And Global Finance tells you how
Venkat Raman
The general belief that commercial banks have ceased to be the financial heart of the communities which they serve appears to be correct with regulatory authorities questioning some of their practices in recent years.
Mortgage loans constitute the single largest liability of most income-earners, owner-operated and small business enterprises and while banks may be happy to extend credit, they do not serve the best interests of their customers.
That responsibility distinguishes Auckland based Global Finance, which has, for the past 20 years, worked with its customers to enable them to liquidate their mortgage loans early.
Customers are Supreme
Managing Director Ajay Kumar places the interests of his customers as the most important part of his Company and helps them to become debt-free and build on their capital.
“No one wants to liberate people from their mortgage obligations, which is why Global Finance discusses with every customer the ways and means of enabling them to pay off their loans and lead a worry-free and higher standard of living. Since the company was established in March 1999, we have been insisting that our customers should look at their propensity to repay faster,” he said.
Early Mortgage Retirement
With more than 45 years of experience in the finance industry 25 of which were at Bank of Baroda in India, Mr Kumar understands the aspirations of individuals and businesses to pursue their careers and businesses with least disruption and be able to enjoy peace of mind. Even as he established Global Finance, his mission was to encourage and enable customers to achieve their objectives and become free of their debts as quickly as possible.
He developed a ‘Unique Formula,’ which in essence is an ‘Early Mortgage Retirement Plan,’ that has helped more than 5000 customers who have collectively been able to save at least $2.7 million in interest paid to lending institutions.
“Our unique formula of making our customers mortgage-free sooner than what they think would be possible, has seen many of them look for investment properties. In addition, we have seen the next generation growing and seeking our services. Growth and expansion are therefore constant, and I now believe that with three office locations in Auckland, we can serve the interests of our customers better,” Mr Kumar said.
Challenge and Certification
Commercial banks were oblivious but other mortgage brokers and financial advisors were aware that they did not have this ‘Early Mortgage Retirement Plan’ and hence challenged Global Finance and took it to the regulatory authorities.
The latter, after a thorough investigation, found not fault with the Plan.
“Our Early Mortgage Retirement Plan is based on the capacity of the customer to repay the loan without increasing the instalment amount,” Mr Kumar said.
He said that Global Finance will provide written undertakings to customers, if they so desire, assuring them that if they followed the Company’s advise, they would be able to liquidate their loans faster.
“Our Interest Saver Plan is all about restructuring your home loan in the correct combination of fixed and floating interest rates, selecting the right term for the fixed portion of the loan and setting the appropriate loan repayment amounts with the objective to help you save money in interest repayments, allowing you to pay off the mortgage quicker than the standard 30-year term offered by the banks,” he said.
Practical Advice
His advice to customers is simple: “Pay off your home loan faster than you would have ever thought possible without increasing your monthly payments; Improve your chances of getting the financing you need to achieve your goals; Get the best interest rates and cashback offers. We will approach multiple banks for you.”
Recognition and Awards
Hundreds of customers write to Mr Kumar and to Global Finance expressing their gratitude for the sound advise and guidance that they get and how they have been able to improve their financial health. Many of these can be found on the Company’s website.
The focus of quality customer service and constant attention to details has helped the Company grow over the year and since March 1999, Global Finance has arranged a whopping $9 billion in mortgage loans and insurance premium to almost 6000 customers.
The Company has won more than 40 Awards and Citations from all the major banks in the country and has been the winner of the Supreme Business Award and other Category Awards at the Indian Newslink Indian Business Awards over the years.
