It’s difficult to get a mortgage from a bank in New Zealand, especially if you’re a small business owner. There are a lot of Kiwi’s out there looking to buy a home, but many admit they wouldn’t continue to look for a loan if they got knocked back for a mortgage from one bank.
The truth is that one rejection from a traditional bank doesn’t mean you have no lending options as a small business owner, getting the right advice and guidance could mean that you’re able to get the home of your dream. A good mortgage advisor will be able to look at your circumstances and will be able to speak to you about your lending options and mortgage.
So first of all, what exactly is a mortgage advisor? Basically, they’re someone who arranges for the purchase or sale of a home on your behalf. They’re experts in their field and they can help small business owners to get into their own homes, even if a bank has said no.
Trying to find a mortgage on your own can be overwhelming and so finding a mortgage advisor is a good idea, they can help to alleviate the stress of dealing with the banks. So what should you ask them? The first and most important thing to know is whether they are accredited on the Financial Service Providers register.
You should also speak to them about which banks they like to work with – its better if they work with a variety of lenders as it means they can find you better deals and finance options. You should also speak to them about their fee structure and ask them about how they earn their money – being aware of the kind of commissions they’ll earn is important.