Frequently asked questions
There’s a few questions that we are asked regularly, so we have put together a list to hopefully save you some time and trouble. But if you have any questions at all, go ahead and ask us.
How can we help you?
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Who are The Mortgage Supply Co?
We are a mortgage advisory and brokering service. We provide quality assistance and advice to all kinds of people who are looking for a loan, and with over 120 years experience in our team we pride ourselves on finding a great solution for every situation. The Mortgage Supply Co is entirely New Zealand owned and operated, and we have offices all over the North Island, working with people from all over the country – and beyond.
Why use a mortgage broker?
Because we have experience working with lenders which we can use to find the best option for you. We assess your needs, discuss your circumstances, and identify your loan requirements. And we look beyond the loan – we want to know about your property goals, your lifestyle, your job, your family, and your future.
We know all the things to look out for and can help you understand the home loan process every step of the way. Using a mortgage broker gives you more options – we look at multiple lenders, not just banks, to find the loan which is right for you.
How does a mortgage broker get paid?
For a standard mortgage, a mortgage broker receives commission from the lender, as a percentage of the total loan – meaning for the vast majority of the time you can get the right home loan for your needs for free!
Is The Mortgage Supply Co free?
Most of our standard services are free of charge, however for some services we do charge a fee. Some of our non-bank lending options, property trading, and commercial lending transactions have a fee component. But don’t worry, we will always provide our advice, discuss your situation, or meet with you without charge.
Can I borrow 100% of a property’s value?
Frankly – no, you almost certainly can’t. Loan-to-value restrictions mean lenders typically only go up to 80%. We can often negotiate up to 90% or even 95% if your income is good enough, but your loan will have higher costs. So you will need some deposit, but sometimes that can come from other property. Talk to us about how to leverage and safely use parental guarantees.
How much can I borrow?
How long is a piece of string? It will entirely depend on your income, what part of the country you’re in, your assets, your debts, and your credit history. You can get a broad idea by using our calculators, or if you fill in our application form we can work out the sums and give you a clearer picture.
What if I cannot prove my income?
Low-documentation mortgages have a lower threshold for proving your income, but we will still need to see strong evidence of your income in your bank statements. You will also have a lower maximum loan limit. A low-documentation mortgage can be great for self-employed people, particularly those who have only recently started out – and we have some good options to explore.
Can I get a mortgage if I am overseas?
If you are overseas we can still work with you to help you buy property in New Zealand. Recently some banks have reduced lending to non-resident borrowers, so we can find you more options from other lenders outside the major banks. We’re at our best when things get difficult!