How one adviser structured a three-generation build that defied standard lending
When a multi-generational family came to mortgage adviser Praveen Bhati (pictured) wanting to build one large home for three generations, they were struggling to progress their application because of its difficulty. For Bhati, who started his own business in January 2021, now The Mortgage Centre, after more than a decade at Westpac New Zealand, it became one of the most memorable deals of his career.
"Complex doesn't necessarily mean unworkable," said Bhati, who was named one of NZ Adviser's Top 25 Brokers in 2025 and ranked among NZ Adviser's Top Advisers for 2026.
A multi-generational home that didn't fit the lending box
The family had lived together and pooled their finances for years, and they had already put significant money into the project, buying the land and progressing plans, consents and earthworks.
The finances, however, were non-standard. The application involved several borrowers and income earners, a family trust, an investment company, multiple existing properties, and a mix of business, PAYE, overtime, and rental income. All of it had to be assessed together.
"Sometimes a client's circumstances simply don't fit into a standard box," Bhati said.
How tailored mortgage advice got the deal across the line
Instead of assessing each family member separately, Bhati spent time working out how the household actually operated financially. He then built the lending proposal around that picture.
The submission to the bank was detailed. Bhati manually calculated the family's combined servicing position, explained the ownership and guarantee arrangements, highlighted their strong equity, and set out exit strategies and risk mitigants.
The loan was approved, and the family went ahead with building their home.
Bhati said the job of an adviser is to "understand the story behind the numbers", identifying both strengths and risks so the lender can see the client's full position. He believes complex lending is often where tailored mortgage advice can make the biggest difference, and that a difficult application isn't a reason to give up.
Relationships over transactions
That approach reflects how Bhati has built his business since leaving banking. Many of his earliest clients are still with him.
"Mortgage advice has always been about relationships rather than transactions," he said.
He sees growing consumer trust in advisers as the industry's most positive development, and says the expanding adviser channel brings more competition between lenders and more choice for borrowers. However, he warns that compliance and administration shouldn't become so complicated that they crowd out time spent advising clients. He believes better integration between advisers, lenders and third-party systems would help.
Advice for new mortgage advisers
For those entering the industry, Bhati's message is to be patient.
"Don't enter this industry expecting immediate success," he said.
He encourages new advisers to learn credit and lender policy thoroughly, communicate well, and treat every client well, whether the loan is $200,000 or $2 million. The Mortgage Centre grew "client by client and referral by referral," he said.
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