Why should I talk to a mortgage broker?

Your mortgage broker comes with a wealth of knowledge beyond securing your mortgage finance. We can also assist with loan reviews - ensuring you’re with the right lender to help meet your financial goals. We can review your current home loan and may be able to recommend a better structure to save you money. Most of the time this service is completely free.

Want to know how I can support you?

Tricks, tips and general info is good. But tailored advice is better.

Matt Carr | Owner | Lendal Mortgages