06 Oct, 2016

How Can Mortgage Brokers Help Family’s With Debt?

It is always satisfying to come home after work and know that I have had an impact on someones life, that mortgage brokers help family’s with debt and more importantly getting out of debt faster.

As a New Zealand mortgage broker with almost 20-years experience I still get a thrill when I can help people.

Mortgage Brokers Help Family’s With Debt

This evening I went to meet some clients in Muriwai to present a mortgage approval to them.

How Can Mortgage Brokers Help Family's With Debt?

They had previously been financed with ANZ for their mortgage but the loan structures were not allowing them to pay off the mortgage faster, and they also had a credit card they were making no inroads into, and two hire purchase debts. When I reviewed this family’s debt it was obvious they were not reducing it very fast, and without making changes they would be in a similar position in a few years too.

I met with the clients two weeks ago to get a good understanding of their situation, established what debts they had and discussed what they were doing and wanted to do. From this I formulated a plan for them and approached their existing bank ANZ to see what they could offer; however in this case it worked out better to refinance to another bank.

The new bank was able to offer;

  • A loan structure to suit including consolidating their credit card and hire purchase debt.
  • No monthly account fees or fees for setting up automatic payments.
  • The ability to increase repayments during the fixed term period.
  • Lower home loan interest rates.

These features mean this family will be able to pay off their loan faster.

It Was A Privilege To Help

Some people are so thankful of good advice and it is humbling to know the positive impact that I can have on a family’s life.

In many ways it appears simple to me and getting the right home loans for people is what I do; however it is also a reminder that so often the banks and other mortgage brokers do not make the effort to help people.

These people could have stayed with ANZ who was their existing bank, could have tried another bank or could have found a different broker – a Waimauku mortgage broker or a Kumeu mortgage broker would have been closer for them. Instead this family researched who were the best and most experienced West Auckland mortgage brokers and decided to contact me.

It was a privilege to be asked to help.

So the answer is YES – some experienced mortgage brokers help family’s with debt and more importantly getting out of debt faster.