Common 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 we have access to a broad range of products and options.
• What banks do you use?
  We use the right bank for your needs. We are not linked to any specific bank or product.
• Why use 24seven Mortgages?
  We are available at a best time that suits you. 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 24seven 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 24seven Mortgages a commission is this then added on to the cost of our loan?
  No...The lenders that use our service pay us 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 24seven Mortgages is comparable to these other channels the banks choose to use. For this reason it will cost you no more to use 24seven Mortgages.
• How much deposit do I need?
  Depending on where you live and your income this will vary 24seven Mortgages has access to a number of lenders that we will match to the level of your deposit.
• 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 80-90% 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.
• I am on the benefit. Can I get a home loan?
  Yes, depending on your circumstances - contact us for a no obligation chat.
• 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 24seven Mortgages can advise you on the best way to structure your loan.