Lending solutions - right fit finance
Kiwis need to access finance for many purposes from buying their first home, refinancing an existing loan to purchasing a new vehicle or funding a renovation. Everyone has diverse lending needs and their financial situations are also unique. Fit Financial has partnered with a broad range of banks and non-bank lenders to ensure we can source the best deal to match your needs and minimise the amount of interest you pay. We provide mortgage advice to the Wellington, Lower Hutt and Upper Hutt regions, but people across New Zealand use us as their mortgage broker.
Fit Financial is a registered mortgage broker who can provide you advice at any stage of your journey. You might want to chat about how to save for a deposit or how to tidy up your finances to improve your chances of home loan approval. Or perhaps you want to understand how to structure or restructure your loans to minimise your interest costs and pay your loan down faster. The best mortgage advisors ensure you're supported to make a solid mortgage application, and structure your approved loan in the most advantageous way for you.
We continue to work with you over the life of your loan to ensure your loans are always optimally structured to match the changing economic environment, your financial goals and to help you reduce your interest expense.
First Home Buyers
Buying your first home is an exciting time. There are a lot of ‘firsts’ in what can be a complex process so it pays to have Fit Financial as the expert in your corner when arranging your pre-approval and helping manage the completion of your property transaction. This frees up your time to focus on the fun stuff like finding your dream first home and selecting new furniture.
If you are just starting out and still saving for a deposit call for a chat, we can check you are doing all you can and accessing all available support to get to your required deposit as soon as possible.
We can explain what level of deposit you need for different property purchases with different lenders, the process you need to go through to access your KiwiSaver if required for deposit, and the support available from Kāinga Ora and again the process you need to go through.
We can also help you understand income requirements and property eligibility rules along with the Kāinga Ora application process and approximate timings (Kainga Ora - First Home Decision Tool) .
Refinancing
There are many benefits to refinancing your mortgage or other types of common household debt. For example when interest rates are high, the cashback that a new bank offers can help offset the higher interest rate you are currently paying.
In addition, refinancing your debt can allow you to lower your interest rates, reduce monthly payments, consolidate debt and access equity in your home or other assets. Refinancing does require some paperwork but Fit Financial can reduce that burden and manage the whole application process for you, end to end.
Construction Loans - new builds & renovations
Building your dream home or upgrading your existing home? Lenders will require a build contract and usually a valuation of the completed project to approve the lending. These loans are paid out in stages over time, usually in 5 separate payments depending on the size of the job.
The key with these loans is good planning to ensure you have adequate finance to complete the project on time. A good contingency fund is required for unexpected escalations in cost - which can be due to unforeseen build complexities or due to variations to the build contract as clients get inspired and add further components or increase quality of the finish on the build.
Investment Loans
Getting your property investment loan over the line is made more complex by the Reserve Bank of New Zealand rules. Submitting a quality loan application or knowing who the best lenders are to deal with for your particular circumstances can make all the difference in getting your deal over the line.
Fit Financial can advise on this and ensure your loans are structured to reduce interest cost and offer maximum flexibility to support your future investment plans.
Relevant for investors is the new government intention to reduce the bright line test back to 2 years. This is good news for investors but worth remembering that governments are fond of meddling with the brightline test so it is likely to be changed again in coming years.
Commercial and Business loans
We work with a broad panel of lenders with loan products designed for different business types and requirements. We can help you purchase commercial property, provide business finance for long term CAPEX for new plant and equipment and shorter term cash flow loans and lines of credit.
Fit Financial specialise in understanding your business accounts and presenting those accounts in the best light possible to lenders to ensure you obtain the best loan terms possible to achieve your goals.
Debt Consolidation
Consolidating debt such as personal loans, car loans, hire purchases and credit cards. A main reason to do so will be to reduce your interest rates and seek better fit repayment terms.
It can also be a good idea to consolidate small debts before applying for a home loan as reducing interest costs will also improve your monthly surplus / cash flow which improves your chances of having lenders approve your loan or enable you to increase your loan amount if required.
Vehicle & Asset Finance
If you are looking to buy a new car, boat or other asset, make sure you shop around for finance and don’t just accept what the motor vehicle dealer has on offer. There are much better interest rates and terms out there for vehicle loans and we can connect you to a range of lenders.
Additionally, if you already have a car on finance but are keen to compare rates, please get in touch to see if we can get you a better deal.