Banks are continuing to streamline their services.
The number of branches right across NZ is reducing.
To contact a bank over the telephone is time-consuming.
You often speak with someone you have never met before and therefore they do not know any of your history or future plans with your mortgage.
No Advice when Refixing with Online Banking or Phone App
Most lenders now have a preference that their home loan clients refix their mortgages at the end of the fixed term, via their online banking or phone app.
This is even more impersonal, however, may suit a lot of home loan clients and is easier for the banks
- Interest rates are offered irrespective of your banking relationship
- There is no urgency expressed when refixing in an upward interest rate market
I’m Paid to Help You
As a mortgage broker, I have always offered a mortgage review & refix service.
I am happy to continue this service.
In fact, I am paid to do this – some lenders pay me a small fee (or trail income) to provide this service.
I am happy to assist via the telephone or a zoom call
Areas that I can add value
I often know your background and your mortgage plans so can help you keep on track
We can discuss your future mortgage plans and set up mortgage structures to help you meet your plans
I’m familiar with what all lenders are offering and any margins that may be available
Depending on what the market is doing will determine whether margins can be negotiated
I have current knowledge of the economic conditions, what economists are currently saying and how this may impact you
We can also discuss things like lump sum repayments, increased or reduced repayments, repayment frequency and strategies to save interest cost on the overall term of the mortgage
The New Process on Offer
- You receive an interest rate offer from your bank via your phone app
- You contact me via email requesting a refix review with;
- Name of borrower/entity
- Loan account number
- Outstanding balance
- Refix due date
- We will schedule a quick phone or zoom call
- I’ll send you a quick summary of our discussion and advice
- You refix with online banking on the bank app
- You Send me a confirmation email confirming your selected refix interest rate and refix term
- I will record your new mortgage terms in my system ready for the refix review
It’s also a good idea to review house, contents & car insurance and personal risk insurance such as life, mortgage, or health insurance from time to time.