Month: November 2023

Non Bank Lenders NZ: Financing Options

Andrew Penington

The central banks dominate home loan lending in New Zealand but aren’t the only option for borrowers. Non-bank lenders can provide a more flexible solution for borrowers who may not tick all the boxes for mainstream lenders.

Increasingly, people are considering short-term property finance and bridging loans as an alternative to traditional mortgage funding. A qualified mortgage broker can help unravel the complexities of using a non-bank lender. For more information about the non bank lenders NZ, click here.

Flexibility

non bank lenders NZAs a result of the banks’ overcautious approach to lending, many New Zealanders have turned to non-bank lenders for their home loans. Although still regulated, these finance companies offer a more flexible loan application process, often facilitated through digital platforms.

The flexible lending criteria offered by these lenders is a defining characteristic. This is particularly true regarding a property’s loan-to-value ratio (LVR). Many non-bank lenders are willing to lend at a higher LVR than the banks, which can be a huge advantage for home buyers and property investors who cannot meet the rigid requirements set by mainstream banks.

In addition, non-bank lenders can often provide competitive mortgage rates and fees and offer specialist loan products like short-term lending. This makes them an invaluable tool for the modern mortgage adviser, especially given the growing diversity in income sources and credit profiles that more and more New Zealanders are experiencing.

Lower interest rates

Non-bank lenders have increased competition in the New Zealand mortgage industry and given Kiwis more options on their journey to property ownership. They have also helped many Kiwis to whom the banks said no to get onto the property ladder. For more information about the non bank lenders NZ, click here.

Non-bank lenders offer a more comprehensive range of lending products than banks, including home, personal, and auto loans. They can provide solutions for unique borrowing situations, such as being self-employed or receiving income from overseas, which may negatively impact a bank application.

In addition, they offer interest rates that are often lower than banks. They also provide debt consolidation, which allows you to take out a new loan to repay your other debts, merging them into one payment and improving your credit rating. This can be particularly useful for borrowers with various debts from different lenders. Non-bank lenders have more flexible lending policies than banks but must still follow responsible lending rules.

Higher LVR

As the mainstream banks tighten their lending criteria, people are looking for other options. Non-bank lender funding is becoming increasingly popular. With a focus on short and long-term property finance, they can offer more flexibility than the banks. This is particularly important for self-employed New Zealanders or those who have overseas income that may not meet the requirements of a mainstream bank application.

Non-bank lenders in New Zealand can also lend at higher LVRs than the banks. This can benefit first-home buyers and property investors who cannot fit the banking criteria. Some lenders offer up to 95% LVR on a residential loan or investment property.

Many Kiwis need a mortgage from the non-bank lending industry after being rejected by a mainstream bank due to a relationship breakdown, reduced hours, redundancy or business failure. A specialist loan is often an excellent option for these borrowers, as they can secure a loan quickly with minimal requirements. For more information about the non bank lenders NZ, click here.

Specialist loans

Although the big four banks dominate New Zealand’s mortgage industry, they aren’t always the best choice for all borrowers. As lenders have tightened their responsible lending guidelines, more and more borrowers are turning to non-bank lenders to meet their financial needs. This might include obtaining a mortgage where a central bank has declined them or refinancing from their current loan.

Non-bank lenders often offer greater flexibility and faster approval processes. They also provide specialist loans suited to specific borrowers, such as self-employed borrowers and those who receive income from overseas sources.

Understanding the differences between non-bank and traditional bank lenders empowers borrowers to make informed borrowing decisions. Whether you prioritise flexibility and quicker approvals or require a more stable funding structure, Global Pacific Capital can help you navigate this intricate lending landscape to find the right lender for your unique circumstances. Contact us today to discuss your options.

Kitesurfing: Learning the Kitesurfing Basics

Andrew Penington

Kitesurfing is an intensely physical sport. To succeed at kitesurfing, you must balance three opposing forces – gravity, the pull of the kite and the kick from your board.

Kitesurfers are connected to their kites by two to five “flying lines”, known as “control bars”, that connect them. Using these bars, riders can steer and manoeuvre the kite with precision.

Wind

kitesurfingWind is the cornerstone of kitesurfing and can make or break your practice. Your kite can only fly and move across the water with enough breeze from convecting warm air; its strength may range from gusty gusts to light breezes with variable characteristics.

The wind force is generally at its strongest downwind of a kiteboarder and its lowest at ground level; this area is known as the power window. Kite manufacturers provide range charts detailing the minimum wind speeds required to get your kite aloft.

Kitesurfing is an easy sport to pick up; all it requires is a moderate breeze to begin kitesurfing. But controlling the kite requires full body control – arms, legs, abs and back muscles all working to master this activity! Kitesurfing also has numerous health benefits, including improving balance, strength and stamina as you ride across the waves on a board.

Kite

Acclimatizing to kiteboarding on land takes some practice. But for many, the biggest obstacle lies in actually taking the leap and signing up for a lesson to get out on the water.

Once they settle into an ideal riding position, riders can experience the amazing sensation of breaking free from Earth’s gravitational pull (and looking like an intimidating badass while doing so!). Newtonian mechanics based on mass flow rate explains this phenomenon.

Performance depends heavily on its ability to fly within its wind window – an area from one edge of its visual field over the horizon to its opposite and directly overhead – as this determines where and how a kite flies. Being outside this range quickly becomes uncontrollable and may stall, which is why beginners should use trainer kits until they feel secure enough to move on to more advanced kiting techniques.

Board

Board designs vary in shape and size to meet different kiting conditions, with bidirectional twin-tip boards similar to wakeboards or directional surfboards used for riding waves being common options. As kiters advance, they often opt for larger boards, which require less power from their kite to reach maximum speed; freeride riders, however, usually prefer smaller twin-tip boards with excellent relaunch and hang times to perform advanced tricks.

Wind measurements in terms of miles per hour, feet per second or meters per second vary significantly in how they affect riders due to movement and location relative to wind windows. To increase wind feel by riding faster or at an obtuse angle into it.

Kiting requires having some form of buoyancy aid, such as a wetsuit or PFD (personal flotation device). It will keep you afloat after crashes, catch your breath after landing back onto your board after becoming unhooked from your kite, or return safely back home should something go amiss and lose control.

Safety

Kitesurfing is an exhilarating sport that uses all aspects of one’s body to control a kite on the water via a light board. In enjoying its thrills safely and responsibly, precautionary measures should be observed at all times.

Safety measures for kitesurfers include wearing a light life jacket and using floating kitesurfing ropes and bar floats. A beginner may instinctively grab their bar, which could result in lines becoming entangled around underwater obstructions or becoming hooked in them, leading to dangerous results.

Kitesurfing is an extreme water sport and requires a certain amount of fitness to learn. It also requires a good level of swimming or the ability to use a buoyancy aid to stay afloat. It is necessary because the power of a kite can push you downwind and can cause injury or drowning in the event of a crash.

It is always best to start kite surfing at a qualified kite surf school. It will help you avoid dangerous situations and make your learning experience safer. It’s like driving a car; you need to learn the basics before you can safely and confidently go out on your own.