Brokers debate mortgage reduction operators

Monday 13 September 2004

A sizeable number of New Zealand Mortgage Brokers’ Association members want the practice of "mortgage reduction" banned for NZMBA members but others worry that excluding those engaged in such practices will mean the NZMBA has no jurisdiction over them.

By The Landlord

Mortgage reduction companies claim to provide borrowers with a system for paying off their home loans faster, charging upfront fees of $3,000 or more for the service.

But most mortgage brokers already provide such information as part of their normal service with no additional fees involved.

Usually, it is the more naïve borrower who ends up paying mortgage reduction companies’ fees.

At the NZMBA’s recent annual meeting, incoming chairman Geoff Bawden said that while NZMBA rules discourage mortgage reduction companies, they don’t prohibit them.

Read More - Opens in a new window
Commenting is closed

Property News

Return to market form

There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.


NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Site by PHP Developer