Already Own and Want to

Check You Have the Best Mortgage?

Already own your own home? We could save you thousands of dollars on your mortgage.

It’s amazing how a small tweak can save you thousands, or even tens of thousands, of dollars over the term of your mortgage.

When you first purchased you may have been forced to go with a particular bank. Maybe your income has changed or you’ve had a baby. Or you’re dreaming of using some of the equity in your house to do some renovations.

Whatever your situation, now you’re a couple of years on, it’s time to reassess.

Some questions to ask yourself:

Are you happy with the bank you are with?
Do they offer all the mortgage products you need to pay down your mortgage quickly?
Have you reviewed your mortgage in the last 2 years?

That’s where we come in.

We will:

Assess your current structure and situation
Consider what the other banks provide
Provide specific advice on the best mortgage structure and bank for you
Manage any changes to your mortgage as a result of the review.

If you’re looking to refix your current mortgage we can help you negotiate the best deal with your bank. Click here for more information.

Talk to an adviser today.

Our mortgage brokers can help you…

Save money on interest rates
Find the best bank for you
Pay your mortgage down more quickly
Upgrade your home

and much more!

Not sure whether now’s the right time?

Even if you’ve got fixed mortgage rates, we can review your mortgage at no cost and see whether a complete change is right for you. There’s no cost and no contracts. If we help you into a better financial position, we’re paid by the banks.

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FAQs

Can I buy a new home before selling my old home?

This is called bridging finance. It can get a little expensive but is possible if you have enough equity in your current home. Generally, if the total of your current mortgage + the new purchase = less than 80% of both properties it is achievable. You would need to commit to selling your current property within 6 months.

For more information on bridging finance, read our article here.

How long does it take to get an approval from the bank?

The banks typically try for 5 working days. The timer starts when we receive all the required documentation and submit your application. Sometimes turnaround can be as low as 2 days or sometimes it can be slightly longer. If your application is urgent (required in less than 10 working days), let us know as soon as possible and we will mark it as urgent.

It’s important to get us all the documents before we can submit the application. This includes proof of income (payslips or year-end financials) ana bank statements (click here to learn how to correctly export your bank statements).

How much do mortgage brokers charge?

Almost all Mortgage Lab services are at no direct cost to you as our brokers get paid a commission by the banks and other lenders when a mortgage is finalised or refixed.

The exceptions to this:

If a mortgage is paid off or discharged within 27 months, a fee may be incurred. See our FAQ: What if I sell my home or refinance my mortgage shortly after using a mortgage broker?
Finance companies may require a fee to be added to the loan rather than paying us a commission. You’ll always be made aware of these fees long before they are locked in.
If, following the service provided by the adviser, you elect not to continue engaging Mortgage Lab to settle the mortgage or finalise the insurance product, the adviser may charge you an hourly rate of $250 for the work provided. The maximum charge we will typically invoice for is $2,500.

The commissions paid are below. These commissions are accurate at the time of writing – 15th March 2021

Lender	Upfront	Trail	Refix
ANZ	0.85%	N/a	$150
BNZ	0.55%	0.15%	N/a
ASB	0.85%	N/a	$150
Westpac	0.60%	0.20%	N /a
Sovereign Home Loans	0.60%	0.20%	N/a
ASAP Finance Limited	Fee Charged	N/a	N/a
Avanti Finance	Up to 0.80%	N/a	N/a
Cressida	Fee Charged	N/a	N/a
DBR	Fee Charged	N/a	N/a
First Mortgage Trust	Fee Charged	N/a	N/a
Heartland Bank (Reverse Mortgage)	1.50%	N/a	N/a
Liberty Financial	0.60%	0.15%	N/a
NZCU (Personal Loans)	1.00%	N/a	N/a
RESIMAC	0.60%	0.15%	N/a
SBS Bank	0.80%	N/a	$150
Southern Cross	Fee Charged	N/a	N/a
The Co-operative Bank	0.70%	N/A	$150

Is getting a mortgage complicated?

The banks all have different policies and risk tolerances. Buyers can get frustrated and waste a lot of time going to banks that won’t suit their needs.

Using a mortgage broker gives you a view of all the banks and their policies. It means you find the right bank faster and with less stress. With a mortgage broker, getting a mortgage isn’t complicated. It’s about proving you have enough deposit and enough income and then heading to the right bank with that information.

Some tips to making your mortgage application easier: get your documentation sorted early and keep your spending as low as possible in the 3 months leading up to your application.

If you’d like to learn the basics, we have a course which teaches you everything you need to know about buying your first home. You can find out more here.

We want to upgrade our home. When is the best time to get finance?

The first step to upgrading your home is to know what is financially possible. There is no cost when consulting a Mortgage Lab broker so we recommend talking to an adviser early to see what is possible for your financial situation.

What costs should I expect when buying a home?

Using a mortgage broker generally means no direct costs to you but there will be a couple of unavoidable costs there. These may include:

A Registered Valuation ($800 – $1,200)
Solicitor Costs ($800 – $1,500)
LIM report ($150 – $400)
Builder’s Report ($100 – $500)
Weather Tightness Report for Monoclad houses ($300 – $1,000)
Finance fee for non-bank lending (~1%)

Prices can vary. Always request a quote before ordering a report. For a list of property professionals that you’ll likely work with, see our article here.

Why should I use a Mortgage Broker rather than going into the bank?

As above, sometimes a bank just isn’t looking for you as a client. In this instance, they can either decline you or make the terms of your lending so ridiculous that you either accept (sucker!) or you go away. We know what banks have an appetite for and send you to the right bank without you shopping around banks.