The Refinance Series

#Scamsavvy Series

admin@greenlight.co.nz (Lana Dowd) — Mon, 10 Jul 2023 00:30:21 GMT

Financial scams are more prevalent than ever, so here are a few Greenlight tips to keep you safe.

What did you think was the best action to take? Did you think answers A & C sounded like the safest moving forward?

Excellent, that is very scamsavvy of you!

Did you know that:

��A very common tactic of scammers is to get you off the app they meet you on, and on to a more private means of communication using email, Skype, Whatsapp etc... This is because they know that their time on a dating site is limited. Once a dating profile gets reported and is assumed to be used as part of a fraud, dating websites typically do a respectable job of deleting it.

�� Singletons looking for love between Xmas and Valentine's Day are most susceptible to romance fraud, according to the National Fraud Intelligence Bureau in the UK. Here is a link to some info to check your dating profile against and make sure your personal details are safe: https://www.abc.net.au/news/2023-01-05/online-dating-scam-cyber-safety-tips-tinder-hinge-bumble/101677338

��People over the age of 45, especially women, are the most targeted demographic for romance scammers. By this age, they may own a house or a successful business, or have received an inheritance.

�� Your friends and family may warn you if they think you are talking to a scammer. Scammers know this, and that’s why they ask you to keep your conversations secret. Many will tell you to not disclose to anyone that you are talking to them. Some people may naturally want to keep the fact they are looking for a new relationship quiet – so they might not be as open as they would normally be. Alarm bells should ring immediately if the person their loved one is talking to online starts asking for money.

#scamsavvy

How did you answer? Did you think answers A & B were the safest way to proceed?

Excellent! That is very scamsavvy of you.

Taking note of the caller ID will give you clues as to the true identity of the caller. An overseas phone number that starts with something like +61 might ring alarm bells. Many banks will withhold their caller ID if they are making outbound calls, or perhaps have their 0800 number displayed, or a local phone number. Regardless, if you are asked for any kind of personal information such as an account number, your address, your date of birth, to read out a code texted to your phone, your pin etc... then you need to be extremely certain of the identity of the person of you are speaking to.

Lastly, if you believe that fraud may have been legitimately detected on your account by your bank, then you can always hang up, and call them right back using the phone number that you know to be your bank's. There should be no need to rush into instant action on the spot.

Lana received a cold call from a withheld number over the holiday break informing her of some fraudulent activity on her credit card. Without revealing any information to the caller, she went on to her banking app and checked her statement for the transactions the caller described, only to not find them. Not being convinced of the caller’s legitimacy, she hung up the phone soon after.

Lana then called her bank on the Fraud Help-line listed on the bank’s website. It turns out the caller was from their Fraud Detection Team!!! The transactions were not visible on the banking app because the bank had blocked them from going through. Her credit card was cancelled and a new one couriered out the following day.

Lana says: “The main principle I kept in mind when I received the call was to not accept any help from the individual since I couldn’t be sure of their identity. I got as much information from them as I could and thanked them for their time.” Calling the bank on their Fraud Line was an easy process and the total time taken with them to sort out the solution was under 20 minutes. The result? Total peace of mind. Yay for Fraud detection teams!!!

NB: When having a new credit card sent out, ask if your bank will courier it to you, with a signature required tracked delivery. Lana’s family are one of many who have had credit cards go missing from their letterbox.

#scamsavvy

The Refinance Series

Wed, 08 Mar 2023 01:15:40 GMT

Refinancing your existing home loan is easy with Greenlight Mortgages

Introducing a new series all about Refinancing!

Interest rates have increased a lot in recent months. We have a lot of clients contacting us concerned about their loan being on a rate of say 3.09%, with their fixed rate term coming to an end in 2023. How can we support you through these turbulent times, and what tricks do we have up our sleeve that help save you money, while paying off your mortgage at the fastest rate possible?

Find out in our new series screening every Monday at 7pm on YouTube, Facebook and LinkedIn, with new videos being posted to this blog later each week.

How Can I Get Finance For a Tiny Home?

admin@greenlight.co.nz (Lana Dowd) — Tue, 26 Apr 2022 01:53:13 GMT

We know our home loans, even loans for tiny homes.

There is nothing minimalist about our approach to this exciting lifestyle trend.

Tiny homes and minor dwellings, we can craft finance solutions to make your outside-the-box dream a reality. Check out our vlog below to see more information. If its a workspace you want to create on your property, that works for us too!

Working While Studying

Fri, 25 Feb 2022 02:33:23 GMT

Top Tips: Studying While Working

Yep, this picture pretty much summed up 2021 for Vanessa.

She ran a business doing full time hours. Engaged in volunteer work for Scouts NZ. Managed to have a life as well, even completing her first Half Marathon! She also went back to school via the Open Polytechnic to study for her NZ Certificate in Financial Services Level 5!

For Financial Advisers in New Zealand, this qualification will be essential to their practice from March 2023. Vanessa says regulating this industry will be a win for all clients seeking financial services.

She says "I think it will make us better advice providers in our industry. The regulatory framework has made us look at our industry and who is in it, and who shouldn’t be. The work required to become licensed is making it as hard as possible for people who don’t belong here to be here in the Financial Advice industry. We spend so much time in our business, it is difficult to take time to work ON our business. That is what this legislation is making us do. Making sure our business is adequately serving and benefiting it's clients. We hope its quantifying the value of us being around and providing this service."

So how does she manage to fit it all in? Well lockdown helped in some respects, however work continued to flow even during that time.

There are the obvious things, like having the skills to use time wisely. After running a business for 17 years, Vanessa knew what discipline was all about.

When she had to reschedule her study time she would make sure her priorities were right. If not using prescheduled time for studying, then "what am I doing?". "What sort of knock on effect would a reschedule have?" Vanessa also operates by a 3 strikes rule, she never reschedules things more than twice.

"Be realistic too about what your brain can handle" Vanessa says. Have a strategy to deal with brain fade. "I would go for a run or a bike ride. Take a break and eat something healthy, stay hydrated."

Think also about the environment you are working in and make it suitable for the task. Well lit, equipment in working order, ventilated and a comfortable temperature. "I am fortunate enough to have a private home office, away from the house and in some pretty nice surroundings, says Vanessa. "I know many people don't have such luxuries but its worth investing in yourself wherever you can afford to to make sure you are working as comfortably as possible."

The other point Vanessa says is vital for success is asking for help when you need it! Whether it be family for chores, or your lecturer to clarify unclear aspects of your learning. "If you start a paper 2 degrees off course, then you're likely to end up finishing the paper 200 hours later 100 degrees off course! Open Polytechnic have been very supportive of me."

You may also benefit from finding the right study partner. Catching up regularly with someone working on the same paper as you are would have been the one thing Vanessa says would have been nice for her to do, but logistically it was too difficult.

If you are considering an avenue of study you might ask is the study required of you, or are you doing it because you're inspired? Vanessa warns to count the cost first. Not just the cost of your study, but what it will cost you in time. How much discretionary time do you have now, and what currently fills it? If you have no gaps in your discretionary time, then what are you willing to sacrifice? You are unlikely to succeed in your studies if you don't have the time to put the work in. As the saying goes, something has got to give!

What does a job interview and a mortgage application have in common?

kirsty@thecaper.co.nz (Kirsty Dove) — Wed, 06 Oct 2021 01:35:33 GMT

More than you might think!

The new CCCFA (Credit Contracts and Consumer Finance Act) rules implemented in 2021 have been a total game changer for potential kiwi borrowers.

You have only one shot to make a first impression, so you have to put your best foot forward, and an interview (submitted application) doesn’t mean you’ll get accepted. Your recent work (financial) history speaks volumes as to whether or not you are what the bank is looking for.

Much like a prospective employer, the banks need a position filled (that of good client). They might give you some incentives if you are the right candidate (cash contributions). There are a lot of applicants in the open call for mortgage holders, and you are up against a lot of competition, hundreds maybe thousands of other applicants!

How will you beat out that competition? Where do a lot of applicants fall short these days? What is stopping THEM from beating out the competition?

Your recent work (financial) history is important. How does your track record prove that you are the best person to make a commitment to.

Does your last 3-6 months of bank statements show any of the following?

Late bill payments
Overdrawn accounts
Laybuy or Afterpay purchases for concert tickets or luxury items
Does your budget always blow out, you rarely end the month with a surplus to put into a savings account?
Are you trying to buy things before you can afford them?
Do you have a great savings history, but also a high level of personal debt?

Did you answer YES to too many of the above?
Well sorry, the bank doesn’t want you to apply just yet. However…

Vanessa shares some insightful tips and advice on how to keep your application criteria squeeky clean and in top shape to ensure hassle-free future borrowing. Read on for real life advice...

We will help you represent yourself as best as possible when you get in front of the interviewer (the dreaded credit control!)

Meet your recruitment manager, Vanessa Belton! She’s here to assess your situation. Maybe get you need some extra training so you have the right skills for the job ahead (30 year mortgage commitment!). Perhaps your situation is complicated, but you are still qualified!

Regardless of your financial position you will need to explain every cent you are spending, and often justify cash withdrawals and one off spends. We have industry smarts and leading technology to help you prepare for this. We will give you advice around the likely results your current financial position will get you from the bank, and what results you may get if we work on your financial skills for a few more months.

Is Afterpay or Laybuy purchases your Achilles heel?

Did you know that a $400 per month laybuy/afterpay purchase can reduce your ability to borrow by $50,000? Get rid of them, have none in your recent financial history unless you can show they are a one off emergency expense, eg: dental fees or car repairs.

Is your budget constantly blowing out?

You need to reassess your budget expectations to realistic levels, and analyse unnecessary spending. Did you know that food bills can account for a quarter of household expenses? Reducing your food bill by $50 per week would save you $2,600 in a year. Could that make the difference for you being able to pay bills on time, save extra funds, and keep your accounts within their limits?

Are you in a partnership where one of you hasn’t managed money well?

Keeping the lines of communication open and being honest with each other is the most important thing. We can talk to you about your situation and develop a plan together to achieve your mutual goals.

Much like a prospective employer wanting to know how your commitment to the job will be effected by unexpected changes in your life. The bank wants you to show how committed you can be to their interests.

They want to know you can pay back that money even when:

Interest rates rise
You have unexpected expenses pop up
House values drop

In applying for a job, a question that always gets asked at some point is: tell us about a time when you encountered a challenge, or what are areas you feel you could benefit from further development? We all have negative factors affect us, most of the time beyond our control. However your ability to be resilient is noted and valued by the bank. As is your honesty!

How are you showing you are the best candidate for the bank to approve? Get in touch with Vanessa now to get a free financial evaluation!

Overseas Investment Act – Can you buy in New Zealand?

Mon, 16 Sep 2019 15:02:07 GMT

Who is an Overseas person?

Anyone who is not a New Zealand citizen or is not ‘ordinarily resident’ in New Zealand, is an overseas person.The changes prevent certain overseas people from buying residential property in New Zealand. You can however apply for consent from the Overseas Investment Office.

From 22nd October 2018, the rules for Overseas people buying or building residential property in New Zealand have changed. Here is a summary to help you understand who is able to buy, and who needs to apply for consent.

We can help fully inform you of how this all works, and help tailor-make a fantastic mortgage for you!

How do I know if I am "Ordinarily Resident?

Ordinarily resident is a clear test of four parts – the person must

Hold a Residence class visa
must have lived in New Zealand for the past 12 months
have been present in New Zealand for at least 183 days of the past 12 months
Be a tax resident.

Australian and Singaporean citizens will not need to obtain consent to acquire residential land provided that the residential land is not sensitive for any other reason.

If you have a de facto partner or spouse who is a NZ Citizen or Resident (or meets other act requirements) this should mean you can buy, as long as it is a joint purchase.

Do these rules apply to all Property types?

The rules apply to land that is categorised as ‘residential’ or ‘lifestyle’ under the District Valuation Roll and while this includes most houses, flats, and apartments, there are also fairly large lifestyle blocks that are considered residential.

There are other opportunities for Overseas people to buy residential land but not live in it. This includes business and industrial purposes, and large developments. Click here for a government article with helpful information in this area.

How do I apply for consent?

You will need to consult a suitably qualified lawyer to apply for consent. They will assist you with making an application to the Overseas Investment Office. This is an expensive process with the current fees starting at $22,500!

As an Overseas person, will the banks give me a Mortgage?

If you are allowed to purchase residential property in New Zealand the banks will consider your application. Do be aware however there are rules around your qualification to borrow under general bank credit criteria. If your partner is a Citizen and you are not (so you can buy), there are lending rules that have to be met for your Visa class. We can help fully inform you of how this all works, and help tailor-make a fantastic mortgage for you!

The Refinance Series

#Scamsavvy Series

Financial scams are more prevalent than ever, so here are a few Greenlight tips to keep you safe.

The Refinance Series

Refinancing your existing home loan is easy with Greenlight Mortgages

How Can I Get Finance For a Tiny Home?

We know our home loans, even loans for tiny homes.

Working While Studying

Top Tips: Studying While Working

What does a job interview and a mortgage application have in common?

More than you might think!

Does your last 3-6 months of bank statements show any of the following?

Did you answer YES to too many of the above? Well sorry, the bank doesn’t want you to apply just yet. However…

Vanessa shares some insightful tips and advice on how to keep your application criteria squeeky clean and in top shape to ensure hassle-free future borrowing. Read on for real life advice...

We will help you represent yourself as best as possible when you get in front of the interviewer (the dreaded credit control!)

Overseas Investment Act – Can you buy in New Zealand?

Who is an Overseas person?

From 22nd October 2018, the rules for Overseas people buying or building residential property in New Zealand have changed. Here is a summary to help you understand who is able to buy, and who needs to apply for consent.

We can help fully inform you of how this all works, and help tailor-make a fantastic mortgage for you!

How do I know if I am "Ordinarily Resident?

Do these rules apply to all Property types?

How do I apply for consent?

As an Overseas person, will the banks give me a Mortgage?

Did you answer YES to too many of the above?
Well sorry, the bank doesn’t want you to apply just yet. However…