Meet our lending specialist: Jonothan Corbett
Jonothan Corbett, Director and Head of Lending with the New Zealand Mortgage Company is now available to offer independent advice and guidance to both vendors and purchasers.
What is your background?
I’m from Christchurch and have been working in financial services for over 15 years. I specialise in lending across all sectors including residential, commercial, businesses, rural and asset finance.
The fundamentals of lending are generally always the same and it is all about the security of the asset and the serviceability factor, that is, can you afford to pay back the loan?
Before banking, I was an attack helicopter pilot in the British Army Air Corps. Slightly different from lending, I agree, but it has been a good grounding on how best to represent my clients to the banks!
Why should people go to a mortgage adviser?
Overseas, especially in the UK and Australia, the majority of people use mortgage advisors instead of going straight to a bank.
In New Zealand, currently around 40% of new bank loans are generated from mortgage advisers, and this is set to continue as the banks continue to invest heavily in their 3rd party banking arms because they want to work more with mortgage advisers.
Customers need help on getting the right advice on how to structure a loan as rules and regulations for borrowing seem to continually change and become more and more complicated. Hence, a mortgage advisor is another trusted adviser for them.
Are banks lending like they used to?
Banks and specialist lenders are more conservative nowadays which is a very good thing. They go through a comprehensive application process in order to make sure that the client can firstly afford the loan, and secondly that they will not be put in any undue stress throughout the life of the loan.
This is a far cry from previous years and is a direct affect from the Credit Crunch in 2007, leading to the GFC in 2008 and we’ve all heard about the subprime mortgage situation overseas.
What should a customer do if they want to speak with you?
By all means do give me a call anytime and I will be happy to help. I am a free service, as the bank pays my fee when the loan is successful and there are no hidden or built in fees and costs to the clients. When going through a specialist lender for more hybrid lending, there is a fee and this is discussed upfront so that there are no surprises, as no one likes that. It is just great to be able to help people get into their first home using their kiwisavers, or help them to buy a business or whatever they wish for in life.
Find Jonothan Corbett at our Bayleys Canterbury head office, 3 Deans Avenue, Riccarton, Christchurch. Click here to find out more or call 03 375 4700.