FAQ's

Find out the answers to some frequently asked questions. Get in touch with us if you can't find the answer you're looking for; we're here to help.

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Are you services really free? If so, how do you make money?

Yes, our services to you are absolutely free.
We make our money from the commissions we earn from lenders and NZ insurance companies whose products and services we recommend. The commission for all providers is the same, so there is no scope for any bias. We only consider your best interests when giving recommendations. We remain committed to you, preferring long-term partnerships over short-term gains.

Why should I choose a broker? Why not go direct to a bank or insurance company?

A bank or insurance company will only offer you the range of products and services they offer. These may not always be the most suitable solution for you.

An independent broker like us has access to a wider range of products and solutions through partnerships with multiple banks and insurance companies. This along with our substantial experience and knowledge allows us to tailor a solution that is most suitable to your individual needs.

Banks and insurance companies don’t generally make the effort to explain things beyond their products. We on the other hand, spend considerable time in helping you understand finance and risk management options so you can make an informed choice.

Moreover, we can help you save time and money by negotiating the best rates and premiums and doing the tedious paperwork. All this is free! Why should you not use a broker?

How much can I borrow? How much deposit do I need?

Mortgage lending depends on a number of factors and there is no easy answer to this. Typically factors considered are income, dependents, employment history, deposit (is it saved or gifted?), expenses, personal loans, hire purchases etc.

Lending requirements have changed considerably in recent times in response to the economic conditions, including high house prices. At present most banks will only lend up to 80%-90% of the property value. This can change on a case by case basis depending on your banking history and average income.

For investment properties, banks generally only lend up to 60%-80% of the value of the property.

We help prepare this information for you and the lender, to provide a solution that works for both you and the lender.

Can I refinance my current mortgage?

Yes you can. We will work with you to help you get the best deal available out of all of the major providers and recommend a mortgage structure that works for you.

Can I buy an investment property?

The answer to this lies in your current financial circumstances, primarily how much deposit you have (the Reserve Bank has increased the requirements for non-owner occupied properties to 60%-80% of the value of the property). You also need to consider factors such as cost of borrowing, return on investment, property management costs, statutory costs, etc before deciding if investing in another property is viable and a good option for you. We can help you answer these questions so you can make an informed decision.

Which bank is the best for interest rates?

There is no one bank or lending institution that offers the best interest rates. Offers vary, depending on time of the year, Reserve Bank policies, economy, loan term and many other factors. It is best to check with all lending institutions before you finalise one that offers you the best deal – and that’s where we come in. We can do this leg work for you and also negotiate excellent rates by playing one lending institution against another.

How much insurance do I need?

This depends on you and your family’s or business’ individual needs. We can assess your needs, go through a range of scenarios and advise on the most suitable cover in case of things going wrong. By educating you on all your options, we ensure that you have an insurance cover that you understand and are comfortable with.

One of the key things we focus on at INNOVEST is not having insurance you don’t need.

Is insurance really required?
Will my rates or premiums be higher because the banks have to pay you?

Absolutely not! In fact because we deal with so many providers, you’ll usually get a better deal through us than you would if you approached them directly. Our providers love dealing with us because they save in onboarding new customers, so we always get good deals.