We provide first mortgages for purchase of a variety of property types homes, flats, farms, and commercial/industrial properties. Our systems make the application and approval processes straight-forward and prompt with the Professional Mortgage Investment Trust you will know exactly where you stand.
The following links provide answers to frequently asked questions:
That depends mainly on two factors your earnings, and the Trusts lending limit for the type of property involved:
Earnings limit generally total principal-plus-interest payments must not exceed a prescribed percentage of your gross income, eg. 30% for home buyers. The limit for farms and commercial properties depends on other factors too ask one of our consultants for more information.
Property type the lending limit for a property is based on a percentage of its registered valuation, as follows: Homes 75% Residential rental 75% Commercial 66.7% Rural 60%
or the registered valuers mortgage recommendation which ever is the lower.
The maximum term for any loan is five years. For table mortgages, repayments can be calculated on the basis of terms up to 25 years the longer the term, the lower will be the amount repaid each month or quarter.
Subject to meeting our criteria, we may be able to renew the loan at maturity.
The Manager charges a set-up fee of up to 2% of the sum borrowed plus any legal fees incurred. Your lawyer will also charge a fee.
We strongly recommend that you also take out mortgage repayment insurance to cover your family in the case of disability or death of the main income earner.
This will depend on the amount of the loan, the interest rate, and the term of the loan.
Interest rates vary with market rates and generally change in line with the Official Cash Rate as determined by the Reserve Bank of New Zealand, but are not limited solely to this factor. Please contact us for the Trusts current rates.
Q. Can I repay principal at any time without penalty?
Yes, in most cases. For interest only and table mortgages you can repay some or all of the principal at any time without penalty as long as you give us 30 days written notice and the amount involved is at least $5000. Repayments without notice are charged 30 days penalty interest.
For fixed-interest loans there will be some costs involved contact us for further information.
