First Home Buyers
Why don’t I go straight to my bank?
Your bank can only provide details on their own products and service. We can see what your bank is offering to other customers and can provide a range of banks and lenders with just one set of application forms. We are not a 9-5, Monday to Friday services, we work for you 7 days a week and ongoing after you draw down your loan. So talk to us first for a far higher level of service than going direct.
Do you favour any particular banks or lenders?
No we don’t. We give you fair and impartial advice based on your personal situation. We have to adhere to strict guidelines set down by the Financial Markets Authority to ensure we put your needs first.
Will you come to us?
As there is a big demand for our service, we are unable to provide a mobile service at this stage as we are more effective being based in the office. We can see you during work ours at our Wellington office on week days or we are available 7 days by phone and email. Skype and Facetime is also an option.
I need to act quickly or am not available to see you, can you still help me?
Yes we can help you 7 days a week via email, fax and telephone and face to face. You can contact us on 0800 000 518 to see how we can help you. We love outside the square situations too!
We live overseas and want to buy property in New Zealand, can you help?
We sure can. We can help you through the entire process of finding a home, getting finance and then purchasing your new home. We can put you in touch with other professionals, such as lawyers, that can help you to buy your new home.
What are your rates?
Being brokers and advisers, we do not set the rates. The bank or lender does. We will always negotiate the best rate possible with the bank or lender. We see rates on a daily basis that are not advertised. Banks also have ‘gimmick’ employee packages which may not actually be the best deal for your situation. For example a bank having a company employee discount off floating of .50%, however their standard floating rate is .50% higher than the other banks! We cut through the sales gimmicks to give you unbiased advice and the best possible deals for your situation. Often we can negotiate better than ‘package’ discounts including Government.
For outside the square lending for adverse credit and low/no doc there may be a premium on the interest rate charged by the lender to account for the risk.
I am self-employed and my financials are not up to date, can you still help?
We are self-employed ourselves and understand the challenges of getting a home loan when your affairs are set up to minimise tax or you don’t have up to date financials. So we can talk you through the options that will help.
What Are First Home Loans?
These are loans backed by Housing New Zealand and available via certain banks. Minimum deposit is 10% amongst other criteria around income and price caps in certain areas. Welcome Home Loans are useful if banks' supply of low deposit loans are limited due to Reserve Bank restrictions.
How Is This Service Free?
For most of our day to day business the insurers, banks and lenders pay us a commission/brokerage when you draw down a loan or take out a policy. So usually our service is paid for by the lender/insurer. The banks/lenders/insurers pay us a commission because we are a cost effective way of introducing business to them and we do all of the initial work of introducing you to them.
There are rare times we do charge a fee; this may be to cover work done whereby we do not get paid a commission by the lender. Fees are always agreed upfront, if charged at all. Situations that may incur a fee are:
- A bit outside the square such as bridging finance (sometimes) and asset lends
- A lender that doesn’t pay us brokerage that we used as your situation is ‘outside the square’
- Commercial finance, sometimes personal loans
- Caveat loans, development finance, business lending
We would always discuss any fee up front and payment is often made when a loan is drawn down unless otherwise stated.
Please remember that you can contact us at any time on 0800 000 518.
KiwiSaver: Can I Use It, And How Does It Work?
If you are a first home buyer (or Housing NZ approved 'second chance' buyer) and have been in the scheme for at least 3 years, you should be eligible to use your KiwiSaver funds excluding the $1,000 Kick Start. You may also be eligible for the Housing New Zealand HomeStart subsidy (between $3,000–$10,000).
How Much Deposit Do I need?
We can obtain finance from as little as 5% depending on the circumstances. Ideally you will have at least 10% or 20% which will make the loan cheaper and easier to get and improve your borrowing power. Gifts and family guarantees can also be part of the deposit.
Can I Use A Guarantor?
Using a parent or family member's equity can be a good way to help pull together a deposit. The guarantor does need to have a sound financial position and prove they could service the guaranteed portion of the loan on top of their existing financial commitments.
Get Pre-Approved For A Home Loan
Whether it’s your first home, investment property or you are upgrading, before you head out house hunting you need to determine exactly how much you can afford. We get this for you in writing so you know exactly what the boundaries are in terms of loan amount and conditions attached to the loan offer.
What Info Do I Need To Provide?
How Much Can I Borrow?
There are many factors which determine this including age, dependents and debts you have. The percentage deposit you have is the first key factor. If you have less than 20% deposit, then approximately 3-4 times your annual salary is a guide to loan size. If you have a 20% deposit, it could be 5-6 times your annual salary just as a guide.
Please click on the below link to work out repayments.
How Does The Process Work?
The best place to start is with your Craig Pope Mortgage Adviser. Find out your borrowing power, we help with the forms, KiwiSaver, HomeStart and getting pre approved. Then get guidance from us on the house buying process, placing offers and working through to an unconditional stage. Then we help negotiate rates and give you a personalised mortgage reduction plan.
Investing in a rental property
As property investors ourselves, we understand the unique challenges of property investment. We also know how to get you the best deal for your current property investment and future plans. Whether it's your first investment property or adding to your existing portfolio Pope & Co. are here to help!
The bank said no, can you still help?
It’s highly likely your bank just doesn’t understand your personal circumstances or the complexity of what you are trying to do. So let us talk to them on your behalf and look at the other options including preparing your application in a way that will help the approval chances. We have a great strike rate of getting approvals and often it’s how something is prepared or the sending of your application to the right lender.
Debt Consolidation / Mortgage Arrears / Top Ups
Need to consolidate some debt, clear some mortgage arrears or top up for home improvements? We can help with free advice no matter what your situation.
Mortgage protection insurance helps pay the mortgage in the event that you are unable to work due to illness, injury or disability.
This means your family home is protected while you focus on recovery.
Non-NZ Resident Loans
If you are looking at immigrating to New Zealand or you are a non-resident we can help you every step of the way to obtain a New Zealand mortgage (home loan). Current bank lending policies make it difficult to obtain funding with less than 20% deposit, so please contact us.
Mortgage Reduction Plans
As part of our day-to-day service can provide you with a tailored mortgage reduction plan to get you mortgage free quicker. We delve a bit deeper into your financial situation to identify the best way to save thousands in interest.
New Build / Construction Loan
Doing a new build or construction loan can be a great option for a dream home or property investment with deposit options ranging from 5%. There may also be additional Housing NZ HomeStart subsidy options available.
Refinancing & Re-Fixing Rates
Whatever your refinancing needs we can help quickly. Perhaps you want help to negotiate rates with your bank or need to formally test the market and look at fresh options? We can also analyse the feasibility of breaking a fixed rate.
If you are self-employed it can sometimes be difficult getting a mortgage. This can be because your financials are not up to date, you are a new business, you have a complex structure or the bank or banking consultant doesn’t understand your needs. So proving income can be tricky, even if you have been in business for more than a year.
Vehicle / Business / Commercial Finance
If you are looking to buy a car, business or commercial property we can help! We have access to sharp vehicle finance rates and can also guide you through the process of buying a commercial property.
There are many types of mortgages to consider, whether you are a first-home buyer or next-home buyer. For instance you may be wondering whether you should fix or float, get a revolving credit facility, get interest only and so on. Wellington Mortgage Brokers are here to help you understand your options and choose the best solution for your individual circumstances.
Bad Credit & Non-Conforming
Need a mortgage but having trouble with getting approved because of bad credit or adverse credit history? Worried that your situation is a bit outside the box? Don’t be as we may have a solution to help!