Self employed? Are you missing out?
If you’re self-employed, it’s likely you work with a business manager at your bank. While it can seem easier to work with them for all your finance needs, make sure you aren’t missing out by getting a second opinion.
A common example is using business banking to secure lending for residential property. By financing a home this way, it’s possible to miss out on lower interest rates that residential purchasers enjoy and you may pay fees that could be waived.
Some business banking managers will describe these lending situations as “more complex” and refer them to “specialist business banking managers”. Often this just means they are out of touch with the retail sector but to generate more business they will find a solution for you that will unlikely be the best option for your needs.
If you are self employed and looking to purchase property or even looking at purchasing a business or commercial premises, ensure you don’t just work with your Bank directly or one lender. As a Loan Market adviser, I have access to New Zealand’s widest range of lenders and can help find you a competitive and suitable home loan deal for your current situation.