Getting advantageous deals for customers is key to success in the business
As a one-stop shop that makes the home financing process easy for individuals and families in New Zealand, Vega Mortgages assists its clients not only in acquiring real estate but also in safeguarding their income and wealth. It’s no surprise that Alexander McAlpine, one of the company’s financial advisers, is also on NZA’s list of Top Advisers in 2022.
As McAlpine shares in this interview, his success is due to his experience as a mobile mortgage manager with one of New Zealand’s largest banks. The job taught him “what the banks like and what they don’t like, how they operate and how to get the deals across the line”.
Given that most mortgages have a 30-year duration, McAlpine said he’s in the business for the long haul. He consistently checks in with his clients to ensure that their mortgage suits their life goals, and to find out whether a review or a restructuring is needed.
“I know what our clients are going through, so not only do I help them with the finance side of it. I also share them my opinions, my thoughts, things to look out for, things to maybe consider when they are buying one of their own properties,” he said.
“And I know it sounds like a cliché, but nothing beats hard work. So, I work hard and put my customers first and I truly, truly aim to get them the green tick and approval and the best deal in the market.”
Reflecting on market trends, McAlpine sees a greater number of first home buyers and more investors who are acquiring property at a discount. He has also observed more strict requirements by banks and non-bank lenders. He adds, however, that having one’s mortgage application declined by a bank does not necessarily mean it will be declined by another. His advice for first home buyers is to get mortgage pre-approval so they have an exact budget before they go house hunting. He thinks it’s useful for home buyers to have a wish list that can serve as a guide for buying a first home, a second home, or a dream home as their life circumstances change.
McAlpine also believes that now is a good time to invest in property, but investors have to make sure that the purchase makes sense and meets their goals.
“Whatever those goals are – if it’s cash flow, if it’s to do with development, if it’s to do with an appreciation or whatever the case is – when you buy an investment property, your mindset has to be completely different than if you’re buying a house to live in,” he said.
“If you buy a house to live in, there’s a lot more emotional connections, the property has to be in the right area for schooling, and so forth. However, when it’s an investment property, you don’t have those limitations.”