Frequently Asked Questions
Mylend removes the stress from the home-lending process, making it an understandable and relatable experience for you.
Below are some frequently asked questions to start you on your journey.
If you're a First Home Buyer... Watch this video here.
Why use a Mortgage Adviser?
We do all the hard work for you by liaising directly with the bank! And, best of all – we are paid by the bank for our time.
What if I work during the day?
We are happy to schedule appointments in the evenings, or at a time that suits you!
How do you know which bank will give me a home loan approval?
Every bank has different specials and product for it’s different type of customers. It is our job to know which bank will be the best fit for your personal situation! (We have years of experience here!)
How do you work out what my maximum lending will be?
We work through your personal situation – income, expenses, assets, personal debts, savings etc and we then work out what you have left over when you have paid all of your monthly bills. Then, if there is a healthy surplus – we can potentially have your lending approved!
What is the minimum deposit required to buy a home?
Depending on your bank, this can be as little as 5%. Ordinarily first home buyers can have a 10 % deposit. However, if you have a 20% deposit – then you will potentially have a choice of all the banks!
What is the maximum timeframe I can have a home loan for?
Banks will allow you to pay off your lending over a maximum 30-year term. We of course, will encourage you to pay it off sooner!
Can you help me if I am Self Employed?
Absolutely – being self-employed is not a barrier to lending. You just need to have up to date financials available and we will talk you through the rest.
Do you work specifically in Canterbury?
We actually have clients all around New Zealand. We fly, zoom, drive, walk and cycle to see our clients.
What happens after I have bought a house?
We stay in contact and help you on a yearly basis with fixing your interest rates. We are here for the long haul – we want to see you eventually paying off your house in full!
Fixed lending or Floating interest rates – Which should I choose?
It really does depend on your circumstances. Fixed rates will give you certainty with your repayments and allow you to budget accordingly. Whereas the floating rate will give you flexibility with your repayments. Give us a call – happy to clarify this in further detail as it really is a tailored approach.
I want to build my own house – Is there a different process for construction lending?
The process is similar, there are just a few additional documents and checks required along the way. All the banks have different policies for construction lending, so we will talk you through your options and help you choose the best fit for your situation.
What if I have a credit rating that isn’t so good?
Firstly, we will work with you to understand what went wrong, then help you to fix it. Then we will create a plan to look at who might be able to lend to you in your current situation. There is always a solution – again, it’s a tailored approach.
Do you work with Non-Bank Lenders? (Second Tiers)
Absolutely. They have a place where they can help customers with finance when the main banks say no. (Doesn’t fit with the banks’ credit policy – bad credit ratings’ etc) Or, if someone is in need of some quicker finance on a short term basis they step up where other providers wont. The interest rates are not as high as you would think either!
How long does it take to get an approval from the bank?
We like to quote around 5-7 days from the banks, but it also depends on how long it takes to gather all the information from our customers.