Why I Attend BNI Meetings
Business Network International (BNI) is a networking meeting where business people get together each week to learn about each others businesses and to see if we can find business for other members.
At each meeting we get 60-seconds to share a little about our business and then one member typically gets 10-minutes to present on their business. The 60-seconds goes very fast, but it gives you a little bit of time to share something about what you do or let the other members know the types of customers that you are looking for.
While this is a serious business meeting, we do have a few laughs too!
The Focus Of My 60-Seconds This Week
As a mortgage broker this week I talked about financing of brand new property which is a little more complex than the standard home loans but also is exempt from the LVR rules that were introduced by The Reserve Bank last year.
About New Build Finance
Financing the building of a new dwelling (home) is exempt from the LVR rules making it an attractive prospect for people. The reason that these situations have been made exempt is to ensure that the housing supply is not being artificially limited – in Auckland in particular we need more houses.
New build finance packages allow you to get home loans with as little as 5% deposit.
People Cannot Find Houses
As mortgage brokers we have been providing a lot of pre-approvals for people who then struggle to find a house to buy.
This has made the option of building a new house more popular and in West Auckland with the creation of the new Westgate Town we have seen a huge amount of new sections become available in areas like Westgate, Hobsonville and Riverhead.
It is also nice to be able to have a say in what you build.
The New Build Process
With any new build finance you need to follow this process;
- You buy the land (this may be part of a house and land package)
- You have a builder or building company design a house and provide a fixed price contact to build the house with a schedule of the progress payments.
- Your mortgage broker will then arrange for a valuation on the property both with an “as is” value and a “completed value” which also ensure you are not overspending for the area.
- Your mortgage broker will then source the most suitable new build finance
- Then the actual building process begins!
During the building process you will be paying interest on the amount of money that you have used at any particular stage of the project, but you also need to live somewhere while the building is completed.
If you or anyone you know is considering building a new house then talking to a mortgage broker is a very good way to ensure that you get the best advice.
Referrals To Other BNI Chapter Members
I always keep my eyes and ears open for opportunities to refer people to other BNI chapter members where appropriate.
This week I had a few referrals for Sarah at Property InDepth who is a registered valuer and provides a professional and prompt service. I also had a referral for Christine at Youngs Property Management for a client that is looking to shift and rent out their existing home.
We also believe that we will be referring business to Vlad who introduced us to a new online insurance policy which is for the new build projects called Site Cover.
Marketing My Business
As a self-employed mortgage broker I need to find new customers to do business with and BNI is a great networking opportunity for small business owners. As well as the formal part of the meetings I also try to ensure I get there a little early for a coffee and a chat with other members, and when possible I will also spend some time after the meetings as well.
Like all marketing, this does not happen without some effort and I encourage people to get the Power Networking System which shows them how to maximise the networking opportunities for BNI as well as any other opportunity to network.