can be stressful, especially when accounting is not your forte’.
Steve has always taken over the process, telling us exactly what to do
and what not to do and has made the process very smooth. I highly recommend
using Steve as a Mortgage Broker...
- Greg & Nancy Doherty
your mortgage is with Wizard Home Loans also known
as TEA Custodians or AMS. And
you feel like this fella...you're not
getting the service you want – or
you're looking for a better deal - refinancing your Wizard Home Loan mortgage
can be an option for you.
Generally we can get a reduced interest rate and better more flexible mortgage structure with repayments to suit you - not the lender.
ADVOCO's principal, Steve McGowan understands and keeps up to date with the ever changing lending policy of each of the banks. This allows him to get the right home loan for you and your family.
Steve also has
an ability to be able to see "outside the square" when it comes
to mortgages. "Finding a solution for difficult home loans is the
most rewarding part of the job." says Steve.
The highlight of his career was helping five families have their home returned to them in a illegal "buy back scheme." For this Steve was publicly thanked by Kevin Milne on TV One's Fair Go show. For personal trusted service call Steve today on 0800 ADVOCO (0800 238 626)
closes its doors
Wednesday, 17 December 2008 - 11:20am
Wellington, Dec 17 NZPA
Finance company GE Money is closing the Wizard Home Loans business, whose franchise owners have included former All Black Grant Fox, blaming the global credit crisis and tough New Zealand home loan market conditions.
GE Money is a subsidiary of the US conglomerate General Electric. GE had previously announced it was ceasing offering home loans through third parties and was exiting the motor finance and small business financing market.
Today it said the decision to close Wizard in New Zealand was made reluctantly. There was no immediate estimate of job losses. The decision was a result of the global financial crisis. The business was no longer viable because of extreme volatility and greatly increased cost of funds, coupled with the New Zealand mortgage market conditions.
During a review of the business announced in May, a buyer or strategic partner for Wizard Home Loans in New Zealand could not be found. GE Money will continue to service all existing loans in the normal way. Wizard branches in New Zealand will cease writing new business at a date to be determined in discussions with the branch licensees.
"This was a difficult decision, and no reflection on the tremendous contribution made by the Wizard management and employees who have shown great loyalty to the brand and the business," said GE Money Australia and New Zealand chief executive Mike Cutter.
GE Money still has a retail store finance, personal loans and insurance business in New Zealand.
Wizard has had some exposure to the Blue Chip property investment scheme collapse as it funded mortgages on the homes of some Blue Chip investors. Meanwhile across the Tasman, the National Australia Bank has said that it was in talks to acquire the distribution network and A$4 billion of prime mortgages from Wizard.
The NAB said the mortgage portfolio comprised prime mortgages with a maximum loan to valuation ratio of 90 percent and 100 percent mortgage insured. It said the acquisition of Wizard would progress NAB's retail strategy of providing customers with products and services that match their individual needs using a multi-brand approach.
"A final decision is yet to be made but discussions are well advanced," the NAB said in a statement.
- NZPA, Reuters and BusinessDay.co.nz
Maybe your mortgage is with one of the many home loan lenders that have 'packed their bags' and left the market such as; Argosy, Bluestone Mortgages, Freedom Mortgages, GE Money (TEA Custodians, AMS) Property Finance, United Home Loans, Pacific Home Loans, Pioneer or Wizard Home Loans, we may be able help you refinance back to a bank.
In May 2011, GE Capital has sold its $5 billion Australian and New Zealand residential mortgage book to Pepper Home loans in a deal that includes a total of $1 billion worth of mortgages in New Zealand. The new Pepper Home loans mortgage book includes; Argosy, Freedom Mortgages, GE Money (TEA Custodians, AMS), United Home Loans, Pacific Home Loans, and Wizard Home Loans.
Click on the home loan providers logo for more information
We eat and breathe bank lending policy, with our 24 years of banking and broking experience we can give you the advice you need to get you into the right home loan.
Depending on your home loan contract Wizard Home Loan break fees may apply.
Call us on 0800 ADVOCO (0800 238 626) or email us.