While the New Zealand mortgage and insurance market is crowded, a new entrepreneur believes that there is a pronounced need for professionals who can provide better and more comprehensive services says a Mortgage & Insurance Adviser.
Mahesh Amrute, who established his brokerage firm, ‘Mortgage Express Limited’ less than four months ago, said that the incessant rise in housing prices (particularly in Auckland) continues to challenge consumer affordability.
“It is often necessary to think outside the square to find a home loan solution; helping customers find ways to save, putting in place a plan of action, and setting bite-sized goals are ways in which I can help in facing challenges that confront first homebuyers,” he said.
Understanding banks
Mr Amrute understands how banks work, the criteria that they employ in scrutinising loan applications and how applications must be submitted to enable the lending authorities to take a favourable decision.
With qualifications (Graduate Diploma) in Travel and Tourism from Mumbai University and more than 18 years of experience in the travel industry, he arrived in New Zealand in 2001 with drive, determination and ambition.
Valuable experience
His engagement with the banking sector as a Personal Banker and Personal Account Manager at ASB Bank provided him the confidence and encouragement to establish his own enterprise in January this year.
“ASB provided me opportunities to complete a number of in-house courses in lending, investment and insurance. These would undoubtedly assist me in providing customers with high standards of service,” Mr Amrute said.
Sensible solutions
There is a perception that the ‘Loan-to-Value Restrictions (LVR) of the Reserve Bank of New Zealand enforced on October 1, 2013 have severely affected the ability of first homebuyers to borrow from commercial banks and other lending institutions.
However, Mr Amrute believes that a professional adviser would be able to work through the process for a win-win situation. Mortgage brokers like him have good negotiation skills, access to a wider range of home loan options and their knowledge of the lending industry enables them to provide tailor-made solutions to customers.
Most people are aware that they need to get onto the property ladder sooner, rather than later, but often it is a case of helping them find a solution to getting there, he said.
“I enjoy helping people get into their first home and achieve their home ownership dreams. Communication with the customer is vital, and hence I keep them informed throughout the process and always follow up on their options,” Mr Amrute said.
Extensive services
His mortgage portfolio comprises home loans, commercial loans and bridging finance and “finding creative solutions to sometimes tricky financial situations.”
Insurance products cover life, trauma, disability, income and health, and advice on KiwiSaver.
Working with a number of lenders including banking and non-banking institutions, Mr Amrute has gained extensive understanding of the local market and current lending trends.
He said that his service does not end, but begins with the approval of a loan or writing an insurance policy. Transparency and open communication along with straightforward explanations are important in this business, he added.
Young clients
Mr Amrute said that helping the younger members of the society to become homeowners is his passion and that his recent involvement with a group of people in their twenties was an exciting experience.
“It was a pleasure guiding them to win a rental property through investment growth. From a personal perspective I love seeing my kids doing the best they can in their own lives, and embracing all they can from their Kiwi lifestyle,” he said.
