Call 7 days a week 0275 476 739

craig@craigpopefinancial.co.nz

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FAQ
frequently asked questions – COVERING ALL THE STEPS OF BUYING A HOUSE, INCLUDING HELP FOR FIRST TIME BUYERS
Why don’t I just go direct to the bank myself?

Getting a mortgage these days is a complicated business. You can spend a lot of time jumping through hoops when going direct only to get turned down at the last minute. Every bank is different in how much they will lend to you and whether they will lend to you at all! We save you time shopping around spending hours on multiple banks forms. With just one set of paperwork, we will know what banks and lenders to use for your best chance of success.

Why should I use Craig Pope?

Craig has won numerous industry awards and is one of the best Mortgage Advisers in NZ. He is one of a few advisers with the Financial Advice NZ “Trusted Adviser” quality mark.

With over 25 years financial services experience, he has personally bought and sold properties over 50 times so is well versed to help you reach your goals.

Craig is often quoted in the media including being previously interviewed on TV3 and Sky News Australia. His vast experience means he will be ‘straight up’ with his advice to you including a holistic view of your financial situation.

 

How do you get paid and are you a free service?
Please have a good read of our Scope of Service/Public disclosures for scenarios of how and when we get paid. Normally a bank or lender will pay us a commission for our service on settlement, so you don’t have to. However, there are times when we need to charge a fee depending on the loan size and if it’s a short term requirement. There may also be a fee if you repay a loan early (within 28 months) which triggers a ‘commission clawback’ charged by the bank to the Adviser.
Do you favour any particular banks or lenders?
No, legally we have to put your needs first and don’t favour any lenders over others.
Will you come to us?
Unfortunately, these days we are not a mobile service. Due to all the extra admin and compliance work we do these days, we are little office bound and restricted to appointments in our office, facetime and zoom meetings. We may consider a site visit depending on location but would need to charge an upfront fee for our time.

We prefer to have a quick phone chat to discuss your situation first – that way we can quickly determine if we can meet your needs.

What are your rates?
We don’t have rates as such being an intermediary service. We never promise the “best rates” as interest rates are a moving target. However we are best placed to help negotiate your mortgage rates, cash back etc as we arrange millions of dollars in lending with the banks every year. We also prefer to spend time on mortgage structures to help get you mortgage free as quickly as possible.
I am living overseas and want to buy in New Zealand, can you help me?
Yes we can, banks are pretty strict on overseas borrowers these days but feel free to reach out and we can discuss your situation.
What do I need to get a commercial property mortgage?
We can help you with this, every situation is different and commercial mortgages are different e.g. bigger deposits required, valuations, NBS ratings of 67% +, short loan terms, higher commercial rates etc.
How much deposit do we need?
For a first home we may get by with 5% deposit for a First Home Loan, but strict lending criteria applies. For an existing rental property you may need 40% deposit, this can come from cash or equity in a house you currently own. New builds generally require 15-20% deposit.

A commercial property can require 35-50% deposit.

Can I use a guarantor?
Yes sometimes and this generally applies to a first home buyer and financially stable parents (with home/plenty of equity and good income). Reach out to us to discuss your situation.
I have a house/mortgage and am in financial strife, bad credit rating etc. can you help?
Yes we can, we often help people out of a financial pickle or help cleaning up tax debt, debt consolidation, mortgage arrears, needing second mortgages and urgent money with their house as security. But every situation is different so we need to have a good chat about your situation first.
How long does it take to get approved and what do I need to provide?
Depending on how thorough you are with getting paperwork to us, it can take 1-3 weeks. We need to allocate a day or to process everything including preparing the submission for the banks, then a bank or lender can take 1-2 weeks on average to get back to us, sometimes quicker.
What information do I need to provide for a mortgage application?
We have an application form for you to complete, hard copy or online, then you usually need 3 months of bank statements on all accounts and debts, valid ID, last 3 payslips, proof of deposit and last 2 years financials/tax summaries if self-employed.
How do I place a cash (unconditional) offer on a property?
Firstly you need to get pre-approved with our help. Once pre-approved, you would send us the draft Sale & Purchase agreement (S&P) specific to the property, disclosures of the property you are looking to buy, and advise your maximum bid. We would then get the bank to sign it off in principle before you place the offer or bid. You would need to make sure the property was fully insurable, that the final S & P agreement and disclosures didn’t change from the initial draft information given to the bank and finally ensure you had done all your other due diligence. The bank would still need to retrospectively sign off the full and final S & P agreement – so you would send it to us as soon as the deal was done.
*Doing an unconditional offer with a deposit of less than 20% is more difficult – please consult with us first