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General FAQs
What services does LENDI provide?
We specialize in home loans, business loans, insurance, and wealth management solutions tailored to meet your financial needs.
Q: How can I get started with LENDI?
A: Simply contact us through our online form or call us directly. Our team will guide you through the next steps.
Q: Do you work with all banks and lenders?
A: Yes, we have access to a wide network of lenders, including major banks and specialized lenders, to find the best solution for you.
Q: Is there a cost to use LENDI’s services?
A: In most cases, our services are free, as we are paid by the lenders.
Home Loan Frequently Asked Questions
Q: How much deposit do I need for a home loan?
A: Typically, a 20% deposit is required, but we can help you explore options with lower deposits, such as 10% or 5%, depending on your situation.
Q: Can I refinance my existing home loan through LENDI?
: Absolutely! We can review your current loan and find better rates or terms to save you money.
Q: How long does it take to get approved for a home loan?
A: We can let you know your borrowing limit within 24 hours. Official approval typically takes 5 to 10 working days, depending on the lender and documentation provided.
Business Loan FAQs
Q: What types of business loans does LENDI offer?
A: We offer loans for small and medium businesses, including funding for equipment, operations, and expansion.
Q: What documents are needed to apply for a business loan?
A: Typically, you’ll need financial statements, proof of income, and a business plan. We’ll guide you through the requirements.
Q: Can startups apply for a business loan?
A: Yes, we work with startups to explore tailored funding solutions, even if they have limited trading history.
Insurance FAQs
Q: What types of insurance does LENDI offer?
A: We provide life insurance, health insurance, income protection, and general insurance for homes, contents, and vehicles.
Q: Can I bundle multiple insurance policies?
A: Yes, bundling can often lead to discounts and streamlined management of your policies.
Wealth Management FAQs
Q: Do you offer KiwiSaver advice?
A: Yes, we can help you choose the right KiwiSaver provider and investment strategy to maximize your retirement savings.
Home Loan Repayments – FAQs
Q. How do home loan repayments work?
Home loan repayments consist of principal (the amount borrowed) and interest (the cost of borrowing). Your repayments gradually reduce your loan balance over time.
Q. What’s the difference between principal & interest vs. interest-only repayments?
- Principal & Interest: You repay both the loan amount and interest, reducing your debt over time.- Interest-Only: You pay only the interest for a set period, keeping your loan balance unchanged.
Q. How often can I make repayments?
Most lenders let you choose weekly, fortnightly, or monthly repayments. Choosing weekly or fortnightly can help you pay off your loan faster.
Q. Can I make extra repayments on my home loan?
Yes, if you’re on a floating rate, you can usually make unlimited extra repayments. Fixed loans may have limits on extra payments or early repayment fees.
Q. Will making extra repayments reduce my loan term or interest paid?
Absolutely. Extra repayments go straight to your principal, reducing the interest you pay and shortening your loan term. Even small extra payments can make a big difference.
Q. Are there penalties for repaying my loan early?
If you have a fixed-rate home loan, repaying early or making extra payments beyond the allowed limit may incur break fees. Floating loans typically have no penalties.
Q. What happens if I miss a repayment?
Missing a payment may lead to late fees and impact your credit score. If you’re struggling, talk to your lender as soon as possible to discuss options.
Q. How can I refinance my home loan for better repayment terms?
If interest rates have changed or your financial situation has improved, refinancing can help lower your repayments or shorten your loan term. We can help you compare the best options.
Q. Can I change my repayment frequency or amount?
Yes, most lenders allow changes to your repayment schedule. Switching to fortnightly payments can help you pay down your loan faster.
Q. How do fixed and floating interest rates affect my repayments?
- Fixed Rate: Your repayments stay the same during the fixed term, making budgeting easier.- Floating Rate: Your repayments can change based on market interest rates, giving you flexibility to make extra payments.
Q. Where can I calculate my home loan repayments?
You can use our LENDI Home Loan Repayment Calculator to see how much your repayments will be based on your loan amount, interest rate, and repayment term.
Kāinga Ora First Home Loan – FAQs
Q: What is the Kāinga Ora First Home Loan?A: It’s a government-backed home loan designed to help first-home buyers with smaller deposits (as little as 5%) get into their first home.
Q: Who is eligible for a Kāinga Ora First Home Loan?A: You must be a New Zealand citizen or permanent resident, be a first-home buyer (or in a similar financial position), and meet income and house price caps.
Q: What are the income limits?A: For a single buyer, the annual income must be under $95,000. For two or more buyers, the combined income must be under $150,000 (before tax).
Q: What deposit is required?A: Only 5% of the purchase price, which can include KiwiSaver funds, savings, and gifts.
Q: Which banks offer Kāinga Ora First Home Loans?A: Participating lenders include Westpac, Kiwibank, SBS Bank, The Cooperative Bank, Unity, and a few others.
Q: Are there any fees?A: Yes, a one-time lender’s mortgage insurance premium of 1.25% applies, which can usually be added to the loan.
Q: What types of properties can I buy?A: You can buy existing homes, new builds, or land and build options—provided they meet the house price cap for your region.
Q: Can I use KiwiSaver for the deposit?A: Yes, if you’re eligible, you can withdraw from your KiwiSaver and also apply for the First Home Grant.
Q: How do I apply?A: You can apply through a participating bank or via a mortgage adviser like Lendi Financial who can guide you through the process.
Q: Who is eligible for a Kāinga Ora First Home Loan?A: You must be a New Zealand citizen or permanent resident, be a first-home buyer (or in a similar financial position), and meet income and house price caps.
Q: What are the income limits?A: For a single buyer, the annual income must be under $95,000. For two or more buyers, the combined income must be under $150,000 (before tax).
Q: What deposit is required?A: Only 5% of the purchase price, which can include KiwiSaver funds, savings, and gifts.
Q: Which banks offer Kāinga Ora First Home Loans?A: Participating lenders include Westpac, Kiwibank, SBS Bank, The Cooperative Bank, Unity, and a few others.
Q: Are there any fees?A: Yes, a one-time lender’s mortgage insurance premium of 1.25% applies, which can usually be added to the loan.
Q: What types of properties can I buy?A: You can buy existing homes, new builds, or land and build options—provided they meet the house price cap for your region.
Q: Can I use KiwiSaver for the deposit?A: Yes, if you’re eligible, you can withdraw from your KiwiSaver and also apply for the First Home Grant.
Q: How do I apply?A: You can apply through a participating bank or via a mortgage adviser like Lendi Financial who can guide you through the process.
Investment Property Loans - FAQs
Q: What is an investment property loan?A: It’s a home loan used to purchase a residential property that you don’t live in – typically rented out to generate income or held for capital growth.
Q: How much deposit do I need?A: Most banks require at least a 30% deposit for investment properties. However, you maybe able to purchase a turnkey homes with as little as 10% deposit. Q: Are interest-only loans available for investment properties?A: Yes, many investors choose interest-only loans to reduce repayments and maximise cash flow. These are usually available for a fixed period (e.g. 5–10 years). Q: How do I get started? A: Book a consultation with Lendi Financial. We’ll assess your borrowing capacity, compare lender options, and structure the loan for maximum return and flexibility.
Q: How much deposit do I need?A: Most banks require at least a 30% deposit for investment properties. However, you maybe able to purchase a turnkey homes with as little as 10% deposit. Q: Are interest-only loans available for investment properties?A: Yes, many investors choose interest-only loans to reduce repayments and maximise cash flow. These are usually available for a fixed period (e.g. 5–10 years). Q: How do I get started? A: Book a consultation with Lendi Financial. We’ll assess your borrowing capacity, compare lender options, and structure the loan for maximum return and flexibility.