What are the advantages of working with a mortgage adviser?
You might think that people only work with mortgage advisers when they have bad credit, are self employed but haven’t been trading long enough for the Bank to approve, or their Bank has said no for whatever reason.
The above are good reasons to chat to an adviser, to be able to consider a much wider range of lending providers but there are many more;
They will save you time and effort. Shopping around multiple lenders and figuring out whose products will suit you best is time consuming. An adviser knows whats out in the market and can direct you to the best provider for your situation.
A good adviser is not just there to get an approval. They are there to look at your unique situation and based on that look at what lending will be most suitable for you from a wide range of different providers, products and rates. They work for you making sure that what they recommend is in your best interests based on all the information you’ve given them. In many instances a financial adviser can achieve a better outcome for their client than their lender can offer them.
Using an adviser pays. Research shows that Kiwi borrowers who get help from a mortgage adviser are better off than those who don’t. Financial Advice New Zealand conducted a survey of over 2000 participants and they found that:
86% of home-owners who had an adviser reviewed their mortgage in the past year (this was only 68% for those without an adviser).
Of those who went with an advisers help:
90% believe the changes will save them money.
84% of Kiwis changed at least one aspect of their mortgage, resulting in long-term savings. Regularly reviewing your mortgage is one of the best things you can do to keep mortgage costs down. It can save you thousands of dollars and shave years off the loan period.
An adviser needs to study and have a basic level of knowledge before they are approved by the FMA. On top of that, most advisers come from a career in Banking and have already seen how things work on the other side. For this reason most advisers have years of experience and expertise.
More than that though a leading adviser will work with you through the whole process. We can help you by recommending other professionals whose services you may need. We can hand hold you through the process and make sure you understand everything.
Not only that, a good adviser should be with you for life. Someone who knows your situation and who is in touch to help you with all of the changes that life invariably brings.
An good adviser will deliver a much higher quality of service. Most of the clients I have spoken with are frustrated with the lack of personalised service from the Bank they are with and always having to deal with someone new who doesn’t know any history. A good adviser should be someone you can trust to look after your lending needs for the years to come, there for fixed rate reviews, changing jobs, selling property, starting a family…. all of those things life throws at us.
And having someone on your side throughout all of that is invaluable.