Case Studies

  • Mr and Mrs X from Henderson have had a recent separation. They have a home mortgage and Mrs X who lives in the family home is having some difficulty in making some commitments. NZFL was able to provide a loan of $6500.00 within a day which means that the family can now make decisions on the best way forward without any further pressure.
  • Mr X from Helensville has found a new car on Trademe and he has negotiated with the seller for $5500. He has made a NZFL application online. NZFL has done a search of the registration number to check there is no money owing on the vehicle for Mr X and also were able to confirm that the retail value of his new car was over $8000. NZFL arranged to pay the seller directly and Mr X now has a new car.
  • Mr and Mrs X from Whatakane were busily in the process of completing some home renovations and as we all know things can cost more than we expect and needed more cash urgently. Now you could be saying if that was the case why didn’t Mr X just go back to his bank and ask them to increase the existing mortgage? Good question! And as often is the case, the banks can have a very conservative attitude to their lending policy (even from branch to branch of the same bank). In Mr and Mrs X's case they had plenty of equity in their home but limited income, so NZFL provided the additional $10,000 they required. It did not disturb their existing mortagage with the bank and they could happily complete their renovations with the payments from NZFL tailored to meet their budget.
  • Mrs X from Ranui had come to our office for a smaller personal loan which NZFL provided. Sometime later Mrs X returned to the office to look at increasing her loan. After a chat it became clear that due to some short term debt Mrs X was under some financial pressure meeting her commitments. After reviewing Mrs X's circumstantances NZFL was able to provide a new 1st mortgage for her home which was enough to repay her bank mortgage, credit card and car loan and to structure her new home loan so the repayments were now at a level which she could easily manage. At NZFL we are looking for solutions not problems!
     
  • "On behalf of Bob and myself, we wish to give our thanks for all that you have done for us. I do recall when we were struggling financially (between Aug and October 08) you kept allowing me to extend my payments. Not to mention the very first time we came to your office - we didn't think you would accept our application but you did and you even allowed us to refinance the loan. Therefore thank you so much and I will definitely recommend your services to anyone who needs an extra hand with their finances".
  • Mr X from Kelston had not been home to see his dad for over 12 years and had news that he was not well. Mr X contacted NZFL and was booking his flight home the following day. A while later Mr X came into the office and told me how pleased he was that NZFL made the process so easy.
  • Mr X from Grey Lynn is a property developer; he has lots of property, some investments, some property he is developing and selling and worth more than $5,000,000. You would think that he would not have any problems getting finance! We met Mr X when he came to our office and needed a loan of $10,000 and after a discussion we found that Mr X has substantial assets of over $5,000,000 and a bank mortgage of around $3,000,000. Now the problem was that Mr X had all his eggs in one basket - all his mortgages were with the same bank and the bank had recently introduced a policy which included having clients like Mr X reduce their borrowings.

    So not only could Mr X not get any further funding from his bank but whenever he sold a property the bank would keep the proceeds to reduce the loan with them! After providing the original loan to Mr X for the $10,000, NZFL analysed Mr X’s situation and advised that by providing new 1st mortgages with a number of different lenders we could help set up new lines of credit so he would never be put into this very uncomfortable situation where all his borrowings were with one institution. Mr X can now look forward to operating his business on a sound footing knowing that when he needs further funding, this is already available to him through his revolving credit facilities which NZFL have put in place.
  • Mr and Mrs X from Grey Lynn have a do up in Grey Lynn and some time ago approached NZFL to provide some additional funds to complete some renovations they were doing. NZFL provided funding of around $50,000 and sometime later subsequently set up a new 1st mortgage to pay out their original bank loan and the $50,000 which NZFL had provided. You may again be asking why didn’t he just go back to his bank and get them to extend his mortgage?

    Well Mr and Mrs X had some personal problems which meant they could not operate their small business for some months, and that put pressures on them. Some of their creditors made demands which they could not meet at the time and lodged them as “defaulting” in Veda Baycorp credit reporting agency, this meant that as a mortgage client they now did not meet the lending criteria required by their bank. The new mortgage which NZFL arranged was at a slightly higher rate of interest but since Mr and Mrs X were back on track with their business this was the best option for them.
  • Mrs X of Pt Chevallier had a hankering to be a property developer and took up the opportunity from a elderly neighbour who told her he was interested in selling his home. Now Mrs X had a mortgage on her home but needed to find the money to do the “do up” on the neighbours home who had agreed to defer the settlement of the sale for some months giving Mrs X the opportunity to get stuck in and do the renovations before she had to pay for the house.

    Well you guessed it the “simple do up” turned to be more like a rebuild and the loan which NZFL had provided was well and truly used up by the time Mrs X and NZFL sat down to review the situation

    NZFL solution? Get a new valuation done on the new property now that the bulk of the renovations had been completed and provide a lender who would use both properties as a “bundle” and with that level of funding now in place Mrs X was able to settle with her neighbour, repay her loan with NZFL and still have funds available till such time as the property sold (which it did)
     
 

It's Quick, Easy and Safe to Apply Online

Step One
Go to our Personal Loans or Mortgage Finance application on the web site and complete the form as best you can, the more information you can provide the faster your loan can be approved.

Acknowledging your application:
Once you have submitted your application (to do this click on the Submit button at the bottom of the application) you will receive an email acknowledging your application has been received and is now being processed.

Secure review
When your application is submitted it is sent to our secure offsite server where it is held until it has been reviewed by our specialist loan assessor. This area is secure and password controlled.

Further information

Once your loan is reviewed you may receive an email or phone call from our loan assessor requesting some more information. Typically this is copies of ID, current bank statements, tenancy agreement or rates demand, evidence of income either by payslip, WINZ or bank statement which can be scanned and emailed, faxed or posted.

 

Flexibility of payments

Generally all personal loans are for a maximum of two years with the interest fixed for that period of time.

 

Security for your loan

If we are using a specific item (like a car) we will register the item with the Personal Property Security Registrar, this is a government body whose job it is to keep a register of all security which is held.  This means we don’t take physical possession of the item you may be using for security. With smaller personal loans its common that we register a general security which is not specific to any one particular item.

 

Security for larger loans

Loans exceeding $2000 currently require that you are a home owner. This may involve us registering a security over your property depending on the amount of the loan. This normally has no effect on your bank or other lender who may provide your mortgage.

 

Security for even larger loans

This is where we are talking about bank 1st mortgages. NZF offers very competitive rates and terms, and here’s the good news not only can NZF offer you a home loan mortgage with our own funds, we are also accredited to provide home loan mortgages with many of the other bank lenders in NZ, so you really have lots of options when you get your home loan through NZF.

 

How much interest will I pay?

Interest on your personal loan will depend on a number of factors including the size of the loan, security, your credit rating etc, to see our current home mortgage rates click here.  And our personal loan interest rates are competitive with other lenders.

  

Loan offer

When you receive our loan offer we will include a full schedule of the payments you will be making for the full term of the loan, this will include, all charges and fees, the interest charged over the term of the loan and the total amount you will pay.

 

Signing up for the loan

If you are located in Auckland, you will need to come to our branch office in Avondale to complete the signing of the documentation.

 

National applications

If you are outside Auckland, the documents will be couriered to you for your signature and return.

 

How do we pay you the money?

Once the loan documents have been completed, the money can be transferred to your bank account via internet banking or mailed to you. Of course if you are in Auckland you will receive our cheque which can be banked or cashed at any Westpac branch.

 

What happens if I want to pay my loan back early?

If you want to pay back your loan early before the end of the term that is no problem, you will only pay interest on your loan for the time the money is lent to you, (there may be a small administration fee to close the loan early currently $38.00).

 

The next step?

Click here for a Personal Loan application or click here for a Mortgage Loan application. I’m looking forward to processing your application and helping you with your finance needs.

 

Kind regards

 

Ken Landeman

Manager, New Zealand Finance & Loans Ltd

 

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Ken Landeman

Please give me a call on 09 820 1914
or
email info@nzfmoney.co.nz