Do certain banks work more favourably with Property investors than others? I am looking to move to Kiwibank. What are your thoughts?
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My conversation with Kiwibank a few months ago went as follows:
Yes we finance investment properties, would love to have your business.
$1 mil- yeah no probs
how many IP did you say you had ? { reply >10}
Oh sorry, we don't currently deal with investors with more than 4 properties.
Spread your lending around the banks & don't have more than about 1 mil with each.
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It changes
This changes quite often if you are using being able to get money as your criteria on which bank is best
ANZ & National were throwing money out the door aggresively at the start of the year but tightened significantly about April
ASB then starting increasing market share along with their subsidiary especially as they were the only main lenders still doing low-docs
In September these two shut the gates again and significantly tightened critieria and Westpac, National and ANZ again became a little easier to deal with
National & ANZ have announced criteria changes (more tightening) again today and so it goes on
Kiwibank as I understand are probably a reasonable option to have you own home with and completely keep it seperate from investment lending but they tend to be a lot more conservative than other lenders partially caused by the mortgage insurers they deal with (PMI)
Both Clark and Keith had good advice which I would second as wellFor property financial solutions
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Kiwi bank will do finance for more than 4 deals you just have to go to one of their "commercial" lenders, not sure commercial is the correct word but I know it is possible, I know the Hamilton guys name but not other towns sorry.
Also I think Kiwibank you can't access through a mortgage broker.
But yes spread it around if you have a few.
Robyn
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Kiwibank own 51% of NZ Home Loans but is required to buy the remaining 49% by 1 July 2012 (or earlier if called by either party).
Kiwibank also provide mortgages through an agency agreement with the AMP Advisor network. So if you went to a AMP Advisor - one of the AMP loan sources is Kiwibank...
Phone number for NZ Hoem loans is 0800 debtfree (0800 332 837).
New Zealand Home Loans (NZHL) has been helping Kiwis towards financial freedom since 1996. See what makes the mortgage advisers at NZHL different!
HISTORY
New Zealand Home Loans was founded in 1996 by John Erkkila and Murray Ferguson and is a wholly New Zealand owned and operated franchise company. New Zealand Home Loans has 30 branches, over 150 staff nationwide and a Head Office in Hamilton.
From the inception of the company in 1996, catering to the average New Zealand family has always been front of mind. The offer is a fully transactional home loan account with no bank fees, heavily supported by services, processes and people to allow middle New Zealand families to get ahead financially.
Through it all, John Erkkila maintains this is not rocket science. “We are all about putting people in charge of their own financial destiny. We have worked very hard to come up with a fool-proof system that works and is easy to understand. We show our clients how to make best use of their income, control their debt and show them options for future income.”
The secret to New Zealand Home Loans success is the ongoing effort to help clients reduce their debt as quickly as possible. A key point of difference is the time franchisees and consultants put in to helping with financial management and goal setting, before and after clients sign up for a loan.
John Erkkila, CEO, says "the best investment that people can make is to reduce their debt. When you reduce debt you effectively earn the same rate that you were paying on the debt. Its a great rate of return and theres no risk in paying off your own home".
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Originally posted by mjmarketing View Postplease keep me posted when you remember
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