At Cole Murray, we know that using a Mortgage Adviser can be a massive help when buying property. But the Commerce Commission (a government watchdog) agrees too!
They recently looked at personal banking in New Zealand and found that Mortgage Advisers could help create more competition between banks. This is good news for home buyers!
What does a Mortgage Adviser do?
A Mortgage Adviser helps people apply for home loans, business loans, consolidating debt and more. They partner with their client to fully understand their unique financial situation, then approach various lenders on their behalf. After gathering multiple options, they provide personalised financial advice to help clients select the loan that best fits their specific needs and goals.
What the Commerce Commission found
The Commission discovered:
- 67% of people who switched banks in the last 3 years used a Mortgage Adviser
- 40% of home loan customers used an Adviser to help with their loan.
Consumer NZ’s Sentiment Tracker survey in July 2024 also found that 34% of homeowners have used a Mortgage Adviser and almost 80% had a good experience. People aged 18-29 are most likely to use them.
Mortgage Advisers are qualified and regulated
Mortgage Advisers must have a license from the Financial Markets Authority (FMA), follow a code of conduct, and report to the FMA. Things the FMA check on are how they explain advice to clients, understand clients’ needs, and disclose how they get paid. In most cases, our Advisers get paid a commission from the bank that gives you the loan.
Finding the right Mortgage Adviser for you
Here are some questions you might want to ask a Mortgage Adviser so you can find the one that is right for you.
- How are they’re paid?
- How many lenders do they work with?
- How many offers from lenders will you receive?
- What do you need to provide for the application?
How can we help?
We have a team of Mortgage Advisers who can help you with buying a home, an investment property, or even business loans. Unlike people who work for the providers (e.g. bank employees) our qualified Financial Advisers give you a full scope of advice. We can go to multiple providers and find the best solution for you. Give us a call today.
