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  1. #2001
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    Quote Originally Posted by blackcap View Post
    I don't know what you guys are on about with this 20% thing. A mate of mine just purchased a house with a 10% deposit. So its never easier to get a mortgage now and with interest rates being very low....

    Funny thing is I would never have lent to that guy the amount he has borrowed, but the bank did.
    Is he a first home buyer? Did have a track record of being a good punctual borrower with the bank?

  2. #2002
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    Quote Originally Posted by blackcap View Post
    I don't know what you guys are on about with this 20% thing. A mate of mine just purchased a house with a 10% deposit. So its never easier to get a mortgage now and with interest rates being very low....

    Funny thing is I would never have lent to that guy the amount he has borrowed, but the bank did.
    Blackcap it is simply not true it is easy to get a mortgage currently . Sure the LVR's have gone but lending with a 10 % deposit is limited. Also the customer will not have access to the "special " rates or will be subject to a LEM or LEI on the loan .
    I have put up an article on a reply to SBQ that has pointed out why the banks are tightening up . Here is another.
    https://tmmonline.nz/article/9765171...high-lvr-loans

  3. #2003
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    Quote Originally Posted by blackcap View Post
    I don't know what you guys are on about with this 20% thing. A mate of mine just purchased a house with a 10% deposit. So its never easier to get a mortgage now and with interest rates being very low....

    Funny thing is I would never have lent to that guy the amount he has borrowed, but the bank did.
    Which goes to show the confidence that the banks have on issuing mortgages.

    I'll reiterate, there are SOME major banks that DO NOT deal with mortgage brokers. I know this 1st hand experience and had been confirmed at both ends (by the broker stating so and so bank and approaching said bank directly).

    If i'm not mistaken, it was Kiwi Bank that does not deal with brokers and asks the client to deal direct with them.

    Why pay a mortgage broker to go around when the customer can visit each bank to get the best rate?
    Last edited by SBQ; 10-07-2020 at 10:03 PM. Reason: Name of the bank

  4. #2004
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    Quote Originally Posted by SBQ View Post
    Which goes to show the confidence that the banks have on issuing mortgages.

    I'll reiterate, there are SOME major banks that DO NOT deal with mortgage brokers. I know this 1st hand experience and had been confirmed at both ends (by the broker stating so and so bank and approaching said bank directly).

    If i'm not mistaken, it was Kiwi Bank that does not deal with brokers and asks the client to deal direct with them.

    Why pay a mortgage broker to go around when the customer can visit each bank to get the best rate?
    It's Ok if you have the time to visit each bank but do they have a branch in your neighbourhood/ town ? Banks are closing branches down at a fast rate . Brokers/advisors apparently do circa 40 % of the loans for ANZ ( and climbing) so someone must be doing something right ...
    How do you know it’s the best rate ? It might be a good rate but how do you know if it's absolutely the best rate .
    If you dealt with a specialist that had access to most of the providers and was doing regular business I'm sure they would have a better idea than you.
    SBQ , you said Some major banks , Kiwibank is arguably not major ( less than 5 % marketshare) so name another one .
    By the way Kiwibank do deal with brokers ,in particular NZHL , apart from that group they have been limited as they couldn’t possibly process the volume . Started to roll out in a bigger way now.https://www.goodreturns.co.nz/articl...er-market.html

    I stand by my comment lending conditions have tightened .
    https://www.nzadviseronline.co.nz/ne...rs-271967.aspx
    Last edited by stoploss; 11-07-2020 at 10:41 AM. Reason: edited for clarity

  5. #2005
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    Further evidence lending conditions have tightened -https://croakingcassandra.com/
    "For households, the only material changes were (tighter) serviceability requirements. That is interesting – if not too surprising – given (a) slightly lower interest rates, and (b) some temporary easing in the Bank’s LVR restrictions."

    SBQ - still waiting to hear about the banks that don't deal with brokers ?????



  6. #2006
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    Quote Originally Posted by stoploss View Post
    Further evidence lending conditions have tightened -https://croakingcassandra.com/
    "For households, the only material changes were (tighter) serviceability requirements. That is interesting – if not too surprising – given (a) slightly lower interest rates, and (b) some temporary easing in the Bank’s LVR restrictions."

    SBQ - still waiting to hear about the banks that don't deal with brokers ?????


    I think SBS didn't but they might do now>>
    People don't have ideas, ideas have people

  7. #2007
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    Quote Originally Posted by JBmurc View Post
    I think SBS didn't but they might do now>>
    JB SBS do , SBQ said “some of the Majors don’t” which is wrong .

  8. #2008
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    I got an approval for 15% deposit, no hassle. Arguably my finances are okay and job is with emergency services. Using Mortgage broker because I couldn't spend time to go around asking each bank. Funnily enough he did tell me he doesn't deal with Kiwibank which is my main bank.

  9. #2009
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    Quote Originally Posted by peetter View Post
    I got an approval for 15% deposit, no hassle. Arguably my finances are okay and job is with emergency services. Using Mortgage broker because I couldn't spend time to go around asking each bank. Funnily enough he did tell me he doesn't deal with Kiwibank which is my main bank.
    As in your case, the broker we engaged with last year told us the same thing "KIWI BANK" did not deal with our broker.

    If Kiwi Bank is a large enough bank to be considered 'major' in NZ.

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