Frequently
Asked
Questions

What makes us different?

• Empathy to your situation and solving the problem.

How can we help you?

• By treating you as a person not a number, plus the bonus of our experience.

Will making a loan application for Bank funding with you cost me anything?

• No, any funding we arrange with the Banks won’t cost you anything, the banks pay our fee.

Non-bank funding

• If you don’t qualify for bank funding and we have to arrange funding from a non-bank lender, we may need to charge you a fee for our services.
• If this were the case, we would discuss this with you up front and provide you a quote or assessment of cost (depending on complexity of your deal) before we engage in sourcing your funding. You then have the choice as to how you want to move forward.

Secured – Unsecured – Vehicle Loans

• We do both Unsecured and Secured Loans.
• We do charge for services and receive commission for loans, insurances and other products. These will be disclosed on the Loan Agreement.

I am an older person can I still raise money?

• Yes – age is of no concern. However, you should have some equity behind you to raise money.

How old do I need to be to get a loan?

• You need to be 18 years of age and over.
• Generally if you are between the ages of 18 and 22 you need to be working.
• Beneficiaries need to be 22 years or over.

Overseas Resident
I am an overseas resident wishing to buy a property in New Zealand. Is this possible?

• We have helped a large number of overseas clients find the right mortgage, and can liaise with you via Skype, phone, fax or email to get a loan approval in place.
• Lending criteria will vary depending on individual circumstances, so contact us for more information.

• A guarantor is someone who will guarantee to repay the loan if you are unable to.
• A Guarantor must also be able to prove under the Responsible Lending Code that they can
• A guarantor is required to support your application in some circumstances, usually due to adverse or minimal credit history, limited income, work permit status, or age.
• They must have a good credit rating, be at least 25 years old and need to understand their responsibilities.
• A guarantor should seek independent legal advice as to whether they should act as your guarantor and must also complete full disclosure documents to show they can repay the loan should you default – this could also come about if you do not have Loan Repayment Insurance (LRI), also known as CCI.

APM Finance and Loans can provide loans for:

• First home buyers
• Welcome Home/Kiwisaver Loans
• Home Start Second Chance Loans
• Refinance
• New builds
• Construction loans
• Investment properties
• Caveat loans
• Vehicle loans
• Unsecured loans
• Commercial property loans
• Development loans
• Secured Loans
• Second mortgages
• Business loans
• Factoring
• Boats
• Houses
• Motorbikes
• Home improvements
• Holidays
• Debt consolidation
• Non Bank Loans
• Bank Mortgages
• Outside the square loans/Mortgages

APM Finance & Loans can also arrange insurance for:

• Vehicle insurance
• Life insurance
• Sickness insurance
• Income protection insurance
• Mortgage protection insurance
• Guaranteed Asset Protection insurance (GAP) – covers the difference between what you owe on your car and how much the car is worth
• Motor vehicle warranties
• Motorbike Insurance
• Home and Contents insurance

I have a business and need to address a tax debt. Can You assist?

• Absolutely – just send through your details and let us help you sort out the situation.
  Usual lending criteria apply

Caveat loans

• These are loans secured by a lean on your property – over a certain amount they are usually treated as a second mortgage situation.

My credit isn’t that good. Can I still get a reasonably competitive rate?

• Yes. Not as competitive as a mainstream bank but reasonable rates are available depending on your situation.
• You must also fit within the Responsible Lending Code criteria.

Do I need a good credit history?

• Preferably. A clean credit report helps us get you a lower interest rate, but if you have had any debts against your name it helps if these are paid.
• If you have had credit issues in the past and they show on your credit report this will attract a higher interest rate.

Will a bad credit rating stop me getting a loan?

• Not necessarily.
• We can look at the all the circumstances around why you may have a bad credit rating, and make an assessment based on your current situation.
• Each finance application is considered on its own merits. However, recent large unpaid debts or financial defaults make it difficult to obtain finance on reasonable terms without the support of good security or a strong guarantor.
• If you are concerned that you may have a bad credit history, give us a call on 0800 525276 and we can discuss what options are available to you.

What age vehicles will you finance?

• Usually we can arrange finance against vehicles up to 16 years old.
• We can however, lend on older vehicles dependent on their make, model and valuation, including classic cars.

What is your minimum loan?

• For car loans our minimum is $3000.00. However we can go lower in certain circumstances.

What other information do I need to apply for a loan?

• A restricted or full NZ driver’s license
• Last two months bank statements
• Your last 2 pay slips or proof of income
• Once you have found your vehicle we require confirmation of full insurance (Certificate of Currency – with the Lenders details as the Interested parties) to the value of the purchase, please ask us about our competitive rates on insurances

What do I do if I need more money than I applied for?

• To request a higher loan amount call us on 0800 525 276.
• There should be no problem as long as you can still afford the repayments and the vehicle you are purchasing is suitable to the lender.

Do I need a deposit for a car loan?

• In general, having a deposit will help with your application and interest rate, however often 100% of the value can be borrowed provided you meet the rest of the lending criteria.

• All loans that include a car, boat or motorcycle as security will require you to have Comprehensive Replacement Insurance in place (cannot be Third Party).
• We can help arrange this cover for you if you do not have it, and in some cases the cost of this can be added to your loan.
• For property loans, you need to provide confirmation of Full Replacement Cover, however this is typically waived where the property is bare land or a section.

How quickly can a loan application be approved?

• As quickly as the correct information is given to us.

Can you move quickly if my case is urgent?

• Yes, of course.

When will I get the funds?

• Dependent on information – it can sometimes be same day or next day.

Urgent mortgage finance

• As long as we have adequate information, plus adequate verification, we can get your loan placed fairly quickly – same day if the information is satisfactory to the funder.

What is debt consolidation?

• Placing all your debts (like hire purchases, credit cards, other loans) together, enabling one regular payment.
• This single loan with one contract, one interest rate, and one regular repayment is a great way to keep control of your finances.

What can I get?

• This will depend if the loan is secured or unsecured.
• Unsecured amounts will vary from $1,000 upwards depending on the lender.
• For secured amounts we can find lenders for most amounts if the plan and equity is secure, or has an exit strategy.

Can I borrow more later if I need it?

• You can apply to borrow more at any time, subject to lending criteria.

Can I capitalise my interest on my non-bank loan?

• Yes. In the shorter term loan capitalised interest payments and fees can be arranged.

Can we make lump sum payments off of our fixed rate loan?

• This is another lender differential – some lenders will allow you to make extra payments, or lump sum principal mortgage payments, off your fixed rate loan without penalty and others won’t.
• When we are advising clients on mortgage options this issue is always covered as we believe it is better to have the option to pay extra during your fixed rate term.

Should we have a mixture of fixed rate and floating (variable) rate in my mortgage facility?

• More people are choosing a split option between floating (variable) rate and fixed interest rate on their house mortgages. However, this does depend on your lender, as some will let you make extra payments off your fixed rate – so why have it split?
• The reason for taking a floating rate is primarily to give you the flexibility for increasing your payments. In today’s market the floating rates are higher than the fixed rates so the bank can usually calculate how much you can pay and then structure your loan accordingly.
• Most lenders allow you to restructure your mortgage on your fixed interest rate maturity so any floating rate / fixed rate adjustments can be made then.

Are there any fees if I settle my loan early?

• Yes, there are fees for early repayment in full, but basically you will be better off and save interest by settling your loan earlier.
• The fees and interest calculations differ between lenders and the fees applicable to early settlement are set out clearly in the loan documentation.
• There are may not be penalties for making extra payments – depending on the Funder.

Can I pay off all or part of the loan at any time?

• Although the loan is intended to be for a set period of time, you can make payments during the life of the loan, you can choose to repay all or part of the loan at any time.

What documents do I need for you to assess my eligibility for a mortgage/loan?

To allow us to make an initial assessment, we will need to know:
• Your regular before tax income (weekly, fortnightly, monthly or whatever form is easiest for you)
• Details of your regular outgoings – other loans, hire purchases, subscriptions, credit card limit(s), insurances, child maintenance, rent plus any other outgoings you may have
• Details of cash deposit sources, gifting, equity you may intend to use in other property or guarantee support
• Details of any credit defaults you may have incurred in the past
• We can work through this for you over the phone, and give you a general outline of your borrowing power from information you supply.
• In due course we will need supporting documents to ensure we have the right information and provide you with accurate guidance.
• Don’t be put off by what may look like a lot of information – when you break it down, it really isn’t that bad!
• By having this documentation, we know we are on the right track and can reduce the risk of any surprises later on!
• We can then assess your borrowing power to get the best deal to suit your needs.

What is required to complete a full application?

• When it gets to formalising an application, we will need to complete a full application plus any other appropriate documentation that may not have already been supplied.
• This could may include items such as a Registered Valuation on a property you are purchasing or using as security for your loan and/or sale and purchase agreement, transactional bank statements for the past 3 to 6 months, proof of deposit and/or gift declaration (if applicable), identification, Trust Deeds (if applicable) etc.

Why should we choose APM Finance and Loans?

• Especially for first time buyers, borrowing substantial amounts of money can be a daunting task.
• We are in the business of helping people.
• We provide you with professional advice on all the options.
• We step you through the Welcome Home Loans/Kiwi Saver Homestart Loans – this can be testing on anyone.
• We assist you to work out how much you can afford to borrow and the best repayment options.
• We work with a wide range of major banks.
• We negotiate with the banks and work to get the right mortgage for your needs.
• We liaise with the other professionals such as your solicitor and accountant.
• Alternative funding/non-bank lending we do in much the same way as bank lending.
• We’re here to help you achieve your goals.

Why use a mortgage adviser?

• Mortgage advisers offer choice, professional advice and expertise.
• No matter how good, banks only have their own products/services, so they attempt to make your needs fit their products and tell you this is the best solution for you.
• We strive to match your needs to the products of a large range of banks/lenders and we act for you, not the lender.
• The overall package may include fee reductions, interest rate discounts, useful contributions to legal costs, and reduced banking costs.
• We aim to limit the stress.

What qualifications do your advisors hold?

• All of our advisers are Registered Financial Advisers (RFA’s).
• Advisers attend regular professional development and all maintain continuing education plans.

How do you help us select a good mortgage lender?

• We are not aligned to any lender, which means we can help you sort out the positives, as well as the negatives involved with mortgage financing.
• Issues like establishment costs, banking fees, legal contributions and service, all contribute towards a good mortgage lender.
• We deal with the non-bank lenders and we find that sometimes the mortgage packages they offer are more advantageous for certain clients than trading bank lending.
• We make recommendations based on our research, experience and knowledge. However the final decision about who you wish to borrow from will always be yours.

What are the advantages of me dealing with you versus directly with a bank or other lender?

• We will take the time to understand your particular circumstances then source a finance package and lender that suits your specific requirements.
• There are many different banks and lenders offering loan products in the market, it is our job to know what products and services are on offer and the potential ‘glitches’ that one option may present versus another, often not obvious to an inexperienced borrower.
• We save you the time required to research the market and save you the risk of getting it wrong.
• Furthermore, we will often be able to secure a better deal than you may be able to by going direct and better still…..any bank facilities we arrange for you won’t cost you a thing! The bank pays our fee.

Self-employed?

• We can arrange bank mortgages.
• If financials are a problem we have access to Low Document products (Lo Docs).

Can I speak to someone if I need to?

• Sure can! 7-days a week – 0800 525 276.

Can I meet with somebody?

• Sometimes. However, we have a centralised business from our premises so our dealings are done via phone, email or even Skype.
• We find most things can be done remotely and this saves time and cost.

What do I do if I have a complaint about the service once we have engaged you?

• We take our commitment to service very seriously so hope that will never arise.
• As a Registered Financial Advisor, APM Finance & Loans is required to be a member of a formal disputes resolution scheme whose service is available to our clients free of charge.
• We have an internal disputes resolution process which focuses in the first instance on resolving any dispute directly between the parties, however should a deadlock arise, we will refer you to our scheme provider Financial Services Complaints Limited (FSCL) who are an impartial body established to review your complaint and rule on an outcome.

Can I get out of my Reverse Mortgage?

• Yes we have refinanced Senior Equity mortgages in the past.

What is a second mortgage? How expensive are they?

• A second mortgage fits behind your first mortgage facility on the title of your property.
  More expensive, and can be complex.

Can You Arrange New Business Start Up Funding?

• Yes. We need equity to arrange funds.
• Or a Sale and Purchase Agreement with another party who is selling the business

What terms do you offer?

• Our minimum term is 6 months and our maximum is 60 months.
• We can also structure payments allowing for GST rebates or balloon payments to help achieve a lower regular payment.

Do I need a deposit? – We can provide up to 100% finance to you if:

• You have lived at your address for 2 years or more
• Have good or excellent credit history
• Are in stable, full-time employment
• If you do not fit this criteria we may require some form of equity in the loan, this may be a cash deposit, trade or security over a second car, or property offered by yourself or a guarantor.

Where do I sign the documents?

• We can email or courier the documents to you at home or work for your convenience, or offer a mobile representative or a person to visit.

What happens next once I have completed the online application?

• Once you have completed the online forms, we will confirm via email your application has been received.
• We then contact you via phone to go over what additional supporting information you may need to provide for your application, and confirm your loan requirements.
• The usual supporting information for most loans will be your last two months’ bank statements, plus a copy of a recent payslip. For loans involving property, this can also include a copy of your latest Rates Notice.
• From there we apply for approval of your loan, and once accepted, we contact you to discuss the options and finance packages available for you.
• Then we email you the documents to complete, and once you have them witnessed, you email or fax them back to us to process for payment.
• A loan will generally be paid out on the day the completed documents are received.

How do I send you my bank statements? – You can either:

• Download the PDF Documents from your Online Banking and email them to us at [email protected]
• Fax/send your paper statements to us on 09 405 1253
• Upload your information in PDF format onto our ‘upload completed file’ on the bottom right hand side of the Home Page, along with your application.

Is there a minimum amount I need to earn?

• Yes – you must earn at least $350 per week (net) for a $1000.00 unsecured loan.

I have a question that is not listed here:

• If you have a question that is not answered here or if you know a question that would be a worthwhile addition to this FAQ please contact us.