Finding your property team – the three people you need

Just like a stock broker is the middle person to help you buy/sell shares, a mortgage broker is the middle person who’ll help you with your house purchase.

Mortgage advisers help you get a mortgage. They submit mortgage applications day in, day out for so many people. They know exactly what info a bank is looking for, and how to present your application in the best possible way to make sure your mortgage is approved.

They know every bank's policy and procedure;

• Who has preferable consideration for different types of income/different types of visas/different types of properties.
• Who has the fastest turnaround times.
• Who’s offering the best rates and cash (these aren't always advertised online).
• What bank offers lending for those with a 5% deposit, or less than a 20% deposit.
• You complete one application and the mortgage adviser will rework it to submit to different lenders. This can be useful when negotiating rates and cashback (free money back to you once you get the mortgage), as banks are often willing to price match another lender.

They know what conditions are fair and applicable, and can push back on banks if they don't agree with their conditions/lending amount.

Staff at banks can’t always give advice. They can only tell you what rates and products that one bank has to offer – a good adviser will typically be able to work with all of the main banks, meaning they can access all their products and rates and give you personalised advice.

And the best news – unlike financial advisers – most mortgage advisers don't charge you for their advice! They’re paid by the bank so it's a no-brainer to use them, really.

Key things to ask when choosing a mortgage adviser or broker:

• Do they charge fees?
• What do their reviews say?
• Ask for recommendations from friends and family
• Are they responsive/ proactive/how well do they communicate?
• Which banks do they/don't they work with?

A solicitor is just a fancy name for a lawyer.

When choosing a solicitor, make sure you use a specialist property lawyer – especially if you’re buying a new build property – not your dad’s general divorce lawyer! Just like doctors specialise in different things; you wouldn’t go to a gynaecologist for an ear infection.

Solicitors will review the sale & purchase agreement (the contract you sign when buying a house) and are responsible for organising the withdrawal of your KiwiSaver funds, sorting your First Home Grant, and ensuring deposit funds are transferred to the vendor. They also review the T&C’s of the bank loan for you, and register you and the bank on the title (to show you’re legally the owner)

A good solicitor should cost approx $2,500. But remember, cheapest isn’t always the best.

They’ll also be able to pull up the papers on the property and make sure there are no issues – e.g a leaky build, landfill being built next door etc. These documents are called Land Information Memorandum (LIM) reports.

You want a reputable company to carry out a building inspection on properties you’re interested in. This applies to new builds too – just because the property has just been built that doesn't mean it is structurally sound or without issues.

We’re seeing more and more new build inspection reports coming back with significant issues, such as uneven flooring, dodgy pipes, and faulty cladding. A building report will also flag up issues such as leaks and dampness. You need to know about these before you commit to buying.

This only applies when buying a new build.

You should consider:

• How many developments have they completed?
• Where do they typically build (country wide or just one specific location)
• Do they finish developments on time or do they always overrun?
• What do their Google reviews say?
• Have they got a show home you can go and look at?
• Do you know someone who has bought from the same developer?