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Mortgage Advice Blog

Get the latest news and tips about mortgage finance and the property market. Scott Miller, mortgage broker from Advanced Mortgage Solutions comments on housing and lending.

March's Property Gazette

Published by Scott Miller on Wednesday, February 27, 2019 in

And the winner is……….

Were Celebrating Our Latest Award!

We are thrilled to announce that at the New Zealand Financial Services Awards, we picked up 3rd place in the Overall Business of the Year Award for the Southern Region. Its wonderful to receive external recognition of the talented team we have. A huge thank you is also needed for all the support we have received, which has made it possible for us to receive such a high accolade from the New Zealand Financial Services Group.

To work with our award winning team, give us a call on 0505 466 356 or send us a message via our contact page.

The Royal Commission

With the recent Hayne Royal Commission report on Australias banking sector calling for an overhaul, its likely well see changes occurring rapidly at our neighbours over the ditch. However, business remains as usual here in New Zealand. As for whether changes will occur locally, time will tell, but should there be any, you can be assured we will fully support them.

One of the recommendations calls for changes to the commissions received for insurance products, including declarations. Our company has always declared the income we receive from commissions, even though we are not required to by law. We will continue to provide full disclosure in regards of what we do and receive. If youd like to learn more, get in touch with us to arrange a time for a chat over a cuppa.

Understanding Industry Jargon When Buying a Home

When you begin looking for your first home, you are thrown into a world with a completely new vocabulary. Youll hear agents talk about exclusive authority, lawyers discussing caveats, and financial providers discussing market value. We pride ourselves on ensuring our customers understand exactly what we say but know that others may not. So, weve created a great list of industry related jargon which explains the most common terms you will come across when purchasing your home. Check out our Jargon Buster on our website today.

Advice or No Advice (Is this the question?)

Recently the government made a surprise announcement from the release of a report from the Financial Market Authority and Reserve Bank that they would be further regulating the industry. This could have the flow on effect that reduces the quality of advisers in the industry.

The noise lasted for approx. 3 days before the dust settled from the actual and implied criticism.

The life insurance sales process is complex, and the New Zealand market has its own, unique idiosyncrasies such as ACC and other government entitlements. Adding to this New Zealand has a significant problem with under insurance which, coupled with relatively low financial literacy, makes it all the more important that sound advice is given when taking up a mortgage.

We are encouraged that our regulators have expressed a desire not to worsen the under insurance gap which exists in New Zealand, something that we certainly agree with.

We are committed to being part of a robust advice industry which is independent of any one product provider and can therefore offer consumers not only individualised personal advice, but also product choice.

If you havent talked to us already feel free to give us a call today.


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