The NZMBA promotes standards of professional and ethical conduct, including expert knowledge, integrity, competency and service to clients, lenders and the public of New Zealand. |
Case Studies
Case Studies
Refinance to consolidate consumer debt
18 months after buying their first home Jeff and Mandy were living way beyond their means and suddenly found themselves with $25,000 worth of consumer debt as well as their mortgage. They were finding all the payments almost impossible to juggle so went back to their NZMBA mortgage broker for some advice.
Their broker helped them create a strict 6 month budget to ensure all payments were met on time, when the 6 months was up they were also coming off their 2 years fixed rate so their broker was able to refinance their consumer debt into the mortgage.
Mandy and Jeff did not realise the importance of meeting payments on time and believe without the help of a broker they could not have kept their home.
First Home Buyers
Vaughan and Melissa had saved enough money to put a deposit on a house but had no idea where to start. They were in desperate need of some expert advice so called the NZMBA broker listed in their area. He talked them though the process step by step and even assisted them in finding a suitable home to fit their budget.
The broker got a pre-approval from the bank so Vaughan and Melissa knew exactly how much they were able to spend. 3 months later they found the perfect home and put in an offer which was accepted. Their broker also arranged their risk insurance to ensure their asset was protected.
Purchase of an Investment Property
Tui; a builder by trade has been buying investment properties, doing them up and then selling them at a profit on and off for years. He recently bought at auction and when he went to his bank on the Monday to arrange the finance was shocked to find they were unable to provide him with it since his financial accounts were not up to date. He called an NZMBA broker and asked for some advice. The broker was able to take him to a non bank lender for 6 months while he got his financial accounts sorted. After 6 months his broker took him back to a main stream bank. Tui was so relieved the called a broker, & will be using him for all his future transactions.
Personal Loan
Adam and Verity had a mortgage with a mainstream bank and wanted to get a top up so they could buy a new bedroom suite and white ware for their house. They needed about $10,000. They went to their bank but were turned down since Adam had only been in his new job 4 months. They found the NZMBA website and called a broker in their area. She was able to get them a personal loan on an 8 month term. Adam had been in his job a year at the end of the loan term so they were able to consolidate the debt into their mortgage. They had no idea such finance options were available and will be using their NZMBA broker for all their future finance needs.
Risk Insurance
Tracey and Richard had been meaning to get their risk insurance sorted out for some time but had never got around to it. When Richard’s friend Angus died of a sudden heart attacked at age 40 it made them realise just how important it was. They did not know where to start so a friend of theirs referred them to her broker. She sat down with them and did full needs analysis and both of them were shocked at risk they had been carrying by being uninsured. They are now fully insured and have just purchased their first home which the same NZMBA broker arranged the finance for.