My introduction to Non Bank Home Loans and Mortgages came as a result of being approached to join a very experienced businessman who ran an established Residential and Commercial Mortgage Broking business in Remuera, Auckland. This was in January 1999, at a time when New Zealand was in a slump with faltering property prices and floating rates just moving from 6 to 7% pa. having been at 11% only 6 months earlier. Yes, it was with some fear that I left the security of ANZ Bank after 23 years of service, to start as a Mortgage Broker in difficult economic times with banks being cautious on lending.
At this time Bank’s were only just starting to deal with brokers and in many instances they would pay only a token commission amount, if any, for business introduced. It was therefore accepted that brokers charged a client for services provided.
The choice of lenders at that stage was very limited being Bank’s, Building Societies, Solicitor Funds, Finance Companies or Private Lenders.
As business started to pick up and property prices started increasing, it became a Lenders dream with Liberty and Bluestone coming to New Zealand from Australia and then a plethora of other new lenders operating in the Non Bank space, with No Doc, Low / Lo Doc Mortgages, most of whom have now shut up shop as a result of the Global Credit Crisis.
What we were seeing until recently is Banks slowly (very slowly in some cases) starting to relax their credit policy with loans up to 95%, but there were still just so many good clients being turned away, perhaps because the recession hit them pretty hard financially and they need to refinance, consolidate, or alternatively their mortgage deposits, incomes, residency status or business dreams just do not fit the Banks “current lending policy”. With the recent speed bumps on low deposit home loans, the banks have pretty much said no to all low deposit home loans above 80%, EXCEPT we still have options up to 90%!
With the choice of lenders still very limited and credit policy being tight, there are many genuine potential borrowers just looking for help when their Bank has said NO! Sounds familiar to when I first became a broker, doesn’t it?
So to me, the current economic client, is just like when I left ANZ Bank, some 15 years ago!
The key difference now though, is that I have been there before and have had the experience of helping New Zealanders, whether it is first home buyers, borrowers with bad credit, investors, developers or business operators raise the finance they required, often when their current Bank had said No!
I can recall, many years ago, that I arranged one of the first true 100% stand alone Home Loans through the National Bank using a National Bank personal loan as the clients deposit. This couple had just returned from an OE, had good incomes, no deposit, and were very keen to buy their first home, but could not find a Bank to help them. Recently we settled a 100% home loan for self employed clients, also back from overseas with hard to prove income, plus the support of the parents who had property.
That is why a website for Non Bank Loans, Home Loans, Mortgages and Finance was born, to open up some doors and explain other mortgage and loan options that may help you get where you want to go. In many instances this may also include borrowers who have had bad credit or missed some repayments and their Bank is just not prepared to help them.
So that’s a snap shot of the Non Bank vision, but what about me?
Aged 55, married to Fiona, with 2 grown up kids living on Auckland’s North Shore. Moved to New Zealand, from England, at the age of 12 with my parents and just so glad that they came to this great country.
My first School in Auckland was Rutherford High living in Te Atatu South, then we moved to Taupo and I went to Taupo Nui A Tia College and then completed 7th form at Rangitoto College in Mairangi Bay, Auckland.
Then I joined the ANZ Bank having just turned 17 and progressed through the ranks for 23 years, working in Investments, International, Imports / Exports, District Administration, Training, Lending Management and finally, until I resigned, 3 years in the start up role as ANZ’s first Mobile Home Loan or Mortgage Manager.
My time as a Mortgage Broker included setting up New Zealand Mortgage Finance Limited, which was very successful and part of New Zealand Finance Ltd, now NZF Money, which purchased outright the Mortgage Broking Companies, Loan Plan & Approved and then 50% of Mike Pero Mortgage Brokers. During my time with NZF we also listed on the NZ Stock Exchange. In 2007 I left this company to start up a new broking business, closer to home, as city traffic and endless corporate meetings all became just too much.
I have always loved playing and watching sports with favorites , from a spectator view point, being Rugby (All Blacks), League (Warriors), V8 Super Cars (Holden fan) & Netball (Silver Ferns) and from taking part in, Golf, Fishing, Boating, off road Motor Bike riding and Tennis.
Mixed in with this are family, friends, socialising, movies, eating out (often Thai or Japanese), travel and spells of intense exercise and watching the weight! This was a major success in 2013 and I was very proud to be 14 kg's lighter mid year, crept up a lttle since though! That is an old picture above, I am the big guy with the hat and Trout!
With my daughter having a good career in the Insurance Industry and my son now working in IT, Fiona and I run the business and I visit clients as often as possible to provide financial advice.
Our other business interests are First Rate Mortgages Limited, which is a Mortgage Broking Company, accredited with most Bank and Non Bank lenders and we write all our finance business through this. It includes the option to review your personal insurances, life cover, income protection, trauma, permanent disability and medical, in case the unexpected were to happen. Allan Nicol works with me as part of the First Rate Mortgages team here in Auckland looking after Albany & North, North Shore, Central, East, West and South Auckland.
I have been a member of the New Zealand Mortgage Brokers Association since 2001 and have now completed through Polytech the National Certificate in Financial Services (Financial Advice) (Level 5) for both Residential Property Lending and Insurance Advice. I am also a Registered Financial Adviser, which is a new industry requirement, and includes registration with the Securities Commission. The studies went very well and the qualification is now recognised by both Lenders and Insurance Providers as being a sound way to demonstrate competence when dealing with clients.
The charities which we contribute to on a regular basis are IHC, Westpac Helicopter Trust and we sponsor 2 children overseas.
In December each year I play in a Charity Golf Event to raise funds for Guide Dogs principal sponsor Bayleys North West Real Estate.
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